INDUSTRY UPDATE │ Q4 2017 - Harris Williams · Becker’sHospital Review With the revenue cycle continually evolving, ... solutions, patient financial experience and affordability,

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

www.harriswilliams.com

HEALTHCARE ITINDUSTRY UPDATE │ Q4 2017

PAGE |

HEALTHCARE IT

INDUSTRY UPDATE | Q4 2017

HARRIS WILLIAMS & CO. TECHNOLOGY, MEDIA & TELECOM (TMT) OVERVIEW

1

Fintech

Healthcare IT

KEY CONTACTS

HCIT

Sam HendlerManaging [email protected]+1 (617) 654-2117

Dan LinsalataVice [email protected]+1 (617) 654-2122

UNITED STATES

Jeff BistrongManaging [email protected]+1 (617) 654-2102

Mike WilkinsManaging [email protected]+1 (415) 217-3411

Tyler DewingManaging [email protected]+1 (617) 654-2133

EUROPE

Thierry MonjauzeManaging [email protected]+44 (0) 20 7518 8901

SOFTWARE / SAAS

Enterprise Software

Data and Analytics

Infrastructure andSecurity Software

IT and Tech-EnabledServices

Data Center andManaged Services

INTERNET & DIGITAL MEDIA

Online Marketing

Consumer Internet

Digital Media and Content

eCommerce and Retail

Mobile

HW&CO. TMT GROUP FOCUS AREAS

SELECT RECENT HW&CO. TMT TRANSACTIONS

TMT VERTICAL FOCUS AREAS

25+ year history with over 120closed transactions in the last24 months

Over 260 professionals acrosseight offices in the U.S. andEurope

Strategic relationships in Indiaand China

10 industry groups

KEY FACTS

HW&Co. OfficeNetwork Office*

*Harris Williams has exclusive relationships with Somerley Group and YES Bank as part of its global network.

Public Sector and Non-Profit

Supply Chain, Transportation,and Logistics

Professional Services

Human CapitalManagement

2017

HARRIS WILLIAMS & CO. (HW&CO.) GLOBAL ADVISORY PLATFORM

has received a growth

investment from

has received a majorityInvestment from

has acquiredhas been acquired byhas been acquired by has been acquired byhas received an investment from

has been acquired byhas been acquired by

Undisclosed

Strategic Buyer

has acquired

a wholly-owned affiliate of

have been acquired by

a portfolio company of

IAM assets of

has been acquired by

Beijing, Shanghai, and Hong Kong

Mumbai and New Delhi

PAGE |

HEALTHCARE IT


HARRIS WILLIAMS & CO. HEALTHCARE IT OVERVIEW

2

SELECT HW&CO. HEALTHCARE IT TRANSACTIONS

PATIENTS

EMPLOYERS

INSURERS

CARE DELIVERY

ORGANIZATIONS

CLINICIANS

Patient-Facing Solutions

Care Delivery: Operational Efficiency

Care Delivery: Clinical / Acute

Care Delivery: Clinical / Non-Acute

Care Delivery: Clinical / Post-Acute

Pharma & Devices

Revenue Cycle Management

Population Health & Risk Management

HW&Co. Healthcare IT Taxonomy

Please contact HW&Co. for proprietary detailed HCIT market map

HW&CO. Healthcare IT Market Map

OUR PRACTICE

Harris Williams & Co. is a leading advisor to the Healthcare IT industry. Our global practice includes professionals across the firm from Harris Williams & Co.’s Technology, Media &Telecom Group and Healthcare & Life Sciences Group.

Harris Williams & Co.’s TMT Group is dedicated to providing superior merger & acquisition and capital markets advisory services to market leading companies. We are pleased to issue the Q4 2017 Healthcare IT Sector Update, which provides commentary and analysis on the current HCIT M&A environment and market trends.

ABOUT THE SECTOR

Provider of

computer-aided

design / computer-

aided

manufacturing

software for the

dental industryhas received a majority

investment from

Provider of a

comprehensive

suite of security

tools spanning

single sign-on,

context

management,

provisioning, and

data governance

for hospitals and

integrated delivery

networks

IAM assets of

have been acquired by

Provider of

revenue cycle

management and

EDI solutions

has been acquired by

Undisclosed Strategic Buyer

a wholly-owned

affiliate of


has received

a strategic investment

from

Provider of

technology-

powered nutrition

education and

behavior change

solutions for the

health and fitness

industries

PAGE |

HEALTHCARE IT


WHAT WE’RE READING

3

Healthcare IT News 12/8/2017

With newly-issued mobile communications tools not meeting the needs of current healthcare employees, they resort to using workarounds, such as sending unsecured texts frompersonal phones. Additionally, a survey by Journal of Hospital Medicine found that 80% of employees still use a hospital-issued pager, due to the ease of use and previousknowledge and understanding. In order to enforce the use of these new technologies, organizations need to require ongoing training as well as more reliable networks.

Read the full article here.

SEEKING A UNIFIED APPROACH TO MOBILE CARE COLLABORATION

Healthcare IT News 12/19/2017

Even through workstations on wheels, care team workflows still remain fragmented due to the need to access patient data and clinical information from multiple disparatesystems. This is turn then breaks down the fundamental human flow of care as well as leaving patients with the perception that the clinician’s primary focus is on the technology,and not them. In the long term, the best approach lies in reducing the number of factors and unifying the myriad applications for more efficient communications and care.


CLINICIANS STILL STRUGGLE TO QUICKLY ACCESS EHRS AT POINT OF CARE

Modern Healthcare 11/19/2017

Net neutrality means everyone sending data is treated the same by carriers like Verizon and others; no one can pay or be charged more for faster transmission speeds andnone can be barred from sending data. Telehealth and electronic record data exchange are the two primary areas of healthcare that will suffer were internet service providersallowed to charge higher prices for faster transmission speeds, say those who back net neutrality.


HERE'S WHY HEALTHCARE SHOULD BE TALKING ABOUT NET NEUTRALITY

Becker’s Hospital Review

With the revenue cycle continually evolving, more technology solutions have emerged to keep pace. Key trends to keep an eye on in 2018 include mega-mergers, technologysolutions, patient financial experience and affordability, and end-to-end revenue cycle solutions. In regards to technology, newer solutions are expected to be geared towardsrisk adjustment tracking and coding, emphasizing the importance of healthcare providers partnering with vendors.


FOUR HEALTHCARE REVENUE CYCLE TRENDS TO WATCH IN 2018

12/19/2017

Health Data Management

One of the top issues carrying over from 2017 is data breaches, an issue that the healthcare industry continues to struggle with. As the pace of attacks in early-2017 approachedover a breach a day, the trust in healthcare providers has decreased, with more data becoming exposed. Other hurdles for the industry include the transition to value-basedcare as well as consolidation, where failed mergers of four of the largest insurers has garnered significant attention.


HOW THREE MAJOR CHALLENGES WILL SHAPE HEALTHCARE IT IN 2018

12/15/2017

http://www.healthcareitnews.com/news/seeking-unified-approach-mobile-care-collaboration

http://www.healthcareitnews.com/news/clinicians-still-struggle-quickly-access-ehrs-point-care

http://www.modernhealthcare.com/article/20141119/NEWS/311199950

https://www.beckershospitalreview.com/finance/4-healthcare-revenue-cycle-trends-to-watch-in-2018.html

https://www.healthdatamanagement.com/opinion/how-3-major-challenges-will-shape-healthcare-it-in-2018

PAGE |

HEALTHCARE IT


KEY HEALTHCARE MACRO INDICATORS

4

U.S. HEALTHCARE SPENDING(1)(2)

($ in trillions)

U.S. AGING POPULATION(3)

(percent age 65 and older)

HIGH-DEDUCTIBLE HEALTH PLAN ENROLLMENT(4)

(enrolled lives in millions)

PRIMARY CARE SUPPLY(5)

(number of physicians in thousands)

U.S. EMR ADOPTION – HOSPITAL(6)

(percent adoption by EMRAM stage)

U.S. EMR ADOPTION - AMBULATORY(6)

(percent adoption by EMRAM stage)

16.0%

17.0%

18.0%

19.0%

20.0%

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

'09 '11 '13 '15 '17P '19P '21P '23P '25P

National Health Expenditures

HC Expediture as % of GDP

12.6% 12.4% 13.0%

16.1%

19.3% 20.0% 20.2%

1990 2000 2010 2020P 2030P 2040P 2050P

3.2 4.5

6.1

8.0

10.0 11.4

13.5

15.5

17.4

19.7 20.2

'06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16

683 723

794 821

57%

49%

37% 33%

'00 '05 '13 '16

Total Physicians (in 000s) % Independent

'12 '13 '14 '15 '16 Q3'17

Stage 0 Stage 1 Stage 2 Stage 3


'12 '13 '14 '15 Q2'17



PAGE |

HEALTHCARE IT


HCIT PUBLIC MARKET VALUATIONS(7)

5

Ph

arm

a

KEY PUBLIC COMPS

Pa

ye

r Fo

cu

sed

KEY PUBLIC COMPS

Clin

ica

l /

Ad

min

istr

ative

KEY PUBLIC COMPS

2017E TRADING METRICS


Min MaxMedian

Legend

As of December 31, 2017

4.2x3.1x 5.3x

6.8x3.8x 10.8x

13.6x12.9x 17.1x

28.3x15.0x 32.3x

EV / 2017E EBITDA

EV / 2017E Revenue

EV / 2017E EBITDA

EV / 2017E Revenue

STOCK PRICE PERFORMANCE



4.9x3.1x1.8x

EV / 2017E Revenue

13.6x10.4x

EV / 2017E EBITDA

31.0x

Co

nsu

me

r H

ea

lth

ca

reEu

ro-H

CIT

KEY PUBLIC COMPS 2017E TRADING METRICS

KEY PUBLIC COMPS 2017E TRADING METRICS

5.0x3.4x 11.5x

23.9x15.9x 31.9x

EV / 2017E EBITDA

EV / 2017E Revenue

4.4x3.2x 5.5x

20.0x15.4x 24.6x`EV / 2017E EBITDA

EV / 2017E Revenue



0%

100%

200%

300%

400%

Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17

S&P 500 Pharma

0%

50%

100%

150%

200%


S&P 500 Clinical & Administrative

0%

75%

150%

225%

300%


S&P 500 Euro HCIT

0%

50%

100%

150%

200%


S&P 500 Payer-Focused

0%

50%

100%

150%

200%


S&P 500 Consumer Healthcare


https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjmtIio_a7VAhWF8j4KHRvnAyMQjRwIBw&url=https://www.marketbeat.com/stocks/NASDAQ/TRHC/&psig=AFQjCNGNCDYYswXx7m3rgDamYG0v4XQmlQ&ust=1501434440929678

PAGE |

HEALTHCARE IT


PUBLIC COMPARABLES(7)

VALUATION AND OPERATING METRICS

As of December 31, 2017 ($ in millions, except per share amounts)

6

Stock Performance

Current % of LTM TEV / EBITDA

Mkt Cap TEV Price LTM High Revenue % Growth EBITDA Margin LTM 2017E

Clinical / Administrative

EMR

Cerner Corporation $22,930 $22,613 $68.98 93.4% $5,086 7.9% $1,552 30.5% 14.6x 13.4x

athenahealth, Inc. 5,433 5,587 135.76 85.6% 1,179 12.1% 200 16.9% 28.0x 20.7x

Allscripts Healthcare Solutions, Inc. 2,694 4,463 14.91 98.1% 1,714 16.6% 275 16.0% 16.2x 12.2x

Quality Systems, Inc. 893 915 14.03 79.1% 524 6.0% 78 14.8% 11.8x 11.0x

Computer Programs and Systems, Inc. 409 552 29.70 82.1% 263 6.7% 30 11.6% 18.1x 11.2x

Median $2,694 $4,463 85.6% $1,179 7.9% $200 16.0% 16.2x 12.2x

RCM / Performance

Nuance Communications, Inc. $4,830 $6,603 $16.64 83.5% $1,939 (1.6%) $375 19.3% 17.6x 10.4x

Premier Inc. 4,267 7,114 29.78 81.6% 1,532 13.2% 441 28.8% 16.1x 13.7x

Evolent Health Inc 974 839 13.05 47.5% 409 31.6% 20 4.8% 42.6x NM

Median $4,267 $6,603 81.6% $1,532 13.2% $375 19.3% 17.6x 12.1x

Other Administrative

Omnicell, Inc. $1,952 $2,136 $51.45 92.9% $690 2.7% $47 6.8% 45.3x 24.6x

Vocera Communications, Inc. 854 787 29.22 90.7% 153 11.5% (12) NM NM NM

HealthStream, Inc. 733 610 22.99 72.9% 244 5.1% 34 13.9% 18.0x 16.1x

Tabula Rasa Healthcare, Inc. 526 557 29.50 80.2% 118 16.1% 4 3.0% NM 31.0x

Median $794 $698 85.4% $198 8.3% $19 6.8% 31.6x 24.6x

Clinical / Administrative Median $1,463 $1,526 82.8% $607 9.7% $62 14.8% 17.8x 13.6x

Payer-Focused

Cotiv iti Holdings, Inc. $2,993 $3,633 $32.59 70.9% $670 4.2% $243 36.3% 14.9x 13.6x

Inovalon Holdings, Inc. 2,181 1,899 14.95 84.0% 431 (0.6%) 85 19.7% 22.3x 17.1x

HMS Holdings Corp. 1,414 1,575 16.82 80.5% 495 2.2% 106 21.4% 14.8x 12.9x

Payer-Focused Median $2,181 $1,899 80.5% $495 2.2% $106 21.4% 14.9x 13.6x

Pharma

IQVIA Holdings Inc $21,315 $30,165 $102.48 92.6% $9,514 23.0% $1,794 18.9% 16.8x 15.0x

Veeva Systems Inc 7,950 7,192 55.85 82.0% 651 19.6% 160 24.6% 44.9x 32.3x

Medidata Solutions, Inc. 3,845 3,722 65.77 76.5% 529 8.8% 83 15.6% 45.1x 28.3x

Pharma Median $7,950 $7,192 82.0% $651 19.6% $160 18.9% 44.9x 28.3x

Consumer Healthcare

WEX Inc. $5,868 $8,066 $136.74 100.0% $1,210 9.6% $443 36.6% 18.2x 15.9x

HealthEquity Inc 2,799 2,574 46.14 83.4% 216 21.0% 67 31.0% 38.4x 31.9x

Benefitfocus, Inc. 853 918 27.35 73.7% 253 4.1% 1 0.2% NM NM

Castlight Health, Inc. 522 440 3.90 70.9% 124 16.5% (50) NM NM NM

Consumer Healthcare Median $1,826 $1,746 78.6% $234 13.0% $34 31.0% 28.3x 23.9x

Euro

CompuGroup Medical SE $3,568 $3,943 $67.04 97.7% $631 1.5% $141 22.3% 28.0x 24.6x

EMIS Group plc 850 850 13.43 98.9% NA NA NA NM NM NA

NEXUS AG 482 452 30.57 87.4% 128 6.1% 25 19.4% 18.2x 15.4x

Euro Median $850 $850 97.7% $379 3.8% $83 20.9% 23.1x 20.0x

Consolidated Median $2,181 $2,136 83.4% $526 8.4% $84 19.1% 18.1x 19.0x

PAGE |

HEALTHCARE IT


NOTABLE HCIT M&A TRANSACTIONS(7)

7

BV Investment Partner’s Acquisition of Precision Nutrition

Provider of technology-powered nutrition education and behavior change solutions for the health and fitness industries

Following the strategic investment, BVIP will support PN’s organic growth plan which includes further penetrating the fitnessprofessional end market, expanding into additional end market segments, and further investing in the ProCoach online contentand business software platform

Ent. Value: NA

Revenue: N/A

EV / Revenue: N/A

EV / EBITDA: N/A

Closed 11/14/17

Navicure’s Merger with ZirMed

ZirMed is a provider of web-based revenue cycle management solutions to the healthcare sector

Navicure and ZirMed have consistently been ranked Best in KLAS and have been recognized by healthcare market researchfirm Black Book as top performers in their respective markets

As a result of the merger, the combined company will be well positioned for further innovation in the revenue cyclemanagement industry through leveraging their respective solutions to create an enterprise-wide RCM system

Ent. Value: $750.0M

Revenue: NA

EV / Revenue: NA

EV / EBITDA: NA

Closed 11/1/17

Fidelity National Financial’s Acquisition of T-System

T-System is a leading provider of clinical documentation and coding solutions to hospital-based and free-standing emergencydepartments and urgent care facilities

T-System’s solutions are currently used in about 40% of US emergency departments and urgent-care centers

Fidelity National Financial will be able to further accelerate the future growth of T-Systems through multiple acquisitions andtransitioning the Company to a recurring revenue business model

Ent. Value: $200.0M

Revenue: NA

EV / Revenue: NA

EV / EBITDA: NA

Closed 10/17/17

Allscripts’ Acquisition of McKesson’s Enterprise Information Solutions Business

McKessson's Enterprise Information Solutions business is a provider of clinical and financial solutions supporting the full scope ofcare delivery processes

This acquisition further advances Allscripts strategy to offer the most comprehensive and high performing health IT solution suite

Allscripts will invest in and continue to offer Paragon as the integrated EHR and revenue cycle management solution for thesmall hospital market segment, while Allscripts Sunrise will continue as the primary platform for larger institutions, typically withhighly complex service line needsEnt. Value: $185.0M

Revenue: NA

EV / Revenue: NA

EV / EBITDA: NA

Closed 10/2/17

Private Private

Private

HW&Co.

Confidential

HW&Co.

Confidential

HW&Co.

Confidential

HW&Co. Confidential

PAGE |

HEALTHCARE IT


HCIT M&A AND PRIVATE PLACEMENT ACTIVITY AT A GLANCE

8

QUARTERLY M&A DEALS – LTM(8) LTM M&A DEALS BY SUB-SECTOR(8)

QUARTERLY PRIVATE PLACEMENT DEALS – LTM(8) LTM PRIVATE PLACEMENT DEALS BY SUB-SECTOR(8)

53

3

6

16 Clinical /

Administrative

Payer-Focused

Pharma

Consumer

Healthcare

16

23

12

20

Q1'17 Q2'17 Q3'17 Q4'17

Clinical / Administrative Payer-Focused

Pharma Consumer Healthcare

37

9

4

21

Clinical /

Administrative

Payer-Focused

Pharma

Consumer

Healthcare

15

19 18

26

Q1'17 Q2'17 Q3'17 Q4'17

Clinical / Administrative Payer-Focused

Pharma Consumer Healthcare

PAGE |

HEALTHCARE IT


M&A TRANSACTION ACTIVITY(7)(8)

*HW&Co. confidential transaction

*Unpublished information

Closed Date Target Acquirer Business Description

Enterpise

Value

Implied

EV/Revenue

Implied

EV/EBITDA

9

Pending Sanav ida SL Innov est Global, Inc. Prov ider of 24/7 telehealth solutions. * * *

Pending NexSched LLC Medfusion, Inc. Prov ider of patient self-scheduling solutions. * * *

Pending Wellhealth HealthCare Partners of Nev ada Prov ider of a messaging platform for medical practices. * * *

Pending LeonardoMD Azalea Health Prov ider of web-based practice management and EHR software. * * *

12/31/17 Net Health Systems, Inc. The Carlyle Group; Lev el Equity Prov ider of electronic medical records solutions for specialized outpatient care. * * *

12/18/17 Ev etpractice Henry Schein Prov ider of cloud-based v eterinary software. * * *

12/18/17 Delta Health Technologies LLC Salo Solutions, Inc. Prov ider of home health, hospice, and priv ate duty solutions. * * *

12/14/17 Brighter, Inc. Cigna Corp. Prov ider of an online marketplace that connects members with dentists. * * *

12/13/17 Connect Healthcare Doctor.com Prov ider of SaaS prov ider directory and reputation management solutions. * * *

12/07/17 Vitalhealth Software BV Royal Philips NV Prov ider of cloud-based electronic health solutions for chronic diseases. * * *

12/05/17 Forcare Holding BV Royal Philips NV Prov ider of interoperability and workflow solutions. * * *

11/29/17 Remedy Health Media LLC Topspin Management LLC Prov ider of consumer health and wellness solutions. * * *

11/14/17 Arcadian TelePsychiatry LLC MYnd Analytics, Inc. Prov ider of an online mental health serv ices platform. * * *

11/14/17 Precision Nutrition, Inc. BV Inv estment Partners LLC Prov ider of technology-powered, nutrition education, and behav ior change solutions. * * *

11/08/17 Exym Alpine Inv estors Prov ider of electronic health record software for mental health clinics. * * *

11/01/17 ZirMed, Inc. Nav icure, Bain Capital Prov ider of web-based rev enue cycle management solutions to the healthcare sector. $750.0 * *

10/26/17 Caradigm (IAM Assets) Impriv ata Prov ider of a comprehensiv e suite of security tools for hospitals and integrated deliv ery networks. * * *

10/24/17 mProv e Health, Inc. Bracket Global; Genstar Capital Prov ider of mobile health tracking software. * * *

10/17/17 T-System, Inc. Fidelity National Financial Prov ider of clinical documentation solutions for hospital emergency departments. $200.0 * *

10/16/17 iMedicWare, Inc. ECL Group LLC Prov ider of practice management solutions for ophthalmologists. * * *

10/12/17 Foresight Medical LLC Paradigm; Summit Partners Prov ider of surgical management software. * * *

10/11/17 Prognosis Health Information Systems LLCAzalea Health Innov ations; Intersouth

Partners; Kayne Anderson Capital Prov ider of clinical enterprise software for rural and community hospitals and health systems. * * *

Last 12 Months as of December 31, 2017 ($ in millions)

PAGE |

HEALTHCARE IT


10/11/17 Tea Leav es Health LLC Welltok, Inc. Prov ider of a cloud-based marketing and analytics solutions for the healthcare industry. $90.0 * *

10/10/17 Med Help International, Inc. Merck & Co., Inc. Prov ider of an online health serv ice platform that connects people with medical experts. * * *

10/10/17 Carena, Inc.Av izia; Healthquest Capital

Management; Northwell VenturesProv ider of telemedicine solutions. * * *

10/02/17Mckesson (Enterprise Information Solutions

Business)Allscripts Healthcare Solutions, Inc. Prov ider of clinical and financial solutions supporting the full scope of care deliv ery processes. $185.0 * *

09/29/17 PAREXEL International Corp. Pamplona Capital Management Prov ider of biopharmaceutical serv ices. $4,918.9 2.1x 16.8x

09/06/17 Symphony Health Solutions Corp. PRA Health Sciences, Inc. Prov ider of data, analytics and consulting solutions to the life sciences market. $530.0 2.7x 20.4x

09/05/17 Amazing Charts LLC Constellation Software, Inc. Prov ider of electronic health records management software solutions. * * *

08/25/17NantHealth (Patient Engagement

Solutions Business)Allscripts Healthcare Solutions, Inc. Prov ider of a patient and prov ider engagement platform. $194.9 * *

08/23/17 Practice Insight Undisclosed Prov ider of rev enue cycle management and EDI solutions. * * *

08/21/17 Veracity Innov ations LLC Carl Zeiss Meditec Prov ider of a cloud-based platform software for analyzing and performing eye surgery. * * *

08/16/17 EagleDream Health, Inc. Quality Systems, Inc. Prov ider of SaaS healthcare analytics assisting in the transition to v alue-based reimbursement. $26.0 * *

08/16/17 RemitDATA, Inc. eSolutions, Francisco Partners Prov ides web-based solutions for the healthcare industry. * * *

08/13/17 Senosis Health Inc. Alphabet, Inc. Prov ider of a mobile health monitoring application. * * *

08/10/17 A Place for Mom General Atlantic Prov ider of a network that connects families to senior liv ing serv ice prov iders. * * *

08/01/17 eAudit Solutions, Inc. MedImpact Holdings, Inc. Prov ider of pharmacy audit software and serv ices. * * *

08/01/17 InVentiv Group Holdings, Inc. INC Research Holdings, Inc. Prov ider of contract drug dev elopment serv ices to pharma, biotech, and & medical dev ice compnies. $4,199.0 1.8x 16.5x

07/14/17 Becker's Healthcare Pamlico Capital Prov ider of business and legal information for hospital executiv es. * * *

07/14/17 Best Doctors, Inc. Teladoc, Inc. Prov ider of a telehealth platform. $440.0 $4.8 *

07/13/17 Global Healthcare Exchange LLC Temasek Holdings Prov ider of cloud-based technology and serv ices designed to track hospital supplies. $1,800.0 * *

07/12/17 Constellation (Health IT Business) MTS Healthcare LLC Prov ider of a broad range of healthcare technology information software and serv ices for physicians. * * *

07/11/17 MedApprov ed LLCTractManager, Arsenal Capital

ManagementProv ider of strategic sourcing and contract lifecycle management solutions. * * *

07/05/17 AllCall Connect LLC ResMed, Inc. Prov ider of a liv e-calling solution for CPAP patient resupply. * * *





Enterpise

Value

Implied

EV/Revenue

Implied

EV/EBITDA

10


PAGE |

HEALTHCARE IT






Enterpise

Value

Implied

EV/Revenue

Implied

EV/EBITDA

11

06/29/17 Kinnser Software, Inc.Mediware Information Systems, TPG

CapitalProv ider of home health, hospice, and home care software. * * *

06/23/17 Praxify Technologies, Inc. AthenaHealth Prov ider of care management workflow solutions. $63.0 * *

06/14/17 Quantum Health Great Hill Partners Prov ider of consumer nav igation serv ices and care coordination. * * *

06/06/17 WhiteCloud Analytics, Inc. Relias Learning Prov ider of healthcare performance management solutions. * * *

06/01/17 Medicalis Corp. Siemens Healthineers Prov ider of clinical decision support software. * * *

05/23/17 PartsSource, Inc. Great Hill Partners Prov ider of medical parts and supplies procurement solutions for medical prov iders. * * *

05/22/17 Hospice Management LLC Optima Healthcare, Alpine Inv estors Prov ider of cloud-software for post-acute care prov iders. * * *

05/04/17 PolicyStat LLC iContracts Prov ider of SaaS-based policy management software. * * *

05/03/17 Zirmed (Analytics Business) Koan Health LLC Prov ider of v alue-based care analytics. * * *

04/26/17 Clockwise.MD DocuTAP, Warburg Pincus Prov ider of online patient scheduling and wait-time transparency solutions. * * *

04/25/17 Source Medical Solutions, Inc.Surgical Information Systems, Norwest

Equity PartnersProv ider of ambulatory surgery center software and serv ices. * * *

04/24/17 OncoVerse LLC BTG Prov ider of patient collaboration solutions. * * *

04/18/17 ArroHealth CIOX Health, New Mountain Capital Prov ider of chart retriev al and risk adjustment serv ices for health plans and prov ider groups. * * *

04/18/17 Eliza Corp. HMS Holdings Corp. Prov ider of online automated healthcare communications serv ices. $170.0 2.8x 14.2x

04/14/17 Entrada, Inc. Quality Systems, Inc. Prov ider of clinical documentation and data interchange solutions. $34.0 2.9x *

04/05/17 Adv anced Practice Strategies, Inc. Relias Learning Prov ider of an e-learning and testing platform for healthcare prov iders. * * *

04/03/17 Essen BioScience, Inc. Sartorius AG Prov ider of integrated healthcare communication and management software. $320.0 5.3x *

04/03/17 Cov erMyMeds LLC McKesson Corp. Prov ider of software that automates patient prescription submission. $1,400.0 29.5x *

04/03/17 Jiff, Inc. Castlight Health, Inc. Prov ider of a cloud-based application platform to manage patients. $153.5 * *

03/31/17 Strenuus LLC Zelis Healthcare, Parthenon Capital Prov ider of network analytics and managed healthcare data for healthcare prov iders. * * *

03/31/17 Clearv iew Staffing Software, Inc. Healthcaresource HR, Inc. Prov ider of workforce management solutions to the healthcare industry. * * *

03/29/17 Ev eryMov e, Inc. higi, BlueCross BlueShield Ventures Prov ider of cloud-based consumer health engagement solutions. * * *


PAGE |

HEALTHCARE IT


PRIVATE PLACEMENT ACTIVITY(7)(8)


Closed Date Target Lead Investor(s) Business Description

Round /

Stage

Money

Raised

Raised to

Date

12

12/22/17 Artemis Health F-Prime Capital Partners Prov ider of benefits analytics solutions. B $22.7 $32.2

12/21/17 CredSimpleMeridian Street Capital, Healthy

Ventures, othersProv ider of a cloud-based credentialing platform. A $6.6 $9.3

12/12/17 Senscio Systems Undisclosed Prov ider of chronic illness self-health management solutions.Late-Stage

VC$5.8 $7.9

12/11/17 Phreesia Undisclosed Prov ider of a SaaS patient intake management platform. B $34.0 $118.7

12/06/17 HealthiPASS FCA Venture Partners Prov ider of healthcare payment solutions. A $7.2 $9.3

12/06/17 CedarMartin Ventures, Founders Fund, and

Thriv e CapitalProv ider of healthcare payment solutions. A $12.8 $12.8

12/01/17 Rev el Health TT Capital Partners Prov ider of a healthcare engagement platform.PE Growth /

Expansion$17.5 $17.5

11/29/17 UpWell Signal Peak Ventures Prov ider of an online wellness management platform. PE Growth /


11/15/17 Health IQ Andreessen Horowitz Prov ider of health knowledge measurement solutions. D $34.6 $79.8

11/14/17 SyapseAscension Ventures, GE Ventures and

HealthboxProv ider of precision cancer care software solutions. D $30.0 $69.5

11/14/17 Collectiv e Medical Kleiner Perkins Prov ider of care management solutions. A $47.5 $47.5

11/13/17 Ambra HealthCanaan Partners, CHL Medical Partners,

othersProv ider of a cloud-based medical imaging platform.

PE Growth /

Expansion$7.4 $54.5

11/08/17 Welkin Health Thriv e Capital Prov ider of a digital patient relationship platform. A $8.0 $10.0

11/03/17 PrognosMerck Global Health Innov ation and

Safeguard ScientificsProv ider of health monitoring solutions. C $20.5 $43.2

11/02/17 Ranger Health Holt Ventures Prov ider of a mobile platform that offers a database of top physicians and hospitals. A $10.0 $10.0

10/18/17 PipelineRx CareFusion, Swisslog Holding Prov ide of online telepharmacy solutions.PE Growth /


10/18/17 BaseHealth HBM Healthcare Inv estments Prov ider of predictiv e health management solutions. C $8.5 $17.5

10/13/17 Health Catalyst Norwest Venture Partners Prov ider of healthcare data warehousing, analytics, and outcomes improv ement solutions.Late-Stage

VC$25.0 $236.4

10/10/17 Weav e Communications Catalyst Inv estors Prov ider of patient communication solutions. B $19.8 $49.5

10/10/17 ESO Healthcare Connected Accel-KKR Prov ider of electronic health record and data exchange solutions.Late-Stage

VC$15.5 $41.4

09/26/17 Av aility Francisco Partners Prov ider of a healthcare engagement platform.PE Growth /

ExpansionNA NA

09/14/17 Call9 Redmile Group Prov ider of a telemedicine platform connecting on-site clinical care specialists to remote physicians. B $24.0 $34.1

09/12/17 Ieso Digital Health Draper Esprit, Touchstone Innov ation Prov ider of digital mental health deliv ery solutions.Late-Stage

VC$23.3 $31.9

PAGE |

HEALTHCARE IT





Round /

Stage

Money

Raised

Raised to

Date

13

09/07/17 Antidote Merck Global Health Innov ation Fund Prov ider of an online platform facilitating patient participation in clinical trials.Late-Stage

VC$11.0 $35.4

08/21/17 GNS Healthcare Amgen Ventures Prov ider of precision medicine and population health analytics. C $6.0 $33.1

08/16/17 MedAwareBecton, Dickinson & Co., Gefen Capital,

OurCrowdProv ider of electronic medical records and electronic prescribing solutions. A $8.0 $10.4

08/16/17 Artemis Health F-Prime Capital Partners Prov ider of benefits analytics solutions. B $16.0 $25.5

08/11/17 Buoy Health F-Prime Capital Partners Prov ider of a personalized health-check platform. A $6.7 $9.2

08/01/17 Babyscripts Ysios Capital Prov ider of a v irtual care platform for obstetrics. B $5.7 $7.6

07/31/17 DocASAP Cohen Priv ate Ventures Prov ider of medical and dental scheduling software.PE Growth /

Expansion$8.6 $10.2

07/19/17 ProtenusKaiser Permanente Ventures, F-Prime

Capital PartnersProv ider of patient data security solutions. A $7.0 $8.1

07/11/17 BinaryFountain HLM Venture Partners Prov ider of patient experience solutions. A $19.9 $25.6

06/28/17 Your.MD Ltd. Orkla Ventures Prov ider of a personalized health assistance application. Early Stage $10.0 $17.3

06/27/17 Glooko Georgian Partners Prov ider of a diabetes patient-monitoring platform. C $35.0 $71.0

06/20/17 CirrusMD, Inc. Colorado Impact Fund Prov ider of telemedicine solutions. A $7.0 $10.0

06/19/17 FraudScope, Inc. Spider Capital, GRA Venture Fund Prov ider of a SaaS platform aimed at reducing healthcare billing fraud. Seed $1.5 $1.5

06/19/17 Chartspan Cypress Growth Capital Prov ider of patient compliance management and care coordination solutions. C $16.0 $21.2

06/14/17 Omada Health Cigna Prov ider of a digital diabetes therapeutics program. C $50.0 $127.5

06/12/17 Alto PharmacyGreenoaks Capital, Jackstone Square

VenturesProv ider of a digital pharmacy platform designed to simplify medication access. B $23.0 $28.9

06/07/17 Digital Pharmacist, Inc. Activ ate Venture Partners Prov ider of an online platform that enables communication between patients and pharmacies. B $6.5 $13.5

06/06/17 Outcome HealthGoldman Sachs Inv estment Partners,

CapitalG, Balyasny Asset ManagementProv ider of a health intelligence platform. B $600.0 $610.0

06/01/17 Bright Health Greenspring Associates Prov ider of a health insurance serv ice platform. B $160.0 $241.7

05/31/17 Carrum Health, Inc. Wildcat Venture partners Prov ider of a bundled payment platform for employers. Seed $6.5 $54.4

05/28/17 ClearDATA Networks, Inc. Heritage Group, HLM Venture Partners Prov ider of cloud computing, platform, and information sercurity serv ices. C $25.0 $79.3

05/25/17 DocPlanner Enern Inv estments Prov ider of online platform for physician booking. D $15.0 $51.8

05/24/17 Medrio Questa Capital Prov ider of eClinical and electronic data capture solutions. C $30.0 $33.6

PAGE |

HEALTHCARE IT





Round /

Stage

Money

Raised

Raised to

Date

14

05/22/17 Lemonaid Health Nov artis Venture Fund, Hikma Ventures Prov ider of tele-health serv ices. A $12.0 $17.6

05/19/17 Upfront Healthcare Serv ices, Inc. Nashv ille Capital Network Prov ider of physician scheduling software. A $5.6 $5.6

05/10/17 Modernizing Medicine Warburg Pincus Prov ider of a mobile, cloud-based electronic health record system.PE Growth /


05/10/17 Clov er Health Google Ventures Prov ider of a health insurance platform. D $130.0 $425.0

05/10/17 Comprehend Systems Eminence Capital Prov ider of cloud-based clinical intelligence solutions. C $21.0 $47.4

05/09/17 Updox TT Capital Partners Prov ider of a healthcare CRM connectiv ity platform. B $12.7 $17.0

04/06/17 OM1 General Catalyst Partners Prov ider of outcomes measurement and predictiv e analytics solutions. A $15.0 $20.3

04/06/17 drchrono Runa Capital Prov ider of an EHR platform for patient health insurance v erification and medical billing. A $14.0 $19.2

04/04/17 Amino Highland Capital Management Prov ider of healthcare transparency solutions. C $25.0 $44.4

03/29/17 higi BlueCross BlueShield Venture Partners Prov ider of health tracking solutions. B NA $40.0

03/29/17 SHYFT Analytics Optum Ventures Prov ider of data, analytic and mobile solutions for the life sciences industry. B $7.5 $39.0

03/20/17 Aetion Flare Capital, Lakestar Prov ider of medical ev idence software. A $11.2 $11.2

03/16/17 Liv ongo General Catalyst Partners, Kinnev ik Prov ider of a web and mobile based chronic disease management platform. D $52.5 $132.0

03/14/17 MindCare Solutions Epiphany Health Ventures Prov ider of remote healthcare and behav ioral health serv ices for mentally challenged patients. A $23.0 $23.0

03/08/17 Alignment Healthcare LLC Warburg Pincus Prov ider of clinical care coordination and risk management solutions.PE Growth /


03/01/17 Medisafe Octopus Ventures Prov ider of a personalized medication management platform. B $14.5 $21.5

02/17/17 Kyruus Mercy Health Foundation Prov ider of an information exchange platform matching patients with the best suited doctors. C $10.0 $59.8

02/14/17 Sense.ly Mayo Clinic, Chengwei Capital Prov ider of a patient engagement platform. B $8.0 $11.5

02/03/17 Comprehend Systems Eminence Capital Prov ider of a cloud-based suite supporting clinical assessment and CRO ov ersight and collaboration. C $14.8 $45.6

02/01/17 PointClickCare Corp. Dragoneer Inv estment Group, JMI Equity Prov ider of SaaS EHR software for long-term post-acute care prov iders.PE Growth /


02/01/17 HealthRev eal GE Ventures Prov ider of a cloud-based, chronic disease analytics platform. A $10.8 $10.8

01/25/17 Kensci Ignition Venture Partners Prov ider of population health risk management solutions. A $8.5 $8.5

01/24/17 Redox RRE Ventures Prov ider of a platform helping EHRs and health systems to manage cloud connections. B $9.0 $9.0

PAGE |

HEALTHCARE IT


15

SUMMARY OF TECHNOLOGY IPOS

Technology IPOs rebounded in 4Q 2017after the underperformance of Snap andBlue Apron in 3Q 2017, which caused manypotential IPO candidates to re-evaluatetiming.

As the stock market completes one of itsbest years in history, driven largely byoutperforming technology stocks, bothtechnology startups and unicorns areincreasingly viewing the public markets as apotentially interesting source of liquidity.

Notable technology companies such asSpotify and Dropbox, both who havealready filed for an IPO, will test the IPOmarkets in 2018.

35%

50%

15%

< 25% 25 - 75% > 75%

30%

30%

40%

$0-50M $50-500M $500M-$1B $1B+

10%

10%

65%

15%

$0 - 50M $50 - 100M $100 - 250M $250M +

(All tech IPOs over the last 12 months) (All tech IPOs over the last 12 months) (All tech IPOs over the last 12 months)

11

18

7

11

5

15

3

8

0

2

9

4

5

6

1

8

1Q-14 2Q-14 3Q-14 4Q-14 1Q-15 2Q-15 3Q-15 4Q-15 1Q-16 2Q-16 3Q-16 4Q-16 1Q-17 2Q-17 3Q-17 4Q-17

$0 - 50M $50 - 100M $100 - 250M $250M +

2014 Total: 47 2016 Total: 152015 Total: 31 2017 Total: 20

MARKET CAP AT IPO (LTM) (7) REVENUE GROWTH (1YR PRIOR TO IPO) (7)OFFERING SIZE AT IPO (LTM) (7)

RECENT U.S. IPO ACTIVITY (BY OFFERING SIZE) (7)

PAGE |

HEALTHCARE IT


16

22.2%

4.2%

8.2%

10.7%

10.8%

15.5%

28.4%

Other

Buildings Materials

Manufacturing

Retail

Services & Leasing

Technology

Healthcare

54% 50%

57% 55% 54%

60% 58%

56%

50% 53%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

4.0x

3.4x

3.8x 3.8x

4.3x

4.7x 4.7x

5.6x

4.5x

3.3x

4.2x 4.3x4.5x

4.8x

5.3x 5.3x 5.3x5.5x

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

FLD/EBITDA SLD/EBITDA Other Sr Debt/EBITDA Sub Debt/EBITDA

DEBT MARKET OVERVIEW

2017 New Issue LBO Loans Percentage of Total Purchase Price

Median middlemarket LBO loanmultiples in 2017increased slightly to5.5x leverage.

Middle market LBOloan volumedecreased to $1.1billion in 4Q 2017,bringing total volumein 2017 to $6.8 billion.

Technologycompanies were the second largest recipients of middle market LBO loans in 2017, representing 15.5% of new issuance.

Median LBO debtpercentagesincreased slightly to53% of total purchaseprice in 2017.

Defined as Issuers with EBITDA of $50 Million or LessDefined as Issuers with EBITDA of $50 Million or Less

$1.5B

$1.8B

$1.2B

$1.9B$2.0B

$0.4B

$0.9B

$1.2B

$0.7B

$0.9B$1.1B

$1.8B

$2.9B

$1.1B

3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17

Institutional Pro Rata

LBO LOAN VOLUME BY INDUSTRY(9,10) MEDIAN LBO DEBT PERCENTAGES(7)

MIDDLE MARKET LBO LOAN MULTIPLES(9,10) MIDDLE MARKET LBO VOLUME BY QUARTER(9,10)

PAGE |

HEALTHCARE IT


HW&CO.’S TECHNOLOGY, MEDIA, & TELECOM GROUP

17

acquired by

and

acquired by

acquired by

acquired by acquired byacquired byacquired byacquired by majority

recapitalization by

recapitalized by acquired byacquired by

acquired by

and

acquired by acquired byacquired byacquired byacquired by

merged with acquired bystrategic investment

fromacquired by merged with

significant equity

investment fromacquired by acquired by acquired by acquired byacquired by

growth equity

investment fromacquired by


recapitalized

by management

acquired by acquired by acquired by acquired byacquired bymajority investment

from

acquired a majority

stake inacquired byacquired by investment from recapitalized by

minority investment

fromacquired byacquired by

acquired bystrategic investment

fromacquired by acquired by acquired by acquired byacquired by acquired by

acquired by

and

acquired byacquired byminority investment

fromacquired by

significant equity

investment fromacquired by acquired byacquired acquired by acquired by acquired by acquired byacquired by acquired byacquired byacquired by acquired by

GFI Energy Group

a division of

significant equity

investment from

minority investment

from

acquired by

acquired acquired by acquired by acquired by acquired by recapitalized byacquired by acquired by

B2C

acquired byacquired byacquired byrecapitalized bymajority investment

fromacquired by

majority investment

from

acquired bygrowth Investment

from

majority investment

fromacquiredacquired by acquired byacquired byinvestment fromacquired by

Undisclosed

Strategic Buyer

acquired byacquiredacquired by

a wholly-owned affiliate of

The Identity and Access Management Business of

acquired by

acquired by

Company A

strategic investment

from

http://www.aderant.com/

http://epiqsystems.com/

http://www.meddatahealth.com/our_business/index.html

http://www.cltsloyalty.com/

http://www.rewardsnetwork.com/

http://www.oaktreecapital.com/default.aspx

http://www.leisurepassgroup.com/

Harris Williams & Co. has a broad range of industry expertise, which create powerful opportunities. Our clients benefit form our deep-sector experience, integrated industry intelligence and collaboration across the firm, and our commitment to learning what makes them unique. For more information, visit our website at www.harriswilliams.com/industries.

HARRIS WILLIAMS & CO. OFFICE LOCATIONS

UNITED STATES EUROPE

NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai

Healthcare & Life Sciences

IndustrialsEnergy, Power & Infrastructure

IndustrialsAerospace, Defense & Government

Services

Building Products & Materials

Business Services

Consumer Specialty Distribution

Technology, Media & Telecom

Transportation & Logistics

BostonOne International PlaceSuite 2620Boston, Massachusetts 02110Phone: +1 (617) 482-7501

Cleveland1900 East 9th Street20th FloorCleveland, Ohio 44114Phone: +1 (216) 689-2400

Minneapolis222 South 9th StreetSuite 3350Minneapolis, Minnesota 55402Phone: +1 (612) 359-2700

Richmond (Headquarters)1001 Haxall Point9th FloorRichmond, Virginia 23219Phone: +1 (804) 648-0072

San Francisco575 Market Street31st FloorSan Francisco, California 94105Phone: +1 (415) 288-4260

Washington, D.C. 800 17th St. NW2nd FloorWashington, D.C. 20006Phone: +1 (202) 207-2300

FrankfurtBockenheimer Landstrasse 33-3560325 FrankfurtGermanyPhone: +49 069 3650638 00

London63 Brook StreetLondon W1K 4HS, EnglandPhone: +44 (0) 20 7518 8900

HEALTHCARE IT


PAGE | 18

Healthcare & Life Sciences

Technology, Media & Telecom

OUR FIRM

PAGE |

HEALTHCARE IT


19

Harris Williams & Co. (www.harriswilliams.com) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US AT THE ABOVE ADDRESSES OR NUMBERS.

The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable, but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.

Copyright© 2018 Harris Williams & Co., all rights reserved.

HARRIS WILLIAMS & CO.

1. Centers for Medicare & Medicaid Services

2. Office of the Actuary

3. U.S. Census Bureau

4. America's Health Insurance Plans

5. Accenture

6. HIMMS Analytics

7. FactSet

8. PitchBook

9. PNC Capital Markets

10. S&P LCD stats

SOURCES

DISCLOSURES

http://www.harriswilliams.com/

Documents

INDUSTRY UPDATE │ Q4 2017 - Harris Williams · Becker’sHospital Review With the revenue cycle continually evolving, ... solutions, patient financial experience and affordability,