Nolan Advised Providigm on its Sale to HealthStream

DATE: January 10, 2019

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Who is Our Client?

  • Providigm, based in Denver, is focused on quality assurance and performance improvement in healthcare, primarily serving skilled nursing facilities.
  • In 2006, Andrew Kramer and his brother, Peter Kramer, founded Providigm to develop and market a novel healthcare technology solution to improve quality and compliance in nursing centers.
  • Providigm created a comprehensive quality management system known as abaqis®, which is the leading SaaS-based quality-improvement program adopted by U.S. skilled nursing facilities.
  • abaqis has demonstrated success in assisting providers meet federal regulations and enhancing the care received by frail elders residing in nursing centers.
  • Currently, over 2,000 skilled nursing facilities are using Providigm’s abaqis® to achieve better outcomes and compliance with Centers for Medicare and Medicaid (CMS) requirements.

 Why Did Providigm Hire Nolan?

  • Andrew Kramer, co-founder and CEO of Providigm, led a transformation in measuring and ensuring quality of care for frail elders through his research at the University of Colorado and policy development with Congress and CMS.
  • Providigm translated this work into a private sector quality assurance and performance improvement system so that staff could use technology at the bedside to monitor and improve eldercare services.
  • Providigm’s co-founders, Dr. Kramer and Peter Kramer, engaged Nolan to explore their strategic options for transitioning the company as they were seeking ways to continue to grow their business while approaching retirement.
  • The owners were seeking a partner that could build upon the early success of the business, broaden the platform to reach more providers and positively impact the lives of more elders.

 What Value Did Nolan Deliver?

  • Nolan ran a confidential and competitive sale process that delivered HealthStream (NASDAQ: HSTM), a leading provider of workforce and provider solutions for the healthcare industry.
  • Based in Nashville, Tennessee and founded in 1990, HealthStream has over 750 team members and reported $247.7M of revenue in 2017.
  • HealthStream’s unified suite of solutions is contracted by approximately 4.8 million healthcare employees in the U.S. for workforce development, training & learning management, talent management, credentialing, privileging, provider enrollment, performance assessment and managing simulation-based education programs.
  • With the acquisition of Providigm, HealthStream adds abaqis®, which opens greater access to the skilled nursing market while marrying the leading compliance solution with Healthstream’s suite of workforce training solutions.

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