Press Ganey is acquiring consumer experience and market research firm Forsta for an undisclosed amount, the patient satisfaction research company announced Monday.
The deal broadens Press Ganey’s purview by marrying its healthcare quality and safety business to Forsta’s experience with consumer brands such as Avon Products, eBay, Best Buy and Mars. Press Ganey will also gain access to Forsta’s technology platforms.
“Coming together with Forsta brings Press Ganey’s healthcare expertise to the global stage and enables cross-industry comparisons, which so many organizations are eager for in the current climate,” Press Ganey Chairman and CEO Patrick Ryan wrote in an email.
Press Ganey expects the deal to close in the second quarter, pending regulatory approvals. The company serves more than 41,000 U.S. healthcare facilities, while Forsta has about 5,000 customers in more than 100 countries.
“Forsta will now make the next generation of patient and customer experience better and truly human-focused through its world-leading customer experience and market research technology, allowing Press Ganey to make a quantum leap in its ‘experience of care’ technology solution,” said Pål Malmros, a partner at the investment firm Verdane, which co-owned Forsta with EQT Private Equity.
EQT purchased Press Ganey in 2016 before selling it to private equity funds managed by affiliates of Ares Management and Leonard Green & Partners for an undisclosed amount in 2019.
Hospitals increasingly recognize that experience scores are a crucial part of not only public grading from agencies like the Centers for Medicare and Medicaid Services, but also key to building loyalty among patients, who value access to broader arrays of choices when seeking preventive care and elective surgeries.