SAN FRANCISCO & NASHVILLE--(BUSINESS WIRE)--McKesson Corporation, a leading global healthcare services and information technology company, and Change Healthcare Holdings, Inc., a leading provider of software and analytics, network solutions and technology-enabled services, today announced their planned name and brand decision with regard to the previously announced creation of a new healthcare information technology company.
After a thorough strategic and creative review process, the companies have decided the name of the new company will be Change Healthcare. The company’s logo, brand positioning and visual identity will be completely new, reflecting the unification of the two organizations and the launch of a new company. The new brand will be unveiled in its entirety upon the close of the transaction, with a migration process to occur over the following 12 months. The entity will combine substantially all of Change Healthcare’s business and the majority of McKesson Technology Solutions.
“From day one, our intent has been to create a new company uniquely equipped to drive collaborative and positive change across the healthcare industry,” said John Hammergren, chairman and chief executive officer, McKesson Corporation, and previously announced chairman of the new company’s board. “After a thorough evaluation of potential names as well as customer and legal input, we came to the conclusion that ‘Change Healthcare’ best articulates the new company’s mission. It speaks directly to our clients who share our vision for a better healthcare system, and it reinforces the ambitions and spirit of our new company, our great potential and our transformative role in healthcare.”
Upon close, the new company will provide software and analytics, network solutions and technology-enabled services that will help customers obtain actionable insights, exchange mission-critical information, control costs, optimize revenue opportunities, increase cash flow and effectively navigate the shift to value-based healthcare. The new company will be well positioned to enable improved efficiencies and insights before, during and after patient encounters for all major stakeholders across the healthcare system, including commercial and governmental payers, employers, hospitals, physician practices and other providers, laboratories and consumers.
“Today’s healthcare environment is constantly evolving,” said Neil de Crescenzo, president and chief executive officer, Change Healthcare, and previously announced CEO of the new company. “Our customers are seeking proactive ways to provide measurable impact as they navigate through those changes. The Change Healthcare name stood out from a myriad of choices to best communicate our ability to help customers and partners move forward in this ever-evolving landscape — and it captures the commitment of our team members to create a healthier future for our clients and consumers. I believe the opportunity to create an energizing new brand around a clear and distinct name will serve us well as we come together to bring to life the expansive and complementary capabilities of both companies.”
The transaction remains subject to customary closing conditions and is expected to close in the first half of calendar year 2017.
About McKesson Corporation
McKesson Corporation, currently ranked 5th on the FORTUNE 500, is a healthcare services and information technology company dedicated to making the business of healthcare run better. McKesson partners with payers, hospitals, physician offices, pharmacies, pharmaceutical companies, and others across the spectrum of care to build healthier organizations that deliver better care to patients in every setting. McKesson helps its customers improve their financial, operational, and clinical performance with solutions that include pharmaceutical and medical-surgical supply management, healthcare information technology, and business and clinical services. For more information, visit www.mckesson.com.
About Change Healthcare
Change Healthcare is a leading provider of software and analytics, network solutions and technology-enabled services that optimize communications, payments and actionable insights designed to enable smarter healthcare. By leveraging its Intelligent Healthcare Network™, which includes the single largest financial and administrative network in the United States healthcare system, payers, providers and pharmacies are able to increase revenue, improve efficiency, reduce costs, increase cash flow and more effectively manage complex workflows. Learn more at www.changehealthcare.com.
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, that are subject to risks, uncertainties and other factors. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including statements regarding the expected timing of the completion of the transaction; the ability to complete the transaction considering the various closing conditions; the expected benefits and costs of the transaction; any projections of earnings, revenues, synergies or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding product or service developments, extensions or integration; any statements of expectation or belief; any statements regarding general industry conditions and competition; any statements regarding economic conditions; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include risks related to the timing or ultimate completion of the transaction, as the transaction is subject to closing conditions; the possibility that expected benefits may not materialize as expected; ability to successfully implement integration strategy for the new company; as well as the ability to ensure continued performance or market growth of McKesson’s, Change Healthcare’s and the new company’s products and services. These risks, uncertainties and other factors, and the general risks associated with the respective businesses of McKesson and Change Healthcare described in the reports and other documents submitted by each of them to the Securities and Exchange Commission, could cause actual results to differ materially from those referred to in the forward-looking statements. All forward-looking statements are based on information currently available to McKesson and Change Healthcare and are qualified in their entirety by this cautionary statement. You are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date such statements were first made. Except to the extent required by law, neither McKesson nor Change Healthcare assumes any obligation to update any such forward-looking statements or other statements included in this press release.