Altos Solutions, creators of OncoEMR®, the first web-based oncology-specific electronic medical record, today announced an agreement to be acquired by Flatiron Health. Flatiron Health and Altos Solutions expect to finalize the transaction, which is subject to customary closing conditions, by the end of May 2014. The combination of both companies will create the world's largest single source of structured real-world oncology data and intelligence.
Altos Solutions was founded in 2004 by serial entrepreneurs John Willey II and Keith Irwin. Initially, OncoEMR was created to enable oncologists to plan complicated cancer treatments and schedule patient visits. The design quickly grew into the first sophisticated mission critical application in oncology practices across the United States. In an effort to create greater involvement and support for patients, SeeYourChart®, a fully integrated patient portal, was released in 2008. In addition, a fully integrated practice management system, OncoBilling®, supports the complicated reimbursement for cancer care. Altos' acquisition of Oncology Metrics® in 2010 accelerated meaningful benchmarking and community oncology collaboration via Oncology Circle™.
"Altos Solutions was founded for one simple reason, to improve the lives of patients by enhancing cancer care with technology," said Carla Wood Balch, President of Altos Solutions. "By joining forces with Flatiron Health, we're going to accelerate that mission and deliver even stronger and more tightly integrated solutions to physicians, patients and life science companies. The cultures of the two companies are a perfect fit; every employee committed to making a difference for cancer patients."
Altos Solutions will operate independently as a wholly owned subsidiary of Flatiron Health, with Ms. Balch as President/CEO of the subsidiary. Terms of the Altos Solutions acquisition by Flatiron Health were not disclosed.
Flatiron Health was founded in 2012 by Nat Turner and Zach Weinberg. The company's OncologyCloud™ platform allows cancer centers, physicians and life science companies to gain unprecedented and actionable insights from clinical, practice management and billing data. Previously, this information was trapped in EMR systems and doctors' free-text notes. The Flatiron Health software platform accelerates personalized medicine and research by applying advanced analytics to electronic patient care data documented by physicians.
"Flatiron's mission is to organize the world's oncology data and make it useful for patients, physicians, life sciences and researchers. Raising this amount of financing and acquiring Altos Solutions greatly accelerates that vision, and gives us the ability to help both oncologists and most importantly patients on a new level," said Nat Turner, Co-Founder of Flatiron Health. "Flatiron will be a critical component to truly personalizing medicine by enabling the right patient to get the right therapy at the right time."
Altos Solution's OncoEMR, the industry's leading cloud-based oncology-specific EMR system, serves over 1,300 oncology clinicians and many thousands of users on a daily basis. Each year, physicians using software powered by Altos Solutions see over 550,000 unique cancer patients. Over time, Flatiron Health and Altos Solutions will integrate the two platforms, allowing for seamless data flow, smarter data capture, and advanced decision support.
Altos products and services are complementary to Flatiron Health's OncologyCloud platform, with applications for both cancer care providers and life science companies. For providers, OncoEMR's Clinical Decision Gateways™ supports intelligent decision making by including the newest available treatments and clinical trial capabilities. Flatiron's first application, OncoAnalytics™, is a web-based software package that seamlessly integrates a cancer center's disparate data systems and provides real-time business and clinical intelligence with benchmarking. In the near future, providers will be able to leverage de-identified data from other cancer centers on the platform to make better treatment decisions in a HIPAA compliant manner.
For life science companies, OncologyCloud provides a "system of record" for how cancer care is delivered in the real world, offering a real-time view of treatment utilization, sequencing and outcomes. Life science companies will soon be able to utilize OncologyCloud to accelerate research by matching patients to available clinical trials and automating data collection. The foundation of the OncologyCloud platform is its data transformation engine, which extracts, processes and cleans both structured and unstructured data in real-time towards a standardized oncology.
Flatiron and Altos expect to expand its cloud-based platform to other specialties beyond oncology starting in 2015.