Quote Of The Year

Timeless Quotes - Sadly The Late Paul Shetler - "Its not Your Health Record it's a Government Record Of Your Health Information"

or

H. L. Mencken - "For every complex problem there is an answer that is clear, simple, and wrong."

Friday, June 12, 2020

This May Mean A Real Shake Up In The General Practice Management Systems In OZ!

This appeared last week:

Advent Partners taps ex-Telstra exec for GP software investment

Sarah Thompson, Anthony Macdonald and Tim Boyd

Jun 4, 2020 – 3.30pm

Melbourne-based buyout firm Advent Partners has secured its "healthtech" target; medical practice software company Medtech.

Advent will buy a controlling stake in the trans-Tasman business and plans to instal former Telstra Health general manager Geoff Sayer –who also held senior positions at HealthLink and MedicalDirector – as its new chief executive officer. Street Talk foreshadowed the looming deal last week.

Medtech was founded 30 years ago and is a provider of SaaS practice management software to doctors and allied health operatives in Australia and New Zealand.

The company has about 18,000 practices on its books and its software is used for core practice management and administration, SMS reminders to patients, cloud hosting and integrations with third-party providers.

Medtech employs about 50 staff split across its head office in Auckland and customer support office in Melbourne.

Advent dealmakers Rob Hooke and Rob Radcliffe-Smith oversaw the transaction.

The private equity manager made the investment from its Advent Partners 2 Fund, which raised $300 million in 2018 and is believed to be about 50 per cent invested following the Medtech deal.

More here:

https://www.afr.com/street-talk/advent-partners-taps-ex-telstra-exec-for-gp-software-investment-20200604-p54zc9

Well this may certainly liven up things for Medical Director and Best Practice given the company is likely to be a pretty well funded and well managed competitor!

Will be interesting to come back in a year or two and see what has happened – remembering that this software is pretty ‘sticky’ given the complexity of migration.

How do you think this will play out?

David.

6 comments:

Dr Ian Colclough said...

It may ruffle the feathers a bit and create a few waves but I very much doubt this development will do very much to shake up the status quo in the digital health marketplace. Even so, it would be good if it did.

Anonymous said...

Advent are a wealth fund not a healthcare organisation. Like you David it will be interesting to watch. Not sure I like the direction or healthcare system is heading.

Anonymous said...

Apart from his time at Healthlink other roles, all as MD, have been short term. A mover and shaker, plenty of buzz words, transformative, with every skill in the lexicon. Is he a shakeup merchant or a now you see me now you don't, here I am there I go. Advent have the money, will they fill his saddle bags?

Anonymous said...

The only reason Advent has taken control of MedTech is to exit the investment in 3 years with a 30% per annum compound ROI. To achieve that in today's climate they must have entered their investment at a rock-bottom bargain price which means that MedTech was probably in deep trouble or, if not, it was in need of new working capital to accelerate it through a new growth path. Which is it?

Anonymous said...

"Which is it?" whatever the answer, it's nothing to do with healthcare.

Anonymous said...

Mmm .. tell Geoff Sayer that