Portland software maker Clincient has been bought by a Phoenix-based competitor.
While terms of the deal, with WebPT, weren't disclosed, all of Clinicient’s 165 employees can move over to the new company. The combined company will count more than 850 employees.
Clinicient makes billing software used by outpatient and other rehabilitation centers to automate part of their billing and other management processes. The company has a subsidiary called Keet that provides integrated patient and provider information to help track and benchmark patient outcomes.
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WebPT will continue to support Clinicient’s platforms and customers while it integrates the products, the company said. The combined organization will serve more than 27,000 clinics and 43 million patients.
“This acquisition will provide additional scale to enable faster innovation and a larger platform to advocate more effectively for an industry we care deeply about,” said WebPT CEO Ashley Glover in a written statement. “Together, we will extend our solutions to optimize patient outcomes, improve practice efficiency, and deliver actionable data and insights.”
Glover will become CEO of the combined companies.
Clinicient has raised about $58.2 million from investors, according to funding database Crunchbase. It last raised $17.3 million in 2019 from new and existing investors. That round, which cashed-out some early backers, included Piper Jaffray Merchant Banking as a major new investor.
“The next decade of health care will be all about value-based care and how physical therapy can prove its worth," said T. Kent Rowe, CEO of Clinicient, in a written statement. "The joined companies bring tremendous scale—in products, technology, clinical experience, and advocacy—and put us in a better position to elevate the rehabilitation therapy profession.”
WebPT is a digital-first workplace. There are no immediate plans to change Clinicient’s Portland location. The Phoenix Business Journal has more on Clinicient’s new owner.
