Boston, June 27, 2024 (GLOBE NEWSWIRE) -- Arcadia® (arcadia.io), a leading data platform for healthcare, announced today the acquisition of CareJourney®, a preeminent provider of clinically relevant healthcare data and AI-powered analytics and insights. This strategic acquisition blends Arcadia’s next-generation healthcare data platform, proprietary analytics, and workflow tools with CareJourney’s cost, quality, and benchmark data. CareJourney derives market-leading analytics from Medicare, Medicaid, Medicare Advantage, and Commercial claims data across more than 300 million beneficiaries and over 2 million providers nationwide. Payers, providers, and employers can use these actionable insights to accelerate growth and improve performance.
With the integration of CareJourney, Arcadia will help healthcare organizations succeed in two ways. First, delivering an expanded breadth of data to fuel advanced analytics that help organizations shape their strategies and focus on what matters — like navigating alternative payment models, market expansion, and new partnership models. Second, a fast, scalable, and interoperable platform with the operational tools required to act and execute opportunities to improve patient and financial outcomes.
Collectively, the organizations further enable healthcare customers to put data to work at the speed, scale, and sophistication required to grow high-performing networks, accelerate digital transformation, and succeed in value-based care.
“The transaction marks the beginning of a new chapter of growth for our business, with plans to improve healthcare outcomes through data-driven insights and AI-driven tools and expand further our provider, payer, and government sectors,” said Michael Meucci, President and CEO of Arcadia. “Arcadia committed to using $125 million in financing from Vista Credit Partners to accelerate platform innovation, company growth, and leadership in healthcare data analytics. We did exactly that by launching a next-generation data platform for healthcare, expanding our ecosystem of solutions and partners to drive innovation, and now acquiring CareJourney, a leader in helping healthcare organizations thrive through actionable analytics and insights.”
The acquisition enhances Arcadia’s ability to provide comprehensive, data-driven solutions with nimbleness and responsiveness, ensuring that customers can shape their strategies effectively. For Arcadia customers, the acquisition will provide access to additional data sources for enhanced benchmarking, network performance modeling, and evaluating growth strategies. For CareJourney customers, the integration will offer a robust healthcare data platform with enhanced speed, reliability, and scalability, as well as workflow tooling to connect insights to action.
"As our health system matures our approach to value-based care, I'm delighted to see two of our most trusted data platform partners coming together,” said Dr. Omar Lateef, President and CEO of Rush University System for Health and Rush University Medical Center. “We will benefit from their collaborative approach to understand how to grow responsibly and execute more precisely."
Arcadia is trusted by the nation’s leading healthcare brands, including Southwestern Health Resources, Tandigm, Castell, Rush Health, and Beth Israel Lahey Health.
“Achieving near-universal accountable care by 2030 requires actionable insights at every critical moment in care delivery,” said Aneesh Chopra, President of CareJourney and former U.S. Chief Technology Officer. “By merging CareJourney’s advanced data science with Arcadia’s data engineering and operational tools, we will equip providers and payers with the tools to manage costs, build high-performing networks, and excel in value-based care.”
The deal combines two profitable growth companies to deliver on Arcadia’s vision to build an interoperable data platform that accelerates and sustains healthcare transformation. With the acquisition, Arcadia’s portfolio of provider, payer, government, and life science customers totals nearly 200.
“Arcadia and CareJourney have collaborated for years as business partners—including serving many mutual customers who trust us to deliver outstanding solutions," said Dan Ross, co-founder and CEO of CareJourney. “By coming together, we’re creating a powerful combination and a gold standard to drive significant advancements in healthcare data analytics, value-based care, and overall healthcare system efficiency.”
Moving forward, CareJourney will become CareJourney by Arcadia. As part of the acquisition, Arcadia welcomes CareJourney’s employees, and appoints Aneesh Chopra as Chief Strategy Officer of Arcadia, Dan Ross as President of CareJourney by Arcadia, and Kevin Sheldon as Chief Operating Officer of CareJourney by Arcadia. The combined expertise from a team of health tech innovators will create additional value and benefits, foster innovation, and enhance the customer experience.
Have questions or want to learn more about our acquisition? Connect with us for more information.
About Arcadia
Arcadia helps payers and providers put their data to work so they can transform healthcare. We do that through an interoperable data platform that uses advanced analytics to shape strategies, inform decisions, and facilitate actions. In turn, payers and providers can focus on what matters most — whether that’s patient outcomes, operational efficiencies, or financial performance. We’re trusted by the institutions driving the future of healthcare, including Southwestern Health Resources, Tandigm, Castell, Rush Health, and Beth Israel Lahey Health. To learn how Arcadia is shaping the future of healthcare with innovative solutions that deliver data-driven insights, visit arcadia.io.
About CareJourney
Customers trust CareJourney as a leading source of provider cost and quality data that covers 300+ episodes of care across 50+ specialties and subspecialties. CareJourney’s mission is to empower individuals and organizations they trust with open, clinically relevant analytics and insights in the pursuit of the optimal healthcare journey. CareJourney’s cloud-based analytics platform helps health care organizations build and grow networks, improve provider performance, identify network integrity and strengthen referrals, and better manage at-risk populations.
Drew Schaar Arcadia drew.schaar@arcadia.io
