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athenahealth considering second shot at going public

by John R. Fischer, Senior Reporter | December 02, 2022
Business Affairs Health IT
athenahealth is looking into potentially going public for a second time.
Following its acquisition earlier this year, EHR vendor athenahealth now says that it has the option to go public, if it so chooses.

"As part of our strategy to build and maintain an innovative business, we are always looking to build toward the future. While that future could include going public at some point, we remain focused on our customers and our offerings," Robert Julavits, executive director of external communications, told HCB News.

The company previously went public in 2007, only to go private the following year, according to The Boston Globe.

In 2019, it sold its headquarters for $526 million in 2019 to Alexandria Real Estate Equities. It was then acquired for $17 billion in February 2022 by private equity firms Bain Capital and Hellman & Friedman.

The deal confirmed athenahealth's position as the largest and most innovative provider of cloud-based EHR and physician practice solutions across healthcare, according to its chairman and CEO Bob Segert, at the time. And it put both firms in contact with over 140,000 ambulatory care providers partnered with athenahealth.

Since then, the company has left the hospital business and is primarily focused on providing software and services for medical providers, adding more than 2,000 of them this year, according to the Globe.

Among its solutions are the athenaOne cloud platform, designed to increase clinical efficiency, optimize financial performance, improve patient care outcomes and help providers transition to value-based care. It offers modules for patient engagement, revenue cycle, telehealth, payments, population health and value-based care management services.

The company has also created a clinical advisory board that clinicians can relay feedback to about products and company ideas. It will consist of 30 inaugural members, including providers and clinical IT administrators, with Dr. Nele Jessel, chief medical officer of athenahealth, leading it.

“Feedback is crucial to athenahealth as we work to improve and enhance the customer experience and build new capabilities into our platform, and the clinical advisory board provides another incredibly effective channel for us to hear from the people who use our products every day,” said Jessel in a statement.

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