Dallas-based medtech company Phynd Technologies was acquired by symplr, a leading global healthcare governance, risk management, and compliance software-as-a-service company.
The acquisition was backed by Clearlake Capital Group and SkyKnight Capital, and the transaction cost was not disclosed. Phynd had raised approximately $11.4 million in five rounds of funding, according to Crunchbase.
Phynd, founded in 2013 by CEO Thomas White, adds value to symplr through its data management SaaS platform for healthcare providers. Phynd provides a central hub for all data necessary to run health systems and helps healthcare providers manage their people, places, services, and telehealth.
“Phynd is a powerful but simple approach to help organizations manage these assets to make the health system run better and improve the consumer experience,” White said.
White compares Phynd’s analog system to Amazon with its consumer-friendly search and ordering process. Phynd organizes healthcare’s raw assets—people, places, services—and its scheduling inventory to deliver an easy tool for consumers to purchase healthcare, he explains.
“Healthcare is in the midst of a massive digital transformation that requires redesign of all key marketing, clinical, and financial processes to be more patient-friendly and operationally efficient,” White said.
With Phynd Provider Search and Phynd Scheduler Adviser, patients can schedule directly in an electronic health record (EHR). Phynd’s newly launched workflow is embedded in EHR registration and scheduling software, which allows users to search for providers and enroll referring providers missing in the EHR.
“Missing providers has been an unsolved challenge for Admit-Discharge-Transfer (ADT) systems for over 30 years,” White said. “We’re the first to crack the code. We solve the issue in real-time, eliminating revenue cycle and provider communications breakdowns.”
In 2020, New York-Presbyterian, Cedars Sinai, USC Keck, and Ballad Health joined the more than 30 health systems that already utilize Phynd.
Houston-based symplr, founded in 2006, has a growth strategy focused on acquisitions and product innovation. Phynd aligns with Symplr’s provider data management offerings, and marks symplr’s eleventh acquisition in the past six years.
“Delivering new and significant ongoing value to our customers is integral to symplr’s mission,” said BJ Schaknowski, chief executive officer of Symplr. “Bringing Phynd into the symplr family helps us further deliver on that promise.”
As of 2020, Phynd has 56 employees that were acquired by symplr in the buyout, according to Pitchbook. White said in response to the COVID-19 pandemic “Phynders” have been give the option to work at home to ensure safety.
“The company has responded incredibly positively during these challenging times,” White said. “They have as a team risen to the challenge without losing productivity or focus. I’ve been impressed.”
Phynd was one of five finalists for Startup Innovator of the Year in Dallas Innovates and D CEO’s The Innovations Awards.
With a strong fourth quarter, the startup had momentum heading into 2021, White said. “We’ve established Phynd as the leading integrated provider data management and search platform,” White told Dallas Innovates in December. “We’re looking forward to the future—helping health systems usher in a new area of digital medicine.”
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