Excellence in Oncology Nursing Award presented to winners in honor of 2011 National Oncology Nursing Month
Today, McKesson announced it has signed a definitive agreement to acquire Portico Systems
, a leader in solutions that enable healthcare organizations to design,
build, service and provide value-based reimbursement to their complex
provider networks. This pending acquisition will allow McKesson to bring
together a unique set of financial management competencies for payers
and accountable care organizations that include the claims auditing and
decision management tools from McKesson Health Solutions, as well as the
connectivity solutions from RelayHealth.
“The ability to create new products that use value-based
reimbursement to align payers and providers on achieving the right
outcomes is a key strategic imperative,” said Emad Rizk, MD, president
of McKesson Health Solutions. “Portico will further enhance McKesson’s
ability to help organizations efficiently navigate and manage
increasingly complex delivery systems.”
Payment and delivery reform are changing the way that payers and
providers share risk — placing new importance on the ability to
efficiently and strategically manage provider networks. Today, McKesson
supports clients in point of care evidence-based decision making; care
management; medical and payment policy automation; claims auditing; and
fraud, waste and abuse programs. These solutions help organizations make
care decisions in accordance with the evidence and then help ensure
that the care is paid for in accordance with medical policy and
contracts. Portico adds integrated provider management and value-based
reimbursement solutions to this McKesson portfolio to help automate
network management, provider enrollment, credentialing, contracting and
pricing. Following the addition of Portico’s solutions, McKesson will be
able to bring to the market a full continuum of automated decision
support that will include the important ability to help payers and
accountable care organizations manage their networks efficiently, reduce
their administrative costs and facilitate the movement to new, complex
reimbursement models.
Founded in 1997, the privately held Portico has offices in Blue Bell,
Pa., and Beaverton, Ore. Portico’s solutions give approximately 33
payer and provider networks — representing approximately 42 million
covered lives — the ability to design networks, contract for care in a
value-based way and manage network performance.
“We believe that the combined organization will benefit all of our
customers,” said Ned Moore, chief executive officer of Portico. “I am
excited about what Portico and McKesson can bring to the market to help
healthcare organizations address the challenges of managing risk in the
new era of health reform.”
The parties expect to complete the transaction in the next 45 days,
subject to the satisfaction of customary conditions, including receipt
of all necessary regulatory clearances.
About Portico Systems
Portico Systems is exclusively focused on empowering health plans to
transform the performance of their networks, while significantly
reducing medical, administrative and IT costs. Its Integrated Provider
Management (IPM) platform simplifies the design, maintenance,
reimbursement, and performance management of provider networks, while
facilitating provider-patient collaboration. Portico Systems is a
partner company of Safeguard Scientifics, Inc . For more information on Portico Systems, visit www.porticosys.com .
About McKesson
McKesson Corporation, currently ranked 15th on the FORTUNE 500, is a
healthcare services and information technology company dedicated to
making the business of healthcare run better. We partner with payers,
hospitals, physician offices, pharmacies, pharmaceutical companies and
others across the spectrum of care to build healthier organizations that
deliver better care to patients in every setting. McKesson helps its
customers improve their financial, operational, and clinical performance
with solutions that include pharmaceutical and medical-surgical supply
management, healthcare information technology, and business and clinical
services. For more information, visit http://www.McKesson.com .
Risk Factors
This press release includes “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934, as amended, that are subject to
risks and uncertainties and other factors. All statements other than
statements of historical fact are statements that could be deemed
forward-looking statements, including statements regarding the expected
timing of the completion of the transaction; the ability to complete the
transaction considering the various closing conditions; the expected
benefits of the transaction; any statements of the plans, strategies and
objectives of management for future operations; any statements
regarding product or service development, extensions or integration; any
statements of expectation or belief; any statements regarding general
industry conditions and competition; any statements regarding economic
conditions; and any statements of assumptions underlying any of the
foregoing. Risks, uncertainties and assumptions include risks related to
the timing or ultimate completion of the transaction, as the
transaction is subject to certain closing conditions, including receipt
of all necessary regulatory clearances; the possibility that expected
benefits may not materialize as expected; McKesson’s ability to
successfully implement integration strategies; as well as the ability to
ensure continued performance or market growth of Portico’s products and
services. These risks, uncertainties and other factors, and the general
risks associated with the business of McKesson described in the reports
and other documents filed with the Securities and Exchange Commission,
could cause actual results to differ materially from those referred to
in the forward-looking statements. All forward-looking statements are
based on information currently available to McKesson and Portico and are
qualified in their entirety by this cautionary statement. Except as
required by law, neither McKesson nor Portico assumes any obligation to
update any such forward-looking statements or other statements included
in this press release.
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