Outcome Health Acquisition, Valuation, Funding & Investors

Outcome Health was acquired by PatientPoint in March 2021.

Outcome Health acquisition price

Undisclosed

Acquired by PatientPoint · Mar 2021

Outcome Health revenue

$180M

Undisclosed stage · May 2017

Cumulative funding Outcome Health raised

$500M

across 1 funding round

Key investors in Outcome Health

  • Goldman Sachs
  • CapitalG
  • Pritzker Group Venture Capital
  • Prudence
  • 50 South Capital

Outcome Health Overview

About Outcome Health

Outcome Health is a Chicago-based health technology company deploying digital platforms in outpatient facilities, including waiting room TVs, exam room tablets, mobile connectivity, and wallboards. The firm partners with life sciences and medical device companies, having acquired AccentHealth to expand its network impacting millions of patient visits.


Founded

2006

HQ

United StatesChicago, IL

Status

Acquired

Customer focus

B2B

Revenue model

Advertising, Subscription

Revenue

$180M (May 2017)

Valuation

$5.5B (May 2017)

Outcome Health Acquisition

Outcome Health was acquired by PatientPoint for an undisclosed price on 9 March 2021.

Before the acquisition Outcome Health had raised $500M across 1 funding round.

PatientPoint combined with Outcome Health in March 2021 to form PatientPoint Health Technologies, a platform offering tech-enabled patient engagement solutions via screens in doctors' offices and point-of-care settings to improve doctor-patient interactions. The deal merged two former competitors, both backed by private equity firms L Catterton (PatientPoint) and Littlejohn & Co. (Outcome Health), creating the largest U.S. advertising network in physician offices reaching nearly 150,000 providers and 750 million patient visits annually. Terms were not disclosed, though Bloomberg reported a combined valuation of roughly $600 million during merger talks the prior fall. The strategic rationale focused on leveraging combined talent, technology, and scale for organic growth and M&A to expand provider base and solutions, delivering better patient outcomes, free/low-cost tools for providers, and high ROI for pharma sponsors funding the programs. Outcome Health, a Chicago startup once valued at $5.5 billion in 2017, had faced fraud allegations leading to a $70 million settlement in 2019 for falsified ad inventory sales from 2012-2017. The combined entity projected nearly $200 million revenue and $60 million EBITDA that year, with PatientPoint's executive team leading under CEO Mike Collette.

Outcome Health acquisition details
AcquirerDateType
  • PatientPoint
9 Mar 2021Strategic M&A

Outcome Health Valuation

Outcome Health is currently valued at $5.5B, based on its undisclosed-stage round in May 2017.

The $500M round was led by Goldman Sachs, with participation from Pritzker Group Venture Capital, Prudence, CapitalG and 50 South Capital.

Outcome Health valuation by funding round

Outcome Health valuation by funding round
DateStageValuationRevenue Multiple
May 2017Undisclosed stage$5.5B30.6x

Outcome Health Revenue

Outcome Health's latest recorded revenue is $180M, as of its undisclosed-stage round in May 2017. At a $5.5B valuation, that implies a 30.6x revenue multiple.

Outcome Health revenue by funding round

Outcome Health revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
May 2017$180M$5.5B30.6xUndisclosed stage

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Outcome Health Funding History

Outcome Health has raised a total of $500M across 1 funding round.

Outcome Health funding rounds

Outcome Health funding rounds
DateStageInvestorsRaisedValuationDeal Summary
May 2017Undisclosed stageGoldman Sachs (lead); Pritzker Group Venture Capital; Prudence; CapitalG; 50 South Capital$500M$5.5BOutcome Health is a Chicago-based healthcare intelligence company founded in 2006 by Rishi Shah and Shradha Agarwal that develops digital platforms including tablets and wall-mounted screens deployed in doctors' offices and waiting rooms to deliver patient education content and clinical information. The company rebranded from ContextMedia in January 2017 and that same year acquired competitor AccentHealth, expanding its service network and employee base to over 600 staff. By May 2017, Outcome Health had achieved significant market penetration, operating in over 40,000 healthcare practices and partnering with approximately 231,000 healthcare providers representing about 20% of all US physician practices, with an estimated annual impact of 500 million patient visits. In its first external financing round closing May 31, 2017, Outcome Health raised approximately $500-600 million from a consortium of over 50 investors including Goldman Sachs Investment Partners, CapitalG (Alphabet's growth equity fund), Leerink Transformation Partners, Pritzker Group Venture Capital, and Balyasny Asset Management, valuing the company at $5 billion pre-money or $5.5 billion on a post-money basis. The combined 2016 revenues of Outcome Health and AccentHealth exceeded $180 million, demonstrating significant traction from its ad-supported business model targeting pharmaceutical companies and healthcare providers. Proceeds from the round were designated to expand Outcome's network to reach 70% of US physician practices by 2020, enhance the searchability and personalization of its health intelligence platform, and support entry into adjacent opportunities including clinical trial recruitment, pharmacies, and international markets.

Who has invested in Outcome Health?

5 investors have backed Outcome Health across its funding rounds, including Goldman Sachs, CapitalG, Pritzker Group Venture Capital, Prudence and 50 South Capital.

Lead investors include Goldman Sachs.


Outcome Health Investors

Investors in Outcome Health by funding rounds participated
InvestorHQRoundsRoleFirst check
Pritzker Group Venture CapitalUnited StatesChicago, IL1ParticipantMay 2017
PrudenceUnited StatesNew York City, NY1ParticipantMay 2017
Goldman SachsUnited StatesNew York City, NY1LeadMay 2017

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Outcome Health

Outcome Health has acquired 1 company to date.

Last acquisition by Outcome Health was on November 16th 2016. Outcome Health acquired AccentHealth for undisclosed valuation.


Latest Acquisitions by Outcome Health

AccentHealth
Description
AccentHealth is a patient education platform reaching 30,000 physician offices across the United States. The company operates a waiting room TV network viewed by 200 million patients annually and exam room digital content with condition-specific brochures. Its programs educate on health topics for 90,000 practitioners in primary care and specialty practices.
HQ CountryUnited States
HQ City
New York City, NY
Deal Date16 Nov 2016
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Outcome Health Competitors

Outcome Health competitors include listed companies like Sphere and Guiyang Longmaster, and private ones like Cityblock Health, Doctolib, Hippocratic AI and Grow Therapy.

Public and private companies comparable to Outcome Health
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Cityblock HealthUnited StatesNew York City, NYPrivate--$5.7B-
DoctolibFranceParisPrivate$400M-$6.4B16.0x
Hippocratic AIUnited StatesSan Francisco, CAPrivate--$3.5B-
Grow TherapyUnited StatesNew York City, NYPrivate$1B-$3B-
SphereSouth KoreaSouth KoreaPublicly listed$70M$6M$813M6.9x
Guiyang LongmasterChinaChinaPublicly listed$44M$5M$482M-

Outcome Health Public Comps

Outcome Health is no longer listed, but its public comps include Waystar, Doximity, Hims, CCC Intelligent Solutions, M3 Inc., Privia Health, Tieto, Schrödinger, Compass Pathways and Qingdao Baheal Medical.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Waystar$1.1B$390M5.8x5.2x16.3x12.3x
Doximity$645M$229M6.3x6.2x17.7x11.9x
Hims$2.3B$178M3.1x2.4x40.4x23.9x
CCC Intelligent Solutions$1.1B$238M4.8x4.5x21.5x10.8x
M3 Inc.$2.3B$473M3.1x3.0x14.8x11.6x
Privia Health$2.1B$44M1.0x0.9x50.2x15.3x
Tieto$2.1B$186M1.3x1.4x15.2x7.9x
Schrödinger$256M($96M)7.6x7.9x(20.3x)(14.0x)

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Common questions about Outcome Health

When was Outcome Health founded?Outcome Health was founded in 2006.
Where is Outcome Health headquartered?Outcome Health is headquartered in Chicago, IL, United States.
Is Outcome Health publicly listed?No, Outcome Health was acquired by PatientPoint in March 2021.
Who acquired Outcome Health?Outcome Health was acquired by PatientPoint in March 2021.
What is Outcome Health's valuation?Outcome Health was last valued at $5.5B in its undisclosed-stage round in May 2017.
How much funding has Outcome Health raised?Outcome Health has raised $500M across 1 funding round.
What was Outcome Health's last funding round?Outcome Health's last funding round was a $500M undisclosed-stage round in May 2017, led by Goldman Sachs.
Who are Outcome Health's investors?Outcome Health's investors include Pritzker Group Venture Capital, Prudence, Goldman Sachs, CapitalG and 50 South Capital.
What is Outcome Health's revenue?Outcome Health's latest recorded revenue is $180M (May 2017).
What is Outcome Health's revenue multiple?Outcome Health's latest valuation implies a 30.6x revenue multiple ($5.5B valuation on $180M of revenue).
Which companies are comparable to Outcome Health?Companies comparable to Outcome Health include Cityblock Health, Doctolib, Hippocratic AI, Grow Therapy, Sphere and Guiyang Longmaster.
How many companies has Outcome Health acquired?Outcome Health has acquired 1 company, including AccentHealth.

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