medical assistant programs
RESTON, Va. — QuadraMed® Corporation (NASDAQ:QDHC), a leading provider of
healthcare information technologies and services that help turn quality
care into positive financial outcomes, today announced stockholder
approval of QuadraMed’s acquisition by Francisco Partners, one of the
world’s largest technology-focused private equity firms.
At the March 9, 2010 special meeting QuadraMed’s stockholders approved
the Agreement and Plan of Merger, dated as of December 7, 2009, by and
among QuadraMed and acquisition entities formed by Francisco Partners.
QuadraMed previously announced its entry into this Agreement on December
8, 2009. The all-cash transaction for all of QuadraMed’s stock is valued
at approximately $126 million.
With this approval, Francisco Partners will acquire QuadraMed via its
acquisition entities with QuadraMed remaining as a wholly owned
subsidiary of Francisco Partners. The acquisition is expected to close
next week, subject to the satisfaction of various closing conditions of
the parties pursuant to the terms of the Agreement.
“We are pleased that QuadraMed’s shareholders have approved the pending
acquisition,” said Duncan W. James, QuadraMed’s President and Chief
Executive Officer. “Francisco Partners brings QuadraMed extensive
resources and a proven track record of helping hospitals and health
systems execute on their strategic and operational goals. We look
forward to working with Francisco Partners on our priorities, which
include helping our clients meet their ARRA Meaningful Use goals,
preparing for ICD-10, and leveraging improvements in care quality to
improve their bottom line.”
In connection with the merger, QuadraMed has submitted a request to the
NASDAQ Global Market for withdrawal of the listing of its common stock.
QuadraMed’s proposed delisting is contingent, among other conditions, on
the closing of the merger. To effect the delisting, NASDAQ will file a
Form 25 with the Securities and Exchange Commission.
VHA Inc., the national health care network, strengthened its market position in 2009 by adding new members and expanding the scope of its relationships with existing members. In total, 109 health care organizations initiated or expanded their relationships with VHA last year, including:
“The people from VHA have transferred their knowledge to our supply chain leaders,” said Judy Rich, chief executive officer of Tucson (Ariz.) Medical Center. “Now there is no limit to what we can accomplish because we have a lot of tools at our disposal. Previously, we didnt understand the impact that supplies were having on our organization. It was more about treating patients. Now we do both very well.”
“VHAs approach is about improving clinical utilization and patient care through best practices, said Rich Paoletti, vice president of operations at Lancaster (Pa.) General Health. “They are not just about cutting drug expense, but they are looking at the whole clinical cost. VHA helped us specifically identify the savings and then push it into a systematic cost-reduction approach. Bringing VHA in streamlined our processes for identifying and implementing the cost savings initiatives. I think they bring experience to the table and an approach that is worthwhile.”
According to Daly, hospitals have reported a range of reasons that made joining or expanding their relationships with VHA a strategic part of their efforts to improve care and increase efficiencies, including:
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