What You Should Know:
– Vyne Medical®, a leader in the healthcare industry for improving disparate communication process management, today announced the acquisition of Extract SystemsR, an award-winning provider of advanced data extraction solutions, solidifying Vyne Medical’s position as a leading healthcare automation company.
– The combination of Vyne Medical and Extract Systems will further the companies’ shared vision of simplifying the flow of data in hospitals and health systems nationwide to improve patient and provider experience alike.
Vyne Medical Enhances Healthcare Automation with Acquisition of Extract Systems
Vyne Medical, a leader in end-to-end health information exchange and electronic healthcare communication management, has acquired Extract Systems to advance healthcare automation. Vyne Medical’s technology platforms enable the electronic capture, storage, and submission of healthcare data in various formats, including voice, fax, images, data, and electronic documents.
In a healthcare environment where providers must achieve more with fewer resources, Vyne Medical’s automation solutions, combined with Extract Systems’ artificial intelligence (AI) capabilities, deliver comprehensive document automation and clinical workflow solutions. This integration helps healthcare organizations improve financial performance while accelerating patient care and outcomes.
Caleb Manscill, President of Vyne Medical, emphasized the importance of healthcare automation: “The healthcare industry has faced significant challenges in recent years, making automation a necessity. Our acquisition of Extract Systems reinforces Vyne Medical’s commitment to streamlining complex administrative tasks and driving innovation in healthcare.” This strategic acquisition enhances the company’s ability to solve healthcare’s most pressing administrative challenges.
By integrating Extract Systems’ machine learning and AI technologies with Vyne Medical’s Trace® platform, a leading healthcare workflow tool, organizations can reduce data transcription time from 5 minutes to just 30 seconds, with over 90% accuracy. This faster integration will benefit customers across the healthcare continuum, from patient access to specialty departments, with the most advanced machine learning models available. Extract Systems’ smart technology automates data extraction and redaction based on unique workflows, enabling hospitals and health systems to optimize their resources both in front-end revenue cycle processes and clinical workflows.
David Rasmussen, CEO of Extract Systems, expressed excitement about the partnership, noting the company’s 25-year focus on perfecting data extraction technology: “We’re excited to join Vyne Medical in advancing our shared goal of making data extraction and redaction swift, effortless, and highly accurate.”
Additionally, Vyne Medical’s acquisition of Extract Systems expands the company’s reach into the government services sector. This move will further enhance Vyne Medical’s automation capabilities for existing and future government clients, reinforcing its position as a leader in healthcare automation.
The transaction’s legal, tax, and accounting advisors included Westerman Ball Ederer Miller Zucker & Sharfstein, LLP; Bennett Thrasher, LLP; and RedRidge Diligence Services for Vyne Medical, and Neider & Boucher, BDO, and Leonis Partners for Extract Systems. Terms of the transaction were not disclosed.