Two companies with healthcare interoperability engines have agreed to merge. Rhapsody, a Boston-based healthcare interoperability solutions company that was purchased from the Orion Health Group in 2018, is joining forces with Frisco, Texas-based Corepoint Health.
Last July New Zealand-based Orion Health Group announced that it would sell its Rhapsody business unit for $205 million to private equity firm Hg. The U.K.-based firm also took a quarter stake in Orion’s Population Health unit for $20 million. Publicly traded Orion Health (NZX:OHE/ASX:OHE) built the first Rhapsody integration engine in the late 1990s and it became a popular interoperability platform used by health information exchanges and health systems. But it had faced financial troubles and has cut 177 jobs since March 2018.
Both Rhapsody and Corepoint will continue to support their respective solutions, while the combined entity will also devote its expanded resources to addressing the growing need for interoperability among regional, national and international healthcare providers and vendors, they said.
“Corepoint’s platform offers incredibly fast, turn-key operations for provider organizations, HIEs and OEM partners, all with industry leading customer satisfaction. Complementing this with Rhapsody’s fully customizable and multi-platform capabilities creates great synergies for our current and future customers,” said Erkan Akyuz, president and CEO of Rhapsody, in a prepared statement.
“We are entering a new era in healthcare where the emphasis will be on expanding ecosystems and establishing new data trading partner relationships to optimize clinical and operational workflows. These initiatives will be powered by interoperability and data management: healthcare organizations that can excel in these areas will have a significant competitive advantage,” said Sean Cassidy, CEO of Corepoint Health, in a statement Cassidy joined Corepoint last year after leading ZirMed’s value-based care and Premier’s enterprise analytics businesses.
