Quicken to Sell the Intuit Financial Services Group And Will Classify Intuit Health As A Discontinued Operation
Posted Jul 01 2013 5:47pm
Well you can’t say that Quicken didn’t give it a full try with Intuit Health as they tried just about everything and consumers were just not interested. I had conversations back in 2009 with some of their folks who thought I was picking on them which was not the case, and I was just making a point of what consumers will do and won’t do and where the interest lies. They are not alone, we still have a bunch of that out there today. Intuit health even connected with several PHRs and still no use. You also have to look at how much time a consumer has to devote to all of their personal bookkeeping and this was one more that didn’t seem to fit. I guess I could say I told you so in 2009 maybe? When you work with data and code and have written software and interact with end users, you get a pretty good idea as to what will go over and what may struggle. I learned that early one when I wrote my EMR, got over myself in a hurry you might say:)
The link below shows more software expense with integration efforts. They integrated with just about everyone under the sun as well to include insurers and even Allscripts with their PHR connection. Patients didn’t pay their bills any faster. Below talks about the two start up companies that were building a dashboard for Intuit health and you can guess where they might be today as back in 2011 I said we had too much duplication of efforts in this area. They have cloud services with both Microsoft Azure
At some point we had some real frustration hit and we had this with locking engineers into a room to write the code they needed, I guess kind of like water boarding developers but that doesn’t work as you can only go so fast and non programming folks don’t get this. Sure there was some good brainstorming to come out of such a session but not enough to create a product consumers would use and generate a profit for shareholders.
Intuit is keeping Mint.com and there are also a couple other similar companies to Quicken Health out there, Cake and Simplee and who knows that their fate will be and yes they connect with insurers and provide dashboard but darn we have way too many layers of software platforms out there today and seem to have lost track of good project management. Add a platform, make more money is what happens. They are not all bad and some do a good job but in consumer health IT, it’s not happening with too many doing the “same thing”. BD
To focus more sharply on its core businesses, the company is divesting its Intuit Financial Services business and is announcing plans to sell the Intuit Health Group.
In addition, the company has realigned the accountant business to provide increased focus on accelerating the company's two strategic goals: to be the world's small business operating system and to do the nations' taxes in the United States and Canada.
Intuit also plans to sell the Intuit Health Group. While Intuit had considered healthcare a potential growth opportunity, structural shifts in the market have evolved in such a way that the business no longer fits within the refocused strategy, Smith said. The Intuit Health assets will be a better fit for an organization with a stronger focus on the healthcare industry.
The company expects to classify IFS and Intuit Health Group as discontinued operations. In fiscal 2012, the two planned divestitures contributed combined revenue of approximately $320 million. In fiscal 2013, the two planned divestitures are expected to contribute revenue of approximately $340 million.