PatientKeeper Closes $13M Round of Financing to Fund Growth

Funding will be used to accelerate PatientKeeper’s development of physician documentation and CPOE software applications in advance of the “Meaningful Use” Requirements of ARRA

BOSTON – December 15, 2009 – PatientKeeper, Inc., the leading provider of Physician Information Technology, today announced that it has closed a $13 million round of funding comprised of equity and debt. The equity round was led by current investors Flybridge Capital Partners, New Enterprise Associates and Whitney & Company. The venture debt was provided by Lighthouse Capital Partners. The funding will enable PatientKeeper to accelerate the development of its physician documentation and computerized physician order entry (CPOE) applications required for “Meaningful Use”- one of the critical requirements of ARRA - and to build out the service and support capabilities to support its rapid and accelerating growth. PatientKeeper presently has over 15,000 physicians using PatientKeeper’s applications every day to help them take care of patients. By the middle of next year, based on current deployments, PatientKeeper expects this number to more than double, to over 30,000 physicians. 

As part of the new financing, PatientKeeper will also be adding Chip Hazard of Flybridge Capital Partners to its Board of Directors. As General Partner at Flybridge Capital, a leading investment firm with a broad portfolio in the energy, healthcare and information technology sectors, Chip represents the firm on the boards of numerous other portfolio companies. Prior to joining the firm in 2002, Chip was a General Partner at Greylock Partners.

“Since our initial investment in PatientKeeper last year, we have been extremely pleased with the company’s progress and see great opportunity for them as more and more providers look to secure economic stimulus funds to help healthcare organizations achieve Meaningful Use,” said Chip Hazard. “I am looking forward to joining PatientKeeper’s Board of Directors and to becoming more involved in helping expand PatientKeeper’s footprint across the healthcare ecosystem.”

“Our physician information technology is helping hospitals and physicians improve patient care by providing them with software that physicians readily adopt. We are very excited to secure new financing to support our continued growth and application development efforts,” said Paul Brient, CEO of PatientKeeper. “We have chosen to make this additional investment to capitalize on what we see as a significantly increased demand for applications that drive physician adoption of technology. At the end of the day, without physician adoption there cannot be any Meaningful Use.”
 

About PatientKeeper:

PatientKeeper Inc., the leading provider of physician information technology, works with hospitals and physicians to deliver solutions that drive efficient operations and a higher standard of patient care. PatientKeeper’s unique technology provides a single, secure view of patient information coupled with comprehensive physician workflow applications without replacing applications already in use. The company boasts the industry’s highest physician adoption rates and delivers solutions that ensure HITECH meaningful use criteria is met while delivering demonstrable ROI for hospitals, physician organizations and community health information exchanges alike. For more information about PatientKeeper, headquartered in Boston, Massachusetts, visit www.patientkeeper.com or call 617-987-0300.

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