Qualtrics, a customer experience firm, has announced its acquisition of healthcare market research company Press Ganey Forsta for a whopping $6.75 billion. This move is aimed at enhancing Qualtrics’ artificial intelligence capabilities by leveraging Press Ganey’s extensive healthcare data stores for customer, employee, and patient feedback.
The deal, which involves a combination of cash and equity in Qualtrics, is expected to be finalized in the coming months. Qualtrics, owned by private equity firm Silver Lake, provides software tools and surveys to measure customer and employee satisfaction across various industries, including healthcare. The company offers products for analyzing patient experience, managing regulatory requirements for value-based care, and collecting patient feedback on telehealth visits.
In recent times, Qualtrics has placed a strong emphasis on AI tools, including data analysis products and AI agents for handling consumer inquiries. A notable collaboration with Stanford Health Care involved developing AI agents to assist patients with transportation to appointments and connecting them with housing and social support services.
With the acquisition of Press Ganey, Qualtrics aims to deepen its presence in the healthcare sector. Press Ganey, backed by private equity firms Leonard Green & Partners and Ares Management, collaborates with 41,000 providers globally on surveys and patient experience solutions. The company has also been focusing on AI-driven tools, such as data summarization from patient portals, generating responses to patient concerns, and identifying potential safety issues from customer feedback.
Overall, the Qualtrics-Press Ganey acquisition signifies a strategic move towards enhancing AI capabilities in healthcare and further improving patient and employee experiences. This integration of expertise and resources is expected to drive innovation and advancements in the healthcare industry.
