Augmedix acquired by Commure for $139M
San Francisco-based Commure, which develops a suite of software programs that help healthcare organizations improve efficiency, recently announced it is acquiring Augmedix, a company that makes AI-driven clinical workflow and documentation tools.
The deal, valued at $139 million, will see Augmedix taken private and merged with Commure as a wholly owned subsidiary.
Since its founding in 2012, Augmedix has pioneered innovative approaches to automated medical writing and clinical documentation. Its technologies serve more than 20 major healthcare systems and hundreds of other healthcare locations.
Under the acquisition, Augmedix shareholders will receive $2.35 per share in cash upon completion of the proposed transaction.
“We believe that Augmedix, as part of Commure, is well positioned to scale environmental documentation solutions to even more clinicians and care systems, while accelerating efforts to bring more innovative features, integrations and AI capabilities into our product suite,” said Manny Krakaris, CEO of Augmedix, in a statement.
“Commure is strongly aligned with Augmedix’s mission and vision for the future. We believe the significant resources, deep industry expertise and extensive technology capabilities we gain through this transaction will strengthen our market position, enable us to capitalize on greater opportunities and create a strong, forward-looking company.”
“Together, we believe we can dramatically increase the productivity of every physician in America by using language models to transcribe appointments, code autonomously, and enhance the back-office operations of billing teams,” said Commure CEO Tanay Tandon, noting that the two companies are on track to enable more than 3 million physician appointments this year with AI-powered ambient scribing and revenue cycle automation.
“Commure Scribe and Augmedix Go save a physician an average of 2 hours of documentation time per day, reducing documentation time by more than 80% and generating billions of dollars in productivity savings for providers across the country,” he said. “In the coming months, we hope to announce much more about how the combined company’s product suites will help transform provider operations across all of the systems we partner with.”
Mike Miliard is Editor-in-Chief of Healthcare IT News
Email the author: mike.miliard@himssmedia.com
Healthcare IT News is a publication of HIMSS.
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