- Provation Medical, a software provider of procedure documentation and clinical decision support solutions recently announced it is buying MD-Reports. These are the details.
Provation Medical — a premier software provider of procedure documentation and clinical decision support solutions backed by Clearlake Capital Group, L.P. — recently announced it is buying MD-Reports. MD-Reports is a leading provider of electronic medical records (EMR), practice management (PM), and report writing software.
Over the last 25 years, Provation has been a market leader in procedure documentation software for gastroenterology (GI), serving 42 of the top 50 GI hospitals and more than 2,600 facilities nationwide.
“With the addition of MD-Reports, Provation has expanded on our vision to increase productivity for all healthcare providers by bringing the latest software solutions to a new segment of the market,” said Daniel Hamburger, CEO of Provation. “In addition to our organic initiatives, growth through acquisition is an integral part of Provation’s strategy to develop a comprehensive portfolio of leading clinical productivity software solutions.”
This combination enhances Provation’s clinical documentation platform and adds practice management capabilities to its portfolio. And Provation continues to build out its clinical productivity software portfolio to meet the evolving needs of physicians and to increase operational efficiencies, business profitability, and regulatory compliance by improving quality, streamlining workflows, and enabling insights.
“Joining Provation marks the beginning of an exciting new chapter for MD-Reports and we are thrilled to join the team,” added Srikanth Gosike, CEO and Founder of MD-Reports. “By leveraging our collective capabilities, MD-Reports and Provation can build on a long history of serving world-class physicians with industry-leading solutions. Our technology and professionals are a great fit with Provation, and we look forward to working together with Daniel and the team to continue our shared mission of increasing physician productivity and satisfaction.”
MD-Reports serves a complementary segment of the market and has experienced significant growth by bringing high-quality clinical software solutions to over 530 physician offices, hospitals, and ambulatory surgery centers.
“Provation is shaping the future of clinical productivity and better patient outcomes,” explained Prashant Mehrotra and Paul Huber of Clearlake. “The combination expands Provation’s core software offering and accelerates Provation’s ability to serve small and mid-sized providers. With the acquisition of MD-Reports complete and integration underway, we look forward to continuing to support the Provation team through Clearlake’s O.P.S. framework as they execute on a robust organic and inorganic growth strategy that is focused on innovation and delivering industry-leading software solutions.”
District Capital Partners served as the financial advisor and Sidley Austin LLP served as legal advisor to Provation for this transaction.