DUNWOODY, Ga.--(BUSINESS WIRE)--Vyne Medical®, a leader in the healthcare industry for improving disparate communication process management, today announced the acquisition of Extract Systems®, 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 experiences alike.
Today’s healthcare environment requires health system leaders and providers to do more with less — less time and less resources. Vyne Medical’s robust automation solutions paired with Extract Systems’ progressive AI capabilities bring the most comprehensive document automation as well as clinical workflow solutions to the market, helping healthcare organizations not only realize better financial performance but also accelerate care and provide better outcomes for patients.
“The healthcare industry has dealt with outsized hardships comparative to other industries the past few years, making healthcare automation no longer a luxury, but a necessity in the market. Our acquisition of Extract Systems represents a significant stride in Vyne Medical’s leadership in healthcare automation,” said Caleb Manscill, President of Vyne Medical. “This move reinforces our commitment to streamlining healthcare’s complex administrative tasks and aligns with our ongoing mission to drive innovation in healthcare while expediting solutions to solve our customers’ greatest challenges.”
Integrating Extract Systems’ machine learning and artificial intelligence capabilities with Vyne Medical’s Trace® platform, a premier healthcare workflow tool for managing unstructured and structured data, will quickly equip organizations with the data they need to make informed decisions and help healthcare staff reduce each data transcription from 5 minutes to 30 seconds with over a 90% accuracy rate1. The faster integrations will provide customers across the care continuum — from Patient Access to specialty departments — with the fastest, widest, and deepest machine learning models available in this space. Extracting and redacting data automatically based on a client’s unique workflow, Extract Systems’ smart technology will empower Vyne Medical’s hospitals and health systems to use their talents and resources more effectively — both on front-end revenue cycle and patient access processes, as well as in clinical workflows.
“For over 25 years, Extract Systems has been dedicated to mastering the art and science of data extraction, delivering a machine learning technology that continuously improves results for virtually all data and document types,” said David Rasmussen, Chief Executive Officer and President of Extract Systems. “We’re thrilled to join forces with Vyne Medical as we march toward our collective goal of helping make structured and unstructured data extraction and redaction swift, effortless, and virtually error-free.”
Through this acquisition, Vyne will also enter the government services vertical, by investing more in serving both current government customers and improving its automation accuracy and ability to support future customers.
Vishal Phalgoo and Adam Borenstein of Westerman Ball Ederer Miller Zucker & Sharfstein, LLP served as legal advisor, Zack Leder of Bennett Thrasher, LLP served as tax advisor and Tom McClay and Andrew Rodgers of RedRidge Diligence Services served as accounting advisor to Vyne Medical. Kent Schlienger and David Gorwitz of Neider & Boucher served as legal advisor, David Rupp of BDO served as tax and accounting advisor, and Vince Velicov and Robert Koven of Leonis Partners served as bankers to Extract Systems. Terms of the transaction were not disclosed.
To learn more about how Vyne Medical’s suite of products simplifies healthcare’s front-end and clinical workflow processes, visit the website here.
About Extract Systems
Extract Systems is a leading provider of advanced data extraction solutions, specializing in automating the extraction of critical information from unstructured documents. With a focus on enhancing efficiency and accuracy in healthcare data management, Extract empowers organizations to unlock valuable insights from diverse data sources, including medical records, invoices, and other documentation.
About Vyne Medical
Vyne Medical is a recognized industry leader in end-to-end health information exchange and electronic healthcare communication management. The company’s robust technology platforms facilitate the electronic capture, storage, and submission of healthcare data in virtually any form – voice, fax, image, data, or electronic document. By Connecting Disconnected Data®, Vyne Medical’s solutions close the gaps in documentation and improve the continuum of care through a more complete and fully accessible patient record. Outcomes include improved financial strength, operational performance, and patient experience. For more information, visit vynemedical.com.
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1 Data and statistical results outlined in this presentation derive from a controlled survey conducted by Vyne Medical of healthcare professionals participating at the 2023 NAHAM Conference from May 2-5, 2023.
