Alliance Family of Companies has acquired TELEMEDX Corporation of The Woodlands, Texas. The acquisition will allow Alliance to support community hospitals, provide services to rural populations who may not have access to affordable healthcare, and offer a broader portfolio of outpatient diagnostics, with in-home sleep and ambulatory EEG. Terms of the transaction were not disclosed.
“TELEMEDX has done an incredible job securing hospital relationships and neurodiagnostic contracts across North America,” says Justin Magnuson, Alliance CEO, in a release. “We see an incredible opportunity to broaden the scope of services available to these hospitals and are confident Alliance will make proper care more accessible in these markets.”
TELEMEDX has been family-owned and operated since 1976. According to the company, it operates the largest digital receiving center for electroencephalography (EEG) data and other forms of neurological testing in the world. TELEMEDX also provides EEG, NCV, ambulatory EEG, and long-term monitoring services to more than 300 hospitals, medical centers, clinics, and physicians’ offices in 34 states. In addition to the services already offered by TELEMEDX, Alliance will provide ancillary services to TELEMEDX clients including video-monitored ambulatory EEG, long-term ICU-EMU monitoring, mobile cardiac telemetry, and outpatient home sleep testing (HST).
“The telemedicine industry has been consolidating as technology-based companies move healthcare data to the cloud. This consolidation has been propelled by higher regulatory costs, medical licensure costs, medical equipment surcharge tax, and changes in dramatic cost increases to health insurance plans,” says Ray Mitchell, co-founder of TELEMEDX. With the acquisition, Mitchell and his wife Peggy, also a co-founder, will officially retire. “We’re thrilled that what began as a startup 39 years ago will continue as part of the Alliance Family of Companies, and that the Mitchell family will be represented in the company by Matthew and Meredith, as well as Ray who will act as a consultant.”