With the acquisition of the Intelligent Document Processing (IDP) provider, the healthcare automation solutions provider aims to further simplify the flow of data in hospitals and healthcare systems across the US to improve both the patient and provider experience.
Extract Systems, an Intelligent Document Processing (IDP) provider, announced on September 17, 2024, that it has been acquired by healthcare automation solutions provider Vyne Medical. Financial terms of the deal were not disclosed.
Vyne Medical will integrate Extract Systems’ AI and ML capabilities into its healthcare workflow platform, Trace, to empower organizations with the data they need to make informed decisions and help healthcare professionals streamline data transfers.
David Rasmussen, CEO and President of Extract Systems, commented: “For over 25 years, Extract Systems has been dedicated to mastering the art and science of data extraction, delivering a machine learning technology that continuously improves results for virtually all data and document types. We’re thrilled to join forces with Vyne Medical as we march toward our collective goal of helping make structured and unstructured data extraction and redaction swift, effortless, and virtually error-free.”
Caleb Manscill, President of Vyne Medical, explained: “The healthcare industry has dealt with outsized hardships comparative to other industries the past few years, making healthcare automation no longer a luxury, but a necessity in the market. Our acquisition of Extract Systems represents a significant stride in Vyne Medical’s leadership in healthcare automation. This move reinforces our commitment to streamlining healthcare’s complex administrative tasks and aligns with our ongoing mission to drive innovation in healthcare while expediting solutions to solve our customers’ greatest challenges.”
Based in Madison, Wisconsin, Extract Systems is an Intelligent Document Processing (IDP) provider with a focus on enhancing efficiency and accuracy in healthcare data management. Extract Systems empowers organizations to unlock insights from diverse data sources, including medical records, invoices, and other documentation.
You can find the full press release here.
📨Get IDP industry news, distilled into 5 minutes or less, once a week. Delivered straight to your inbox ↓
