HealthGrades has signed a definitive agreement to merge with CPM Marketing Group, a Madison, Wis.-based provider of customer relationship-management services for hospitals.
Financial terms of the deal were not disclosed, according to a spokeswoman for HealthGrades, which provides information about physicians and hospitals to consumers.
"Hospitals are under increasing pressure to improve their clinical as well as financial performance," HealthGrades CEO Kerry Hicks said in a news release
. "CPM is the relationship management platform hospitals trust to measurably improve the performance of their patient health management and physician alignment initiatives.”
The combined company will retain the HealthGrades name and headquarters in Denver. CPM's products and services will be merged into a business unit with an existing HealthGrades product, the spokeswoman said.
John Hallick, founder, president and CEO of CPM, will join HealthGrades' board of directors and will be named to the executive team. The spokeswoman said that John Hallick, as well as CPM's James Hallick, senior vice president of research and development, and Erick Hallick, senior vice president of operations, will become the three largest individual shareholders of HealthGrades.