WellSky Announces Plans to Buy Patient Engagement Tool TapCloud

WellSky, a digital healthcare company, has won the patient engagement company TapCloud for an undisclosed amount.

TapCloud will bring with it its virtual patient-centric app, which will allow users to communicate with clinicians and report symptoms. Through the app, patients can get daily reminders and learning resources. The tool can also collect information about adherence and a patient’s social health determinants.

On the clinical side, healthcare providers have access to information about patient-reported outcomes. EHR agnostic technology also allows doctors to communicate with patients.

WHY IT MATTER

Once the acquisition is complete, TapCloud will integrate with WellSky’s predictive analytics technology. In particular, the acquisition is positioned to broaden WellySky’s dataset by including more patient-reported outcomes. WellSky presents this merger and acquisition as a way to drive collaboration and coordination of healthcare providers.

“With WellSky, we gain access to a larger network and more investment, which will expand our reach and enable even more patients and families to actively participate in their care journey,” said Phil Traylor, CEO of TapCloud, in a statement.

“Together, we are well positioned to expand the ways we can help our customers succeed, regardless of which EHR platform they use. I am curious how we will innovate together.”

THE BIGGER TREND

WellSky has a long history of acquisitions. In April, the company acquired social determinants from health company Healthify. The previous acquisitions include: Fazzi Associates, BlueStrata, Rock Pond Solutions, MEDTranDirect and Consolo.

M&As are a popular exit option for digital health companies. Rock Health reported that in 2021 there were an average of 23 digital health exits through mergers and acquisitions per month.