July 11, 2019
Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the financial advisor to Providence St. Joseph Health, one of the nation’s largest health systems, in its acquisition of Bluetree, an Epic consulting and strategy company that helps health care providers maximize their use of technology.
Providence St. Joseph Health is a national, not-for-profit Catholic health system comprising a diverse family of organizations and driven by a belief that health is a human right. With 51 hospitals, 829 physician clinics, senior services, supportive housing, and many other health and educational services, the health system and its partners employ more than 119,000 caregivers serving communities across seven states- Alaska, California, Montana, New Mexico, Oregon, Texas, and Washington- with system offices based in Renton, Wash., and Irvine, Calif.
As one of the largest Epic customers in the world, Providence St. Joseph Health has extensive experience maximizing Epic, both within its own system and for other independent hospitals and medical groups. By acquiring Bluetree, Providence St. Joseph Health will expand its current offerings to increase the value it delivers to other health systems across the country. The acquisition is part of a strategy to diversify revenue to support patient care and the mission of Providence St. Joseph Health.
With the addition of Bluetree, Providence St. Joseph Health now has two of the top EHR solutions companies in the country. It also owns Engage, which has grown to become one of the largest MEDITECH solution companies in the United States.
Bluetree will operate as a separate subsidiary of Providence St. Joseph Health. Providence St. Joseph Health will continue to provide existing Epic implementation and management services to its family of organizations and Community Connect partners as it does today.
“We are impressed with Providence St. Joseph Health’s forward-thinking strategies, including increasing capabilities in the EMR and RCM spaces. Bluetree is an ideal strategic partner to leverage additional technology and services assets,” noted Kevin Cable, Cascadia Capital Managing Director. “Cascadia was honored to work with such a pillar in the Pacific Northwest community.”
The acquisition represents another successful transaction for Cascadia in the Healthcare & Digital Health sector. Past transactions in the Healthcare IT space include the equity and debt financings of ADURO, Concord Technologiesand Vera Whole Health.