US-based health care technology company Flatiron Health has signed an agreement to acquire Altos Solutions, the creator of OncoEMR web-based oncology-specific electronic medical record.
Subject to customary closing conditions, Flatiron Health and Altos Solutions anticipate to finalize the transaction by the end of May 2014. This acquisition will combine Altos Solutions’s OncoEMR and Flatiron Health’s OncologyCloud platform.
The companies claim that their combination will create the world’s largest single source of structured real-world oncology data and intelligence.
After the acquisition, Altos Solutions will operate independently as a wholly-owned subsidiary of Flatiron Health. Altos Solution president Carla Wood Balch will serve as president and CEO of the subsidiary.
Altos Solutions had created OncoEMR to enable oncologists to plan complicated cancer treatments and schedule patient visits.
Flatiron Health’s OncologyCloud platform allows cancer centers, physicians and life science companies to gain unprecedented and actionable insights from clinical, practice management and billing data.
Altos Solution’s OncoEMR, the industry’s leading cloud-based oncology-specific EMR system, serves over 1,300 oncology clinicians and many thousands of users on a daily basis. Each year, physicians using software powered by Altos Solutions see over 550,000 unique cancer patients.
Over time, Flatiron Health and Altos Solutions will integrate the OncoEMR and OncologyCloud platforms, allowing for seamless data flow, smarter data capture, and advanced decision support.
Flatiron Health co-founder Nat Turner said that the company’s mission is to organize the world’s oncology data and make it useful for patients, physicians, life sciences and researchers.
"Raising this amount of financing and acquiring Altos Solutions greatly accelerates that vision, and gives us the ability to help both oncologists and most importantly patients on a new level. Flatiron will be a critical component to truly personalizing medicine by enabling the right patient to get the right therapy at the right time," Turner added.
The two companies expect to expand their cloud-based platform to other specialties beyond oncology starting in 2015.