Evanston-based health care startup Care Team Connect Inc., has been sold to Washington, D.C.-based Advisory Board Co. for $35.2 million.
The sale, reported today by Health Care Daily, places a high value on the five-year-old Care Team Connect, with offices at 518 Davis. St., which had $1.5 million in revenue and a pre-tax loss of $3.5 million for the 12 months before the sale closed last month.
Co-founder Ben Albert says the firm's software "listens" to hospital medical records to create a step-by-step guide for a patient's care after discharge.
Advisory Board CEO Robert Musslewhite says Care Team Connect is "a small company that has huge growth potential ahead of it" given the goal of the federal affordable care act to improve patient communication as a way to reduce unnecessary hospital readmissions.