PatientKeeper Raises $6 Million in Growth Capital to Support Ongoing Expansion of Its Physician Healthcare Information Systems Business
Financing will allow the company to support growing market demand as healthcare providers select PatientKeeper to meet Meaningful Use and ICD-10 requirements
Waltham, Mass. – Dec. 22, 2011 – PatientKeeper® Inc., the leading provider of physician healthcare information systems, today announced that it has raised $6 million in growth capital from its existing investors, including Flybridge Capital Partners, New Enterprise Associates and Whitney & Co.
These funds will be used to support continued high levels of investment in product development of the company's suite of advanced clinical, charge capture and other physician-centric applications, as well as the expansion of PatientKeeper’s professional services organization to meet the growing market demand for its products.
Chip Hazard, General Partner at Flybridge Capital Partners, who joined the PatientKeeper board of directors in 2009, will also assume the role of Chairman of the Board. “PatientKeeper is one of the most exciting companies in healthcare technology today,” Hazard said. “Since our initial investment in 2008, we have been thrilled to see the number of physicians using PatientKeeper every day to take care of their patients more than quadruple, from 9,300 to more than 40,000. Very few enterprise software companies achieve this level of user growth and adoption, which is especially impressive because it is based on voluntary adoption of PatientKeeper technology by physicians.”
PatientKeeper continues to invest in its suite of physician workflow applications designed to enable “anytime, anywhere” access to patient information. Its computerized physician order entry (CPOE), medication reconciliation, and electronic physician documentation applications allow hospitals to meet the federal government’s “Meaningful Use” requirements and secure federal incentive payments. In addition, PatientKeeper’s charge capture and other financial applications play a key role in helping hospitals and physician practice groups realize efficiencies as they transition from ICD-9 to the ICD-10 diagnosis coding system.
“With over 400 hospital customers across the U.S and U.K and over 40,000 physicians using PatientKeeper software every day, we are helping hospitals and physicians improve patient care in a significant way,” said Paul Brient, President and CEO of PatientKeeper. “The high demand we are experiencing for our products is a testament to what happens when you build software for physicians that makes their lives easier. This new financing will help us support our customers with a high level of service while we continue to invest in product development to continue to bring revolutionary physician-centric products to market. This is a very exciting time for PatientKeeper and our customers.”
In 2011, PatientKeeper announced a number of new hospital customers for its advanced clinical applications (including CPOE, NoteWriter and Medication Reconciliation) that were introduced to the market over the past year. Sixty-nine hospitals have selected PatientKeeper’s advanced clinical applications to be their meaningful use solution. In addition, PatientKeeper announced the continued expansion of its Charge Capture customer base to a variety of physician practice groups across the country. Most recently, the company announced its first engagement with a network of long term acute care facilities, Vibra Healthcare, LLC.
PatientKeeper’s EHR optimization software solutions streamline clinician workflow, improve care team collaboration, and fill functional gaps in existing hospital EHR systems. With PatientKeeper as the “system of engagement” complementing the EHR, clinicians can easily access and act on all their patient information from PCs, smartphones and tablets. PatientKeeper has more than 70,000 active users today. For more information about PatientKeeper, visit www.patientkeeper.com or call (781) 373-6100.