– VerityStream acquires CredentialMyDoc, a Savannah, GA-based web-based, software for credentialing and provider for $9M in cash.
– The acquisition of CredentialMyDoc bolsters VerityStream’s leadership position in the outpatient facility market segment.
VerityStream, f/k/a Verity, a wholly owned subsidiary of HealthStream (Nasdaq: HSTM), which is focused on delivering enterprise-class solutions that are transforming credentialing, enrollment, privileging, and evaluations for healthcare organizations across the U.S., today announced the acquisition of CredentialMyDoc, a Savannah, GA-based business owned by Covenant Technology Group, LLC. With this acquisition, VerityStream adds more than 300 clients through the transaction, boosting its client base of multi-specialty medical groups, ambulatory surgery centers, clinics, and federally qualified health centers (FQHCs), among others.
Financial Terms of the Acquisition
VerityStream, a HealthStream Company acquired substantially all of the assets of CredentialMyDoc from Covenant Technology Group, LLC. for approximately $9.0M in cash, subject to a post-closing working capital adjustment.
CredentialMyDoc offers Software-as-a-Service solutions that are intuitive, easy to use, and fast to implement, especially in ambulatory care settings. Its solutions are used to credential providers, enroll providers with payers for reimbursement, and apply and maintain privileges. The acquisition of CredentialMyDoc bolsters VerityStream’s leadership position in the outpatient facility market segment, which is especially important as patients are increasingly seeking care from a diverse and growing array of same-day service providers.
“Adding CredentialMyDoc to VerityStream enables our clients and theirs to receive the benefits and network effects of a larger and more robust ecosystem,” said Michael J. Sousa, President, VerityStream. “We are excited to welcome CredentialMyDoc’s clients and employees to VerityStream and, more broadly, to HealthStream. Clients of CredentialMyDoc can expect the same excellent level of support, a seamless continuity of services, and the same first-rate staff.”
VerityStream currently serves over 2,500 hospitals and 1,300 outpatient facilities including ambulatory surgery centers, urgent care facilities, clinics, medical groups, and more.