HST Pathways (“HST”) and Casetabs, two leading providers of innovative, cloud-based software for ambulatory surgery centers (“ASCs”) across the U.S., today announced a strategic combination of their businesses that will offer customers a flexible and secure set of technology solutions and enhanced products and services. The combination is supported by a majority investment led by Bain Capital Tech Opportunities with a minority investment from Nexxus Holdings. Financial terms of the private transaction were not disclosed. The combined company will be led by seasoned executives from both HST and Casetabs, who will leverage their in-depth understanding of the ASC industry, strong client relationships, and insight into the market to align strategic goals and maximize opportunities for growth.
Three leaders shared their predictions for cardiology in ASCs over the next 12 months with Becker’s ASC Review.
Here are fifteen trends and observations on the ASC industry, as compiled by Becker’s ASC Review.
HealthCare Appraisers released its 2020 ASC Valuation and Benchmarking Survey in the spring. ASCA collaborated with HealthCare Appraisers on conducting the survey, which includes insights from owners and managers of more than 1,200 ASCs throughout the US. In the 2020 survey, the consensus among respondents was that transaction activity remained robust and competitive, with the trend expected to continue going forward. The majority of respondents indicated that transaction activity and competition for acquisitions increased in 2019. As a result of this competition, valuation multiples for controlling interest purchases increased as well.
Raghu Reddy, administrator at Cumberland-based SurgCenter of Western Maryland, told Becker’s ASC Review his predictions for the industry over the next 12 months, including how cardiology will evolve in the ASC space and what mergers and acquisitions will look like going forward.
CoxHealth is pleased to announce that Crighton Olive Dunn Surgical Group will consolidate with the health system as of Nov. 1, 2020. Under the new agreement, physicians connected with Crighton Olive Dunn will become employees of CoxHealth. Vein services currently provided by CoxHealth’s Vascular Services team at Wheeler Heart and Vascular Center will move to Crighton Olive Dunn’s facility, which is located at 1230 E. Kingsley St., Ste C, in Springfield. The clinic, which will be rebranded as CoxHealth Vein Center, will offer a variety of outpatient procedures, including vein ablations, microphlebectomies and sclerotherapy, as well as other general surgical services and diagnostic imaging.
Surgical Information Systems (“SIS”), the industry leader for business and clinical surgical software for ambulatory surgery centers (ASCs) and hospitals, announced Thursday that it received a majority equity investment from Accel-KKR, a leading technology-focused private equity firm. SIS provides business office management, clinical documentation, and patient communications tools that meet the unique needs of ASCs. SIS is a leading provider of anesthesia information management systems (AIMS) and perioperative solutions to hospitals and outpatient surgery departments.
HST Pathways, a fast-growing software company catering to the ambulatory surgery center market, is nearing a sale, according to multiple sources familiar with the matter.
About two-thirds of all hospitals and health systems intend to increase their investments in ambulatory surgery centers (ASCs), according to the third annual national survey of senior executives and clinical leaders at health systems and hospitals. The survey results highlight the growing importance of ASCs to hospitals, which is further magnified by the increasing and ongoing shift of elective cases in the COVID-19 era. The survey, sponsored by Avanza Healthcare Strategies, found that 76% of larger hospitals and health systems — those with 200-plus beds — report increasing their investments in ASCs, either by converting hospital outpatient departments to ASCs or developing de novo surgery centers.
Revenue in the ASC market is estimated to hit $43 billion in 2021, an increase of 54 percent from 2015, according to a report from Bain & Co. In contrast, the number of procedures performed in ASCs is estimated to hit 27 million in 2021, an increase of 35 percent from 2015. This highlights the movement of high-acuity, high-reimbursing specialties into outpatient settings as revenue growth is outpacing procedure growth.
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