Boston-based par8o, which provides 340B services including a platform to help 340B covered entities manage their patient referral claims, has been acquired by Cloudmed.
Cloudmed is a revenue intelligence company based in Atlanta. The company partners with over 3,100 healthcare providers in the United States and recovers over $1.5 billion of underpaid or unidentified revenue for its clients annually, according to the company. par8o is a 340B Report sponsor.
The par8o platform will be merged into Cloudmed’s existing product line, which includes the CloudmedAI platform. The roughly 25 par8o employees have all been offered jobs with Cloudmed, including company founder and CEO Daniel Palestrant, M.D.
Founded in 2011, par8o performs 340B compliance reviews for about 11 million patients nationwide.
Par8o also runs a research network aimed at increasing both access to and diversity in clinical trials. The network connects community health centers with clinical research opportunities.
“We think par80 fits in perfectly with our mission, which is to help healthcare systems gets paid for the care they provide,” said Cloudmed Chief Product Officer Steve Albert. He added that while Cloudmed has a “small 340B solution” on its platform, the par80 platform is more comprehensive, covering revenue-specific issues such as covered entities making referrals to outside providers.
“We bring optimization of the 340B program and bulletproof compliance,” said par8o Chief Operating Officer Melissa Opraseuth.
“Cloudmed can now immediately find value for healthcare providers searching for savings in their 340B program by looking at all prescriptions, including referrals among community-based providers,” Albert said.
