3M Co. said Friday that it has agreed to buy a New York-based data analysis firm that focuses on the healthcare sector.
Treo, with 185 workers in Troy, N.Y., Denver and Kansas, analyzes data from 60 health insurance plans. Treo’s analysis is used to redesign payment systems and to help clinics and other health providers adopt more value-based care models.
In a statement, 3M officials said the acquisition will make it possible to extend real-time data analytics and payment redesign worldwide. Treo’s services are also expected to blend nicely for 3M customers who already adopted 3M’s 360 Emcompass computer-coding system for medical records.
“Together, 3M and Treo will offer customers access to better, more comprehensive data that gives a more complete picture of the patient across all sites of care,” Jon Lindekugel, president of 3M Health Information Systems, said in a statement.
Terms were not disclosed.
Creating systems that digitize medical records has become a winning service for Maplewood-based 3M.
The conglomerate best known for its Post It notes, Scotch tape and cellphone optical films, has a fast growing Health Information Systems business that delivers coding, software and consulting services to hospitals and clinics, commercial payers, and federal and state agencies.