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By Jennifer Bresnick
– The impending holiday season is no reason for healthcare companies to slow down their strategic plans, according to 3M, M * Modal, Change Healthcare, and PokitDok.
All the companies are shifting positions – in the final days of 2018 as a challenging, data-driven future unfolds in front of them.
Change Healthcare will be bulking up with the acquisition of intellectual property from PokitDok, while 3M has agreed to purchase the technology business of M * Modal in a bid to grow its artificial intelligence, natural language processing, and health information systems business.
Claims to be integrated into the everyday service offerings by adding the distributed ledger technology to its administrative claims in 2017.
The Change Healthcare Intelligent Healthcare Network serves the government, payer, and pharmacy clients, with 5500 hospitals and 900,000 physicians conducting transactions through the service.
Blockchain development has become a priority for the company, and executives believe the acquisition of PokitDok's blockchain tools and API options will only enhance its progress.
Said Kris Joshi, PhD, executive vice president and president, Network Solutions, Change Healthcare.
Marketplaces available, with PokitDok as a leader in blockchain healthcare and with one of the most open API marketplaces available, with pokitDok we are bringing together synergistic assets and technical expertise for digital health markets. "
Meanwhile, 3M is angling to expand its population health and clinical documentation portfolio by incorporating AI and natural language processing technologies from M * Modal.
The $ 1 billion acquisition will not include some of M * Modal's scribing and coding services business, although 3M will maintain a strategic business relationship with that segment of the company.
Said "Mike Vale, executive vice president, 3M Health Care Business Group," said Mike Vale, executive vice president of Health and Business.
"Together, we will improve the documentation for accuracy and operational efficiency for both providers and payers."
Annual revenue from the technology is estimated at approximately $ 200 million, according to a press release. The revenue will supplement 3M's health information systems, which currently works with more than 8000 healthcare organizations worldwide.
Michael Finke, president of M * Modal, said "We are excited that we can accelerate our mission."
"By combining capabilities, we can achieve our mission of bringing conversational AI and ambient intelligence directly into clinical workflows. This is a great outcome for our clients, partners and teams. "
The two deals will position the participants well for 2019, a year in which nimbleness, innovation, and scale are likely to remain key factors for success.
These acquisitions may be found to be a way to defend against the looming threats of tech giants and the rapid advancement of artificial intelligence, blockchain, and other cutting-edge strategies.
