Maxed out in financial software, Intuit jumps into healthcare with $91m buy of Medfusion
Last week, we took a look at Mint's new app for Android, which lets users track their finances and budget on their mobile device in a safe, read-only app. Mint.com was acquired by Intuit Software in late 2009, meshing the free, Web-based personal finance service with Intuit's portfolio of financial, accounting, and budgeting services.
Today, Intuit announced it is expanding further into online healthcare services with its acquisition of North Carolina company Medfusion for an estimated $91 million in cash.
Intuit first debuted the Quicken Medical Expense Tracker in 2005; and in mid-2007, the company officially launched Quicken Health, an online tool for CIGNA Healthcare members. Before ending his eight year stint as CEO of Intuit in late 2007, Steve Bennet told the New York Times that the company was looking to branch out from its Small Business and Consumer Tax businesses into two new areas, one of which was likely healthcare.
This is Intuit's first major healthcare acquisition.
Medfusion offers systems that let healthcare institutions communicate directly and discreetly with patients, and lets patients schedule appointments, pay bills, request prescription refills, complete medical forms, review lab results and clinical summaries, and receive reminders for all of the above.
Ultimately, all of these solutions will be built into Quicken Health, and Stephen Malik, Medfusion's founder and CEO will become a senior vice president and general manager and will lead Intuit's healthcare business.