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1、Healthcare IT Update Harris Williams|Q4 2022Perspectives on Healthcare ITOngoing evolution from patient outreach to engagement and experience enhancement across the continuum of carePatient engagement vendors are aiming to amplify clinical impact by delivering content that enables patients to play a
2、ctive roles in their own healthcarePatient-Facing SolutionsSelect Market ParticipantsSolutions aimed at supporting healthcare consumers directly and through payer/provider systemsPayer&Provider SolutionsConsumer SolutionsKey TrendsOngoing transition to value-based care has increased pressure on hosp
3、ital and health system marginsPermanent changes to reimbursement rates and CMS regulations,coupled with patient demand for convenience,have positioned telehealth as a sustainable care delivery method for the futureCare DeliverySelect Market ParticipantsSolutions designed to optimize patient treatmen
4、t and provider organizationsKey TrendsChallenges arising in market access,go-to-market,and clinical trial enrollment due to convergence of clinical and commercial objectives and the paradigm shift toward specialty drugsDecentralized clinical trials have enabled greater data insights through the cour
5、se of a trial but have not eliminated the need for in-person evaluationPharma&DevicesSelect Market ParticipantsSolutions to aid in the distribution and delivery of medicineResearch,Development,and SafetyGo-to-Market ToolsKey TrendsProvider adoption of patient-pay modules increasing as integration de
6、epens within the RCM ecosystemConsistent scope expansion as mid-cycle software providers look to move upstream and front-end vendors seek to move into mid-cycle and paymentsRevenue Cycle ManagementSelect Market ParticipantsSolutions to drive improvement in payment measurement and collection within p
7、ayer and provider organizationsPayer and Risk-Bearing Entity SolutionsProvider SolutionsKey TrendsDespite recent CMS rules,lack of interoperability across EMRs remains a barrier to uniformly aggregating patient data to consolidate longitudinal recordsThe rapid rise of Medicare Advantage plans and co
8、mmercial,value-based arrangements underpins demand for sophisticated care management solutions that can close gaps in carePopulation Health&Risk ManagementSelect Market ParticipantsSolutions to more effectively treat patient member populations and manage overall provider systemsKey TrendsOperational
9、 EfficiencyInpatient Clinical Outpatient Clinical Post-Acute ClinicalPopulation AnalyticsCare CoordinationData ControlPHM Informatics2What Were Reading3Recent Harris Williams Technology/HCIT ContentHealthcare DiveProvider organizations and vendors are rolling out digital pathology programs at an inc
10、reasing rate to keep pace with market innovation.Digital pathology allows for high-resolution digitized analysis,replacing the traditional review of slides under a microscope.Despite efficiencies,implementors cite adoption challenges such as cost,integration difficulties,organizational buy-in,and pa
11、thology resistance to be top of mind.Read the full article here.Digital Pathology Picking up Among US Providers,Vendors,Report FindsHealthcare IT News The sheer volume and diversity of data makes new practice adoption a timely process for healthcare providers intelligent automation aims to simplify
12、and accelerate the knowledge implementation process.Strategies such as automated text summarization,systematic collection and cleansing of SDOH data,and automation of observational studies can improve health outcomes for individuals and populations alike.Read the full article here.How Intelligent Au
13、tomation Can Help Address Healthcares Data ProblemHealthcare IT TodayRural hospitals with unsophisticated cybersecurity systems are prime targets for DDoS(distributed denial of service)attacks,highlighting the need to place a higher priority on closing the digital divide in underserved communities.D
14、DoS attacks can prevent patients from accessing online health resources as well as prevent healthcare providers from accessing the information necessary to provide proper patient care.Read the full article here.Solving the Cybersecurity Gap in Healthcare IT Digital Transformation Healthcare FinanceT
15、he proliferation of technology within the healthcare system has patients demanding accountability,transparency,and control as it relates to health data privacy.In response,the American Medical Association has released Privacy Principles outlining five key aspects of a national policy framework:indiv
16、idual rights,equity,entity responsibility,applicability,and enforcement.Read the full article here.Vulnerabilities in Health Data Privacy Causing Tension Among Patients Observations on the European Software SectorLink to ReadClinical Trial Technology:Emerging Trends&Opportunities Link to ReadSelect
17、Q3 2022 Healthcare IT Transactions4TargetAnnounced:10/3/2022EV:NPIEV/LTM Revenue:NPIEV/LTM EBITDA:NPIbswift is a provider of software and services that streamline benefits and human resources administration,offering a cloud-based technology platform with best-in-class serviceFPs investment allows bs
18、wift to grow its technology and service offerings across benefits and healthcare while continuing to partner with CVS Health/Aetna to provide benefits technology to its client base Francisco Partners pending acquisition of bswiftBuyerTargetAnnounced:9/22/2022EV:NPIEV/LTM Revenue:NPIEV/LTM EBITDA:NPI
19、Claro Healthcare is a provider of a clinical documentation,hospital operations,and mid-revenue cycle improvement platformThe transaction will extend Kaufman Halls integrated improvement services to healthcare providers,enabling stronger consultative support in functions such as finance,operations,an
20、d quality performanceKaufman Halls pending acquisition of Claro HealthcareBuyer(Madison Dearborn Partners)TargetAnnounced:9/19/2022EV:$875MEV/LTM Revenue:NPIEV/LTM EBITDA:NPIRx Savings Solutions is a provider of a SaaS-based platform that delivers proactive personalized recommendations on ways to op
21、timize therapies to health plan membersThe acquisition will accelerate McKessons growth priority in biopharma services by extending their ecosystem of differentiated medication access solutions to patientsMcKessons pending acquisition of Rx Savings SolutionsBuyerTargetAnnounced:9/5/2022EV:$7.8BEV/LT
22、M Revenue:9.3xEV/LTM EBITDA:54.2xSignify Health Inc is a provider of healthcare technology that leverages advanced analytics and nationwide healthcare provider networks to create and power value-based payment programsThe acquisition advances CVS Healths long-term strategy by providing a platform for
23、 growth within value-based care CVSs pending acquisition of Signify HealthBuyerTarget8/31/2022EV:$600MEV/LTM Revenue:NPIEV/LTM EBITDA:NPICareCentrix is a provider of ancillary care benefit management solutions that leverage proprietary data and monitor trends to help enhance health utilization manag
24、ementThe acquisition will expand Walgreens reach in the health sector,especially in the areas of primary care,specialty pharmacy,post-acute,and home careWalgreens Boots Alliances acquisition of CareCentrixBuyerTarget8/3/2022EV:NPIEV/LTM Revenue:NPIEV/LTM EBITDA:NPIBenefit Recovery Group is a provide
25、r of healthcare subrogation services intended to serve health plan administrators and employersThompson Streets investment will allow Benefit Recovery Group to execute on its vision to grow its core subrogation services but also expand its service offeringThompson Street Capitals acquisition of Bene
26、fit Recovery GroupBuyer(100%)-100%200%300%(60%)(35%)(10%)15%40%Indexed Stock Price Performance for the Period October 2021 October 2022Indexed Stock Price Performance for the Period October 2017 October2022-52%-13%-55%+10%+49%+99%-31%Clinical&AdministrativeS&P 500Consumer HealthcarePharma ITHealthca
27、re IT Public Company Trended Stock Performance1Public Company Stock Performance Last 12 MonthsPublic Company Stock Performance 5 Years5Euro HCIT-39%-6%-48%Consumer HealthcarePharma ITEuro HCITAs of October 4,2022(1)Source:S&P Capital IQClinical&Administrative6Healthcare IT Public Company Operating a
28、nd Valuation Metrics1Median EV/LTM RevenueMedian EV/NTM RevenueMedian EV/LTM EBITDAMedian EV/NTM EBITDALTM Revenue GrowthNTM Revenue GrowthLTM EBITDA MarginRule of 40(Growth+Margin)Public Company Operating MetricsPublic Company Valuation MetricsConsumer HealthcareEuro HCITPharma ITAs of October 4,20
29、22(1)Source:S&P Capital IQClinical&Administrative25.1%17.2%17.2%(1.7%)28.0%29.2%15.0%16.6%3.3x5.4x3.1x3.4x32.9x24.8x34.3x20.6x17.5%9.1%5.8%(1.4%)37.3%38.5%32.2%14.9%2.7x4.9x2.9x3.2x15.6x16.4x11.2x14.2xInpatient&ClinicalHCIT Market Landscape7EMR SuiteClinical Workflow SolutionsClinical AnalyticsRegul
30、atoryGeneralSpecialtyDecision SupportRisk ManagementQuality ManagementDischarge Planning&Care TransitionsPatient Flow&Real-Time LocationRemote Patient MonitoringClinical CommunicationsTo view full market map,please reach out to the contacts listed on page 8 8Harris Williams:At a GlanceMinneapolisWas
31、hington,D.C.LondonBostonSan FranciscoFrankfurtClevelandRichmondThematic Focus Areas SaaS/Cloud Integrated Payments AI/Machine Learning Digital TransformationDedicated Harris Williams Asia-Pacific Coverage Team eCommerce&Retail Healthcare Office-of-the-CFO Supply Chain&LogisticsSector Coverage Areas
32、Compliance Government&Public Sector Industrial Legal Real Estate&Property Tech Architecture,Engineering&Construction Education Human Capital Management Pharma Technology Coverage Areas Application Software Infrastructure&Security Software IT&Managed ServicesTechnology Group ContactsDan LinsalataMana
33、ging D(617)654-2122Thierry MonjauzeHead of Technology GroupManaging D+44 20 7518 8901Ryan CostaD(617)654-2120Mat TsuiD+44 20 7518 892630 years and thousands of deals closed100%of revenue from M&A advisory70%of revenue from repeat clients8 offices across the U.S.and Europe10 industry groups with deep
34、 sector expertiseHealthcare&Life Sciences Group ContactsGeoff SmithCo-Head of HCLS GroupManaging Director (804)648-0072Cheairs PorterCo-Head of HCLS GroupManaging D(804)648-0072Select Healthcare IT Transaction Experience9Harris Williams:Healthcare IT ExperienceHarris Williams:Capabilities and Locati
35、ons10IndustrialsSpecialty DistributionBusiness ServicesConsumerBuilding Products&MaterialsAerospace,Defense&Government ServicesEnergy,Power&InfrastructureHealthcare&Life SciencesTechnologyTransportation&LogisticsHarris Williams has a broad range of industry expertise,which creates powerful opportuni
36、ties.Our clients benefit from our deep sector experience,integrated industry intelligence and collaboration across the firm,and our commitment to learning what makes them unique.For more information,visit our website at .Office LocationsBostonOne International PlaceSuite 2620Boston,Massachusetts 021
37、10Phone:+1(617)482-7501Cleveland1900 East 9th Street25th FloorCleveland,Ohio 44114Phone:+1(216)689-2400Minneapolis222 South 9th StreetSuite 3350Minneapolis,Minnesota 55402Phone:+1(612)359-2700Richmond1001 Haxall Point9th FloorRichmond,Virginia 23219Phone:+1(804)648-0072FrankfurtBockenheimer Landstra
38、sse 33-3560325 FrankfurtGermanyPhone:+49 069 3650638 00London25 Savile Row4th FloorLondon,England W1S 2ERPhone:+44 20 7518 8900San FranciscoOne Market Plaza,Steuart Tower11th FloorSan Francisco,California 94105Phone:+1(415)288-4260Washington,D.C.800 17th Street NW2nd FloorWashington,D.C.20006Phone:+
39、1(202)207-2300United StatesEuropeSources and Disclosures11Disclosures and DisclaimersSources1.S&P Capital IQ2.PitchBookHarris Williams LLC is a registered broker-dealer and member of FINRA and SIPC.Harris Williams&Co.Ltd is a private limited company incorporated under English law with its registered
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42、rade name under which Harris Williams LLC,Harris Williams&Co.Ltd and Harris Williams&Co.Corporate Finance Advisors GmbH conduct business.Investment banking services are provided by Harris Williams LLC(“Harris Williams”).Harris Williams is a registered brokerdealer and member of FINRA and SIPC.Harris
43、 Williams&Co.Ltd is a private limited company incorporated under English law with its registered office at 8th Floor,20 Farringdon Street,London EC4A 4AB,UK,registered with the Registrar of Companies for England and Wales,registration number 07078852.Harris Williams&Co.Ltd is authorized and regulate
44、d by the Financial Conduct Authority.Harris Williams&Co.Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main,Germany,under HRB 107540.The registered address is Bockenheimer Landstrasse3335,60325 Frankfurt am Main,Germany(email address:).Ges
45、chftsfhrers/Directors:Jeffery H.Perkins,Paul Poggi,VAT No.DE321666994.Harris Williams is a trade name under which Harris Williams LLC,Harris Williams&Co.Ltd and Harris Williams&Co.Corporate Finance Advisors GmbH conduct business.The information and views contained in this content have been prepared
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47、 provided for informational purposes only.Any and all information,including estimates,projections and other forwardlooking statements,presented in this document may involve various assumptions and significant elements of subjective judgment and analysis that may or may not be correct.Harris Williams
48、 has not independently verified,and neither Harris Williams nor any other person will independently verify,any of the information,estimates,projections or forwardlooking statements contained herein or the assumptions on which they are based.The information contained in this document is made as of th
49、e date hereof unless stated otherwise.Harris Williams does not expect to update or otherwise revise this document nor provide any additional information,nor correct any inaccuracies herein which may become apparent.This content is intended for institutional use only and should not be relied upon by
50、retail investors or members of the general public.The information contained herein is believed by Harris Williams to be reliable but Harris Williams makes no representation or warranty as to the accuracy or completeness of such information,and information contained herein that is based on material p
51、repared by others may involve significant elements of subjective judgment and analysis which may or may not be correct.Opinions,estimates and projections contained herein constitute Harris Williams judgment and are subject to change without notice.This content is not to be construed as investment ad
52、vice an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular transaction,nor shall this content form the basis of any contract.It does not constitute and should not be construed as an endorsement or recommendation of any enti
53、ties products or services.No part of this material may be copied or duplicated in any form or by any means,or redistributed,without Harris Williams prior written consent.AppendixPublic Market Operational and Valuation Metrics113As of October 4,2022(1)Source:S&P Capital IQAs of October 4,2022$in Thou
54、sandsMarketEnterprise%of 52-WeekLTMLTMEnterprise Value/For ChartsCompanyCapitalizationValueHighGross MarginEBITDA MarginLTM RevenueNTM RevenueLTM EBITDANTM EBITDAClinical/AdministrativeEMRAllscripts Healthcare Solutions,Inc.$1,772,681$1,492,38068.8%49.9%7.3%1.0 x2.3x13.4x8.1xDefinitive Healthcare Co
55、rp.1,709,694 2,230,380 37.2%88.3%15.1%11.5x8.9x76.3x29.7xNextGen Healthcare,Inc.1,260,388 1,237,767 84.7%55.0%4.8%2.1x1.9x42.7x10.3xAmerican Well Corporation1,099,742 506,583 41.4%42.3%NM1.9x1.7xNMNM Median$1,485,0411,365,074 55.1%52.5%7.3%2.0 x2.1x42.7x10.3xRCM/PerformanceR1 RCM Inc.8,020,566 9,773
56、,766 68.8%21.9%19.1%6.3x4.4x32.9x15.6xPremier,Inc.4,128,786 4,540,530 83.0%61.8%29.3%3.2x3.2x10.8x8.7xEvolent Health,Inc.3,631,153 3,786,191 94.0%26.7%3.3%3.5x2.4xNM31.1xMedian$4,128,7864,540,530 83.0%26.7%19.1%3.5x3.2x21.9x15.6xOther AdministrativeTeladoc Health,Inc.4,526,419 5,253,513 17.9%68.1%0.
57、2%2.4x2.0 xNM20.2xDoximity,Inc.6,190,795 5,426,310 35.1%87.6%31.2%15.0 x12.0 x48.1x28.0 xOmnicell,Inc.3,972,702 4,348,039 47.9%48.1%10.6%3.5x2.9x32.5x15.4xHealth Catalyst,Inc.583,898 428,962 19.7%49.2%NM1.6x1.5xNMNMPhreesia,Inc.1,389,476 1,161,328 34.8%60.3%NM4.7x3.7xNMNMMedian$3,972,7024,348,039 34
58、.8%60.3%10.6%3.5x2.9x40.3x20.2xClinical/Administrative Median$2,701,917$3,008,28644.7%52.5%10.6%3.3x2.7x32.9x15.6xPharmaIQVIA Holdings Inc.$36,014,681$47,548,68167.6%34.4%18.9%3.4x3.1x17.8x13.6xVeeva Systems Inc.26,823,311 23,967,676 52.7%72.2%25.5%12.0 x10.4x47.0 x26.6xSyneos Health,Inc.5,281,498 8
59、,264,601 49.4%23.7%13.2%1.5x1.5x11.6x9.5xCertara,Inc.2,244,983 2,356,504 30.9%59.8%23.6%7.5x6.8x31.8x19.2xPharma Median$16,052,404$16,116,13851.0%47.1%21.3%5.4x4.9x24.8x16.4xConsumer HealthcareGoodRx Holdings,Inc.$2,118,033$2,087,95011.2%93.1%8.4%2.6x2.6x30.8x11.4xWEX Inc.6,347,822 7,576,117 72.7%72
60、.0%33.3%3.6x3.3x10.9x7.1xHealthEquity,Inc.5,682,156 6,507,262 90.8%55.0%21.6%8.2x7.3x37.9x22.7xBenefitfocus,Inc.231,439 459,668 51.8%50.9%3.8%1.8x1.8x47.4x10.9xConsumer Healthcare Median$3,900,094$4,297,60662.2%63.5%15.0%3.1x2.9x34.3x11.2xEuro HCITCompuGroup Medical SE&Co.KGaA$1,930,311$2,667,27747.
61、6%34.9%14.3%2.3x2.4x16.0 x10.5xEMIS Group plc1,366,389 1,301,258 98.7%48.5%24.9%6.2x6.4x25.0 x19.7xNexus AG731,998 714,326 57.6%26.5%16.6%3.4x3.2x20.6x14.4xEuro HCIT Median$1,366,389$1,301,25857.6%34.9%16.6%3.4x3.2x20.6x14.4xTotal Comp Set Median$2,938,068$2,667,27751.8%50.9%15.8%3.4x3.1x31.3x14.9xR
62、ecent Sector Transactions Detail1,214(1)Source:S&P Capital IQ(2)Source:PitchbookClosed DateTargetAcquirerBusiness DescriptionEnterprise Value($M)Implied EV/RevenueImplied EV/EBITDA10/04/22ZenQMSSusquehanna Growth EquityProvider of cloud-based quality management software(QMS).*Pendingbswift,LLCFranci
63、sco PartnersProvider of enrollment and administration system intended for human resources and payroll administration.*PendingClaro Healthcare LLCKaufman,Hall and Associates,LLCProvider of healthcare solutions in comprehensive inpatient,outpatient,and professional fee clinical documentation improveme
64、nt(CDI).*PendingAdvantasure,Inc.UST Global Inc.Provider of a health management platform designed to solve the complex issue of value-based care and plan coordination.*PendingEpion Health,Inc.Kyruus,Inc.Provider of digital patient engagement solutions.*PendingRx Savings SolutionsMckesson Corporation(
65、NYSE:MCK)Provider of pharmacy transparency solutions.$875*09/12/22PurpleLab,LLCEdison Partners L.P.;Primus Capital Partners,Inc.Provider of a healthcare data and analytics platform intended to simplify and enhance the lifecycle of discoveries from clinical and claims data.*09/07/22Convenet Ltd.Datav
66、ant,Inc.Provider of NHS integration APIs that help businesses accelerate product development and enable interoperability with NHS systems.*PendingSignify Health,Inc.CVS Health CorporationProvider of tech-enabled services intended to improve quality of care in in-home settings.$7,817 9.3x54.2x09/01/2
67、2Supero Healthcare Solutions,LLC.PayrHealth,LLCProvider of provider enrollment and credentialing and medical licensing services.*08/31/22CareCentrix,Inc.Walgreens Boots Alliance,Inc.Provider of post-acute and home care management services.$330*08/24/22Real World Data(Ciox Health)Target RWEProvider o
68、f healthcare data management services intended to serve hospitals,patients and healthcare clinics.*08/18/22PatientBond,Inc.Upfront Healthcare Services,Inc.Provider of a patient and member engagement platform for healthcare consumer insights.*08/15/22Competitive Health,LLCRecuro Health,Inc.Provider o
69、f a benefits management technology platform designed for the healthcare industry.*08/11/22Silverchair Science+Communications,Inc.Thompson Street Capital PartnersProvider of content management,product enablement,and digital transformation platforms for publishers of scientific and medical content.*Pe
70、ndingDiameter Health,Inc.Availity,L.L.C.Provider of a clinical analytics platform intended to improve health care quality and efficiency through clinical intelligence.*08/04/22MiraMed Global Services,Inc.Coronis Health,LLCProvider of business process outsourcing solutions to healthcare organizations
71、.*08/03/22Benefit Recovery Group,LLCThompson Street Capital PartnersProvider of healthcare subrogation services serving health plan administrators and employers.*08/01/22Avinty BVMain Capital Partners B.V.Provider and developer of software applications for the healthcare market.*09/21/22Payer Compas
72、s,LLCZelis Healthcare Inc.Provider of reference based pricing solutions to payers and self-insured employers.$180*07/26/22Galen Healthcare Solutions,IncRLDatix Ltd.Provider of implementation,optimization,data migration and archival solutions for HIT systems.*PendingOne MedicalAmazonProvider of primary care and telemedicine services.$3,915 5.2xN/A