Portico Systems to Be Acquired By McKesson
June 22, 2011 - Acquisition to combine a leader in Integrated Provider Management with a leader in Claims Performance Management
Portico Systems, announced today that it has signed a definitive agreement to be acquired by McKesson. Portico is a privately held company co-founded by Ned Moore and Scott Fraser focused exclusively on empowering health plans to transform the performance of their networks and significantly reduce administrative expense. The parties expect to complete the transaction in the next 45 days, subject to the satisfaction of customary conditions, including receipt of all necessary regulatory clearances.
"This acquisition further enhances McKesson's ability to help organizations efficiently navigate and manage increasingly complex delivery systems." said Emad Rizk, MD, president of McKesson Health Solutions. "The addition of the Portico employees will also deepen McKesson's expertise in network management and value-based reimbursement which will help us to better serve our customers and organizations impacted by the changing healthcare environment."
The unified organization will have available to it the collective capabilities of Portico Systems and McKesson to help healthcare organizations:
- Transform network performance and optimize medical costs and quality;
- Accelerate speed to market of high value health plan products tailored for targeted customer segments;
- Align provider reimbursement with value through the right mix of traditional and emerging reimbursement methodologies;
- Ensure end to end integrity, performance and transparency across the payment continuum; and,
- Reduce administrative costs through workflow based automation and integration.
"Portico systems carefully selected McKesson as our partner to continue our healthcare mission," said Ned Moore, chairman, chief executive officer and co-founder, Portico Systems. "We are excited about the opportunity to work with McKesson's broad portfolio to accelerate customer value. We believe that McKesson's commitment to invest in Integrated Provider Management Solutions will help us to continually innovate to better support our customer's evolving needs. McKesson shares the same core customer centric values as Portico Systems, and we believe will continue to be a reliable business partner to our customers."
McKesson Corporation, currently ranked 15th on the FORTUNE 500, is a healthcare services and information technology company dedicated to making the business of healthcare run better. McKesson partners with payers, hospitals, physician offices, pharmacies, pharmaceutical companies and others across the spectrum of care to build healthier organizations that deliver better care to patients in every setting. McKesson helps its customers improve their financial, operational, and clinical performance with solutions that include pharmaceutical and medical-surgical supply management, healthcare information technology, and business and clinical services. For more information, visit http://www.mckesson.com.
About Portico Systems
Portico Systems is exclusively focused on empowering health plans to transform the performance of their networks, while significantly reducing medical, administrative and IT costs. Its Integrated Provider Management (IPM) platform simplifies the design, maintenance, reimbursement, and performance management of provider networks, while facilitating provider-patient collaboration. Portico Systems is a partner company of Safeguard Scientifics, Inc. (NYSE: SFE) www.safeguard.com. Portico is an Edison Ventures (www.edisonventures.com) portfolio company. For more information on Portico Systems, visit www.porticosys.com.