BURLINGTON, Mass., Nov. 18, 2020 /PRNewswire/ -- Nuance
Communications, Inc. (NASDAQ: NUAN) today announced the planned
sale of the Health Information Management (HIM) Transcription
business and the Electronic Health Record (EHR) Go-Live Services
business to a new independent company, DeliverHealth Solutions LLC
(DeliverHealth), formed by Assured Healthcare Partners® (AHP®) in
partnership with Aeries Technology Group (Aeries). The HIM
Transcription business includes both Nuance Transcription Services
(NTS) and the eScription technology platform. The transaction is
expected to be completed in early 2021. Nuance will be a minority
shareholder of DeliverHealth and will continue to provide its
technology to the company.
The sale provides mutual strategic and commercial benefits for
customers, Nuance, and DeliverHealth by:
- Giving existing customers continued service quality, newly
expanded offerings, and enhancements from DeliverHealth in close
collaboration with Nuance
- Enabling Nuance to focus its innovation and market resources as
a pure-play conversational AI market leader while providing
continuity of EHR Go-Live Services and HIM Transcription businesses
to existing and new customers via DeliverHealth
- Empowering DeliverHealth to leverage a leading position in
healthcare professional and technology-enabled services, expand
global market share, advance growth plans for the EHR Go-Live and
Optimization Services, and provide enhanced HIM technology and
services to a worldwide market in partnership with Nuance
Nuance's growth and market leadership in healthcare are driven
by the accelerating adoption and development of its core
cloud-based AI solutions, including the Nuance® Dragon® Ambient
eXperience™ (Nuance DAX™) ambient clinical intelligence (ACI)
solution, Nuance Dragon Medical One, Nuance CDE One, and its array
of diagnostic imaging solutions such as PowerScribe One™ and
PowerShare™.
"The dramatic acceleration in the digital transformation of
healthcare continues as organizations deploy the power of
conversational AI and deeply integrated cloud-based solutions at
scale to address physician burnout, expand patient access, and
improve system efficiencies and the revenue cycle," said
Mark Benjamin, CEO of Nuance. "With
this strategic transaction, we're aligning our resources to
increase our market and technical leadership position in
high-growth, high-impact areas that help our customers in a
transformative way to improve patient care and operational
performance. At the same time, we're enabling the medical
transcription and EHR Go-Live Services businesses to reach their
full potential as a separate, focused company benefiting from the
enhanced investment and operational experience of AHP and Aeries
and technology support from Nuance."
Michael Clark, current Senior
Vice President and General Manager of Provider Solutions at Nuance,
will become DeliverHealth's CEO when the transaction closes. "This
transaction will allow the EHR Go-Live Services and HIM
Transcription businesses to focus on growth and expansion of
value-add solutions. The continuing strategic relationship
with Nuance, the continuity of leadership, and our people's
engagement will ensure that our customers will continue to receive
the outstanding service, technology, and value that they have come
to expect," said Michael Clark. "The
combination of a deeper strategic focus, our partnership with
Nuance, the commitment of our team, and the support provided by AHP
and Aeries will create a winning formula for our customers and our
employees."
The sale demonstrates Nuance's continuing execution to focus
R&D investments in the healthcare and enterprise markets –
where the company has substantial competitive advantages and
opportunities for growth and value creation. In 2019, for example,
Nuance sold its document imaging business to Kofax and spun-off its
automotive business into Cerence, Inc., an independent,
publicly-traded company.
About Assured Healthcare Partners
Assured Healthcare
Partners (AHP), an extension of the Assured Investment Management
platform, provides capital solutions supporting growth,
consolidation, and repositioning opportunities in the healthcare
services industry. AHP leverages company and sector-specific
research, as well as creative structuring and capital flexibility,
to unlock value for portfolio companies and investors. AHP has
extensive experience investing in provider-centric businesses,
which are DeliverHealth's customer base, including post-acute care
facilities, physician groups, multi-site providers, and acute care
facilities.
About Aeries Technology Group
Aeries Technology Group
offers outsourcing solutions, business process management, and
technological advancements to organizations seeking higher
operational effectiveness, greater flexibility, and cost savings.
The senior management team at Aeries has extensive experience
successfully managing, developing, and optimizing healthcare
service businesses.
About Nuance Communications
Nuance Communications
(NASDAQ: NUAN) is a technology pioneer with market leadership in
conversational AI and ambient intelligence. A full-service partner
trusted by 90 percent of U.S. hospitals and 85 percent of the
Fortune 100 companies worldwide, Nuance creates intuitive solutions
that amplify people's ability to help others.
Trademark reference: Nuance and the Nuance logo are
registered trademarks or trademarks of Nuance Communications, Inc.
or its affiliates in the United
States and/or other countries. All other trademarks
referenced herein are the property of their respective
owners.
Media
Contact:
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Investor
Contact:
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Nancy
Scott
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Michael
Maguire
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Nuance
Communications
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Nuance
Communications
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+781.565.4130
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+781.565.4855
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nancy.scott@nuance.com
|
michael.maguire@nuance.com
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SOURCE Nuance Communications