CloudMD Acquires 87.5 Percent of Benchmark Systems

CloudMD Acquires 87.5 Percent of Benchmark Systems

Healthcare Tech Outlook | Wednesday, October 28, 2020

CloudMD will acquire 87.5 percent of Benchmark Systems, proprietary cloud-based practice management, billing, and telehealth-enabled electronic health record providers powered by artificial intelligence.

FREMONT, CA: CloudMD Software & Services, a telehealth company revolutionizing the delivery of healthcare to patients, announces that it has entered into a Binding Term Sheet to purchase a majority interest in Benchmark Systems, a leading cloud-based provider of fully integrated solutions that automate healthcare workflow processes including revenue management, practice management, and electronic records management. CloudMD will purchase 87.5 percent of Benchmark's parent company and global healthcare and AI leader, AntWorks. AntWorks will retain a 12.5 percent equity stake and remain a strategic partner for CloudMD both in the U.S. and globally.

With 42 years of experience, Benchmark develops and delivers cloud-based technology, integrated medical practice solutions like personal health records, patient portals, scheduling solutions, billing, eFax, messaging, computerized physician order entry (CPOE), and prescription scripting. On average, Benchmark processes approximately $2.5 million in charges each month.

The COVID-19 has exponentially accelerated significant changes in how healthcare is delivered to patients while addressing the challenges of offering quality, cost useful, and personalized patient-centric care. Benchmark's solutions and its suite of medical software have been developed alongside healthcare providers to create a more seamless, patient-centric approach to healthcare while remediating profitability, productivity, and quality issues, translating into improved health outcomes and financial performance.

As CloudMD continues to embark on its U.S. expansion, Benchmark's acquisition positions CloudMD with a strong footprint across North America. The acquisition brings synergies through Benchmark's 200 clinic ecosystem across over 35 states in the U.S. Benchmark's suite of software solutions provides CloudMD with significant distribution channels into the U.S. and integration opportunities for its other virtual care solutions such as those offered through Cloud Practice, Snapclarity and iMD Health. With Benchmark's experienced leadership team and seamless workflow process, CloudMD will benefit from its extensive geographic reach and client commitment and the expertise of developing SAAS systems that support medical practitioners while complying with specific state requirements.

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