Rhapsody and ‘Interoperability’ solutions in healthcare
‘Interoperability’ is a key growth theme in healthcare IT, and one that Hg has been researching for many years.
A wave of recent funding into healthcare software has led to technological advancements within specific healthcare ‘silos’. This means meaningful data and information is now being generated.
However, this valuable data sits within siloed data sets and systems – such as hospitals, hospital groups, care providers, regional information exchanges, insurance providers and/or medical device users.
Interoperability software allows these systems to “speak to each other” – which in turn gives care providers and policymakers crucial insights, leading to more effective and, importantly, cost-efficient healthcare.
Rhapsody is an industry-leading interoperability and data liquidity platform. It enhances healthcare ecosystems by unlocking the potential of data, through seamless connectivity, on-premises and in the cloud.
With more than 460 customers globally, including over 300 in the US, Rhapsody sets the standard for healthcare interoperability and data liquidity. Purpose-built for healthcare, Rhapsody has been one of the most recognised and trusted interoperability platforms for healthcare organisations for almost 20 years.
Interoperability’ across the healthcare continuum
Source: National Academy of Medicine “Procuring Interoperability”
Building ‘Rhapsody 2.0’
Hg’s healthcare experts uncover a hidden gem
Rhapsody sits within two of Hg’s core investment themes in healthcare tech; the need for technology to support healthcare operations; and increasing global demand for integrated care and interoperability.
Hg identified Rhapsody as a leading solution, aligned with both of these themes. Rhapsody’s products were already popular with healthcare organisations, but Hg recognised that significant opportunity lay ahead in existing segments, as well as new segments and geographies, which could be tapped through further investment.
Rhapsody was part of a larger group, Orion Health – a global healthcare platform based in New Zealand. Hg recognised that Rhapsody wasn’t being managed to its full potential, as it didn’t have the focus, resources and attention of a standalone company.
In 2018, following a highly complex carve-out, offering an attractive management solution for Orion Health, Hg became the majority investor in Rhapsody, building out a seperate company, with replenished resources, and relocating to Boston, USA.
Defining the culture, management team and growth plan
After a complex separation, Rhapsody needed to be rebuilt as a viable stand-alone business. Hg Operating Partner, Philippe Houssiau (previously CEO of Agfa Healthcare) acted as CEO for this transitionary period.
In a few months, Philippe put together a business plan to define the business, its priorities, its goals, its culture & a heavyweight management team to follow it through. Erkan Akyuz was appointed as permanent CEO. Both Erkan and Philippe then put together a full C-suite, including new key roles such as Chief People Officer and EVP sales. Whilst they continue to enhance the team, Hg has helped to rebuild Rhapsody’s fundamental business infrastructure.
Hg’s Operational impact
Hg needed its full suite of operational experts to rapidly rebuild systems & processes at Rhapsody.
Hg’s systems experts are helping to implement a complete systems replatform from scratch, including the integration of a brand new IT system.
Hg is building out a full value strategy for Rhapsody’s products, working first on the core ‘mothership’ competencies, then working out more complex solutions for customers.
Hg is advising & helping to recruit further talent to enhance financial reporting to ensure full ‘snowball’ metrics are used to accurately assess the strength of the business.
Following the carve-out & work from Hg’s team, customer feedback has been overwhelmingly positive, resulting with some key new customer wins in the first 6 months of trading.
As well as building operations to enhance organic growth, Hg is sourcing transformational M&A projects to build Rhapsody’s global footprint.