Cleveland Clinic is expanding its role in the healthcare industry, announcing today that it is joining with HealthPartner, the world’s leading provider of healthcare IT solutions.
Cleveland Clinic announced the announcement today during its third-quarter earnings call, which was live-streamed on CNBC’s webcast.
The announcement comes after the company said that it was looking to increase its IT footprint in 2018, and that it would invest $100 million in its Cleveland Clinic HealthParties Clinic network.
Called Cleveland Clinic Care Network, Cleveland Clinic has more than 20 hospitals and clinics in the US, and has become a key player in the health insurance industry by partnering with healthcare IT companies to offer the highest-quality healthcare solutions to help hospitals manage costs and reduce wait times for patients.
In addition to expanding its healthcare IT footprint, Cleveland Clinics plans to acquire more than $10 billion worth of healthcare equipment, including an advanced diagnostic lab, and expand its IT capabilities in collaboration with the healthcare IT company.
In a statement, Cleveland said it will acquire a majority stake in HealthPartnes and will create a single-point of contact to help provide healthcare IT services to its healthcare businesses.
Clevelands healthcare IT network is used by healthcare IT firms to provide high-quality care, including health care IT solutions for patients and healthcare IT for patients, Cleveland CEO Mark McNeely said.
HealthPartners is the world leader in healthcare IT, offering healthcare IT to hospitals, healthcare providers, and healthcare organizations, with a combined market value of $2.2 trillion.
The company is headquartered in New York, with offices in Cleveland, Washington, D.C., and Austin, Texas.
Clevelanders healthcare IT offerings are used by approximately 3,400 healthcare IT businesses, according to Cleveland Clinic.
The acquisition will help Cleveland Clinic expand its healthcare network and deliver more comprehensive and effective healthcare solutions, Cleveland Health CEO John C. Smith said in a statement.
This acquisition aligns with Cleveland Clinic’s long-term strategic plan, which is to be a world leader, CME Group Chief Executive Tim Jost said in the statement.