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PatientPay Secures $6M in Growth Capital

Funding to be used for significant 2018 expansion, driving adoption of reliable patient payments for specialty healthcare providers
RALEIGH-DURHAM, NC  (DECEMBER 6, 2017– PatientPay, the leading patient payments partner for specialty care, has secured $6 million in growth capital. The investment will be leveraged for significant company expansion and continued enhancements to its patient payments platform, establishing the patient billing experience as a natural extension to patient care. 
 
Teaghlach Family Office led the round with participation from Esping Family Office and existing investors, including Mosaik Partners, to support PatientPay’s industry focus on providing end-to-end patient payment solutions for anesthesiology, radiology, labs and other specialty medical groups at every point of care. 
 
Driving efficiencies in healthcare is important to lower cost of care and bring about needed change in quality of care. One of the primary areas in which to first engage with patients is to offer them a better understanding of the billing process — ultimately empowering them to feel more in control over their own healthcare experience,” said Lee Wallace, the round’s lead investor with notable healthcare and technology investment experience. As an owner of a hospital, I think PatientPay is the solution we need to engage patients with a simple, easy-to-understand platform that increases the likelihood of payment from the patient to the provider.”
 
A 2017 Black Book study shows that patients have experienced a 29.9 percent increase in both deductible and out-of-pocket maximum costs in the past two years, and expectations are that they will continue to grow. Due to this increase, medical groups now have to consider patient bills a critical form of revenue, which has led to an industry gap in how to communicate effectively with patients in order to collect what they owe without risking patient satisfaction scores. 
 
The most effective patient collections are those that offer flexibility, accuracy and transparency to the patient, as well as a workflow that’s natural for central billing groups,” said Tom Furr, CEO of PatientPay. “We’re grateful for the support of our investors, ensuring our long-term vision of providing specialty care medical groups with a patient payment platform for getting paid quickly and in full.” 
 
PatientPay’s patents and software leverage existing central billing office infrastructure to bill and reconcile payments using existing insurance claims  – ultimately simplifying the entire billing process. This architecture enables PatientPay to match patient bills to their insurance’s explanation of benefits (EOB) and provide flexible payment options, while simultaneously integrating analytics to provide smarter collection strategies. PatientPay’s platform enables its specialty care medical groups visibility into their complete patient payment strategy, starting with eligibility and estimation, and ending with early out call centers. On average, PatientPay increases payments by up to double compared with industry averages.
 
The $6 million funding round brings PatientPay to a total of $18 million in backing since its inception. In 2018, PatientPay expects to grow its employee base by 85 percent, recruiting primarily in software development, sales and operations for its home office. Additionally, the company plans to expand its Raleigh-Durham headquarters by year-end, 2018. 
 
PatientPay continues to execute on its strategic vision in finance and healthcare tech; this along with the tailwinds that are driving more medical groups to demand effective patient payment solutions gives us conviction in their growth opportunity,” said E. Miles Kilburn of Mosaik Partners. 
 
Learn more about how PatientPay drives end-to-end patient payments and, ultimately, value for both patients and specialty care providers at www.patientpay.com.
 
About PatientPay
PatientPay partners with specialty care medical groups to drive patient payments at every step of the visit. As patient financial responsibility grows, specialty services such as labs, radiology and anesthesiology rely on PatientPay to get paid fast and in full. Ultimately PatientPay aims to extend the patient experience with enhanced overall patient satisfaction through matching with EOBs, flexible payment options, and custom communications. www.patientpay.com

December 6, 2017 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Prognos, Healthcare AI Company, Raises $20.5 Million Towards Predicting Disease the Earliest

Cigna, GIS Strategic Ventures, Hermed, Hikma Ventures, Maywic, Merck GHI Fund, and Safeguard Scientifics bet on Prognos to revolutionize healthcare by driving earlier decisions that improve patient health and lower costs

NEW YORK, November 30, 2017 — Prognoswww.prognos.ai, an innovator in applying artificial intelligence (AI) to clinical lab diagnostics, has completed a $20.5 million Series C round of financing, bringing the company’s total funding to $42 million. The investors include CignaGIS Strategic Ventures (the venture capital arm of the Guardian Life Insurance Company), Hermed,  Hikma VenturesMaywicMerck Global Health Innovation Fund (GHI), and Safeguard Scientifics. The support validates Prognos’ leadership position in the market as the only healthcare AI company capable of delivering forward-looking and real-time insights based on laboratory and diagnostics records.

Building on Prognos’ seven-year foundation, the Series C financing will help the company meet highly targeted growth goals in the Life Sciences and Payer markets. Prognos’ solutions enable earlier identification of patients who can benefit from enhanced treatment decision-making, risk management, and quality improvement. The company is currently helping 25 Life Sciences brands to find and convert appropriate patients while building a footprint in the payer market.

“For Prognos, Series C is a focused and disciplined effort to build on our success to scale the business as we pursue our mission of predicting disease earlier to drive better outcomes for patients,” said Sundeep Bhan, Cofounder and CEO of Prognos. “We view this round as a vote of confidence from the healthcare giants and global investment firms that understand the space well and believe that Prognos can continue to lead in providing early insights to deliver better patient care and lower costs.”

The new funds will go toward expanding Prognos’ AI capabilities, new markets, and sales and marketing efforts. To date, Prognos has built the largest lab connectivity network in the U.S., processed and analyzed over 13 billion lab records for more than 180 million patients, and developed 1,000+ proprietary machine learning-enabled algorithms across 50 conditions, such as diabetes, asthma, and non-small cell lung cancer, for the lab data management and analysis. Within the last year, Prognos has also bolstered its leadership team with the additions of Chief Operating Officer Lisa Kerber, Chief Commercial Officer Stephen Silvestro and Chief Data Scientist Fernando Schwartz, Ph.D.

“The Life Sciences industry is increasingly structured around biomarkers and smaller populations where early diagnosis and treatment are key for improving outcomes,” said Joe Volpe, Managing Director, Merck GHI Fund. “Healthcare AI and the right kind of big data, such as lab and diagnostics data driving clinical decision-making, can enable us to predict which patients will benefit from a particular therapy. This round continues our investment into Prognos, the AI company that has demonstrated its capability to transform how the Life Sciences industry does business, now and in the future.”

Global health service company Cigna has been working with Prognos to use lab data and analytics to improve health engagement among its Individual and Family Plan customers.

“AI is a game changer in healthcare risk management,” said Craig Cimini, VP Strategy and Business Development at Cigna. “We have seen Prognos’ capabilities first-hand and believe health plans will greatly benefit from integrating real-time lab and diagnostics data intelligence to refine their approaches to risk adjustment, clinical quality, and care management.”

About Prognos

Prognos is a healthcare AI company focused on predicting disease to drive decisions earlier in healthcare in collaboration with payers, Life Sciences and diagnostics companies. The Prognos Registry is the largest source of clinical diagnostics information in 50 disease areas, with over 13B medical records for 180M patients. Prognos has 1000 extensive proprietary and learning clinical algorithms to enable earlier patient identification for enhanced treatment decision-making, risk management and quality improvement. The company is supported by a $42M investment from Safeguard Scientifics, Inc. (NYSE: SFE), Merck Global Health Innovation Fund (GHIF), Cigna (CI), GIS Strategic Ventures, Hikma Ventures, Hermed Capital, and Maywic Select Investments. For more information, visit www.prognos.ai.

November 30, 2017 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Insight Venture Partners Invests $26M Series B in LeanTaaS to Fuel Growth of Healthcare Operations Platform

Predictive Analytics and Machine Learning Technology Lowers Wait Times, Increases Patient Access and Improves Operational Performance

SANTA CLARA, Calif. — Nov. 14, 2017 — LeanTaaS, Inc., a Silicon Valley software innovator that increases patient access and transforms operational performance for healthcare providers, today announced that new investor Insight Venture Partners, a leading global venture capital and private equity firm, has invested $26 million in a Series B round of financing.

“Healthcare is a difficult space in which to bring about radical change,” said Jeff Horing, co-founder and managing director of Insight Venture Partners. “We are impressed by the quality of deep customer partnerships, the product portfolio and the team that LeanTaaS has assembled.”

The company’s solutions — relied upon by more than 40 of the nation’s leading hospitals and infusion centers — use lean principles, predictive analytics, machine learning and the cloud to dramatically improve the patient experience. LeanTaaS customers have reduced wait times for appointments and surgeries by up to 50 percent, increased patient access by as much as 30 percent and improved operational performance up to 20 percent through increased revenue and reduced costs.

The mathematical foundation on which patient appointments are scheduled is fundamentally flawed. As a result, expensive assets like infusion chairs, operating rooms, diagnostic imaging equipment and inpatient beds are commonly over- and underutilized, often on the same day.

LeanTaaS has quickly emerged as the leader in using advanced data science and mathematics to address this perplexing paradox. The company’s patent-pending algorithms help providers do more with existing assets and defer investments in additional staff, equipment and facilities. LeanTaaS solutions also improve surgeon access to valuable operating room time, lower wait times for patients and level-load the day for anesthesiologists, nurses and staff.

“We are privileged to work with many of the leading health systems in the country to demonstrate the impact of combining lean principles, predictive analytics and scalable software to drive significant improvements in operational performance and asset utilization,” said Mohan Giridharadas, founder and CEO of LeanTaaS. “This investment from Insight Venture Partners is a strong validation of our approach and will enable us to dramatically accelerate our growth over the coming years.”

The financing will fund continued investment in the LeanTaaS iQueue platform, which currently consists of two solutions: iQueue for Infusion Centers and iQueue for Operating Rooms. In May 2017, the company also established iQueue Labs, which explores answers to emerging, significant operational challenges in diagnostic imaging departments, emergency departments, pharmacies, labs and inpatient beds. The iQueue platform is a cloud service that works with any electronic health record and requires only minimal assistance by the provider’s internal IT staff to set up and use.

LeanTaaS joins an Insight Venture Partners portfolio that already boasts five companies on Inc.’s annual ranking of the fastest-growing private companies in America.

About LeanTaaS

LeanTaaS provides software solutions that combine lean principles, predictive analytics and machine learning to transform hospital and infusion center operations. More than 40 providers across the nation rely on the company’s iQueue cloud-based platform to increase patient access, decrease wait times, reduce healthcare delivery costs and improve revenues. LeanTaaS is based in Santa Clara, California.  For more information about LeanTaaS, please visit www.leantaas.com, and connect on Twitter/LeanTaaSFacebook/LeanTaaSand LinkedIn/LeanTaaS.

About Insight Venture Partners

Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $18 billion and invested in over 300 companies worldwide. Our mission is to find, fund and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. For more information on Insight and all of its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.

November 14, 2017 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Collective Medical Secures $47.5 Million in Series A Funding

Kleiner Perkins-led investment to fuel enrichment and expansion of Collective Medical’s care team collaboration network

SALT LAKE CITY, UTAH —NOVEMBER 14, 2017Collective Medical, delivering the nation’s largest network for care collaboration, has secured $47.5 million in Series A funding. The investment, led by Kleiner Perkins, will be used to expand and advance the company’s care team collaboration network accelerating efforts to drive better patient outcomes nationwide.

Bessemer Venture PartnersMaverick VenturesKaiser Permanente Ventures, Providence VenturesPeterson Ventures, and Epic Ventures also participated in the round.

Utah-based Collective Medical, which has been bootstrapped for eight years, has quietly developed the nation’s largest network for real-time care collaboration. Collective Medical’s technology addresses the full continuum of care in support of many of the country’s most vulnerable individuals—patients with complex needs that are not met at any single point of care. By unifying providers and payers through real-time information alerts, patient context, and collaborative care planning, Collective Medical empowers care teams to identify patients with complex needs and help them get the care they need, when they need it, from those best positioned to deliver it. Collective Medical’s approach has been proven to reduce avoidable emergency department (ED) visits and hospital readmissions, ease transitions of care, and eliminate unnecessary risk and friction from care delivery.

“We’re putting collaboration at the heart of the solution to a fragmented healthcare system,” says Chris Klomp, CEO of Collective Medical. “Our job is to connect care teams. By arming providers and payers with real-time insights and a platform to seamlessly collaborate across organizations and care settings, we ensure patients don’t slip through the cracks.” Klomp adds that, “we are beyond excited and grateful to be joined by such an extraordinary group of investors who share our vision for further enriching and expanding our network to help care teams provide the most effective care possible.”

Collective Medical is engaged with every national health plan in the country, hundreds of hospitals and health systems, and tens of thousands of providers and care managers including those in emergency departments, primary care practices, skilled nursing facilities, home health agencies, emergency medical services, and mental and behavioral health organizations. Collective Medical’s network has visibility across 13 states, with an additional 10 states expected to go live in 2018.

“Event notification systems (ENS) and care coordination applications have historically struggled to provide actionable information to providers at the point-of-care” says Noah Knauf, partner at Kleiner Perkins. “Collective Medical is the first technology we’ve seen that allows the providers and payers in a local healthcare system to efficiently collaborate, delivering significantly better outcomes through risk analytics, real-time notifications, and shared care planning tools. Supporting this team is a rare opportunity to be a part of something that is meaningfully changing the way care is delivered in this country.”

Collective Medical improves outcomes and lowers costs on an impressive scale. In a Brookings Institution review of Medicaid patients who visited emergency rooms in Washington State, Collective Medical’s network and EDIE application—allowing actionable, real-time coordination across organizations—was one of the core strategies for lowering the number of ED visits by patients with patterns of high ED utilization. By partnering with Collective Medical to focus on these patients, Washington State reported $34 million in savings in emergency costs and a decline of 9.9 percent in emergency department visits in its first year of use in 2013.

Similar results have been experienced across the country. “Collective Medical has been an integral part of our hospital system’s efforts to coordinate care for patients with complex needs,” says Dr. Maria Raven, MPH, MSc, a practicing emergency medicine physician and health services researcher and an associate professor of emergency medicine at UCSF. “With our partnership, we’re collaborating on our at-risk patients’ social determinants as well as curbing the opioid epidemic.”

Mitigating the opioid epidemic is a single but timely demonstration of the power of the Collective Medical network. Using the company’s partnership with Washington State as an example, care team collaboration and coordination through Collective Medical has reduced opioid prescriptions coming out of the ED by 24 percent since the program’s inception.

A recent evaluation of Collective Medical’s impact throughout the state of Oregon, conducted by the Oregon Health Leadership Council, found a promising downward trend in ED visits by patients with history of high ED utilization during a three-year period. As a participant in this evaluation, Kaiser Permanente Northwest initially used Collective Medical’s EDIE application to identify and collaborate on care plans for a group of approximately 363 patients with complex clinical and social challenges who visited the ED more than six times in six months. Over the three years of this program Kaiser has seen a 42 percent reduction in ED visits and a 47 percent reduction in inpatient admissions for those individuals enrolled in this program.

Collective Medical will use the funding to expand and advance its network with the goal of empowering care teams across the country to provide patients with the most effective care. As a part of this effort, Collective Medical plans to expand its leadership team and scale its engineering, clinical support, sales and marketing organizations. The company anticipates hiring more than 100 additional team members in the next 12 – 18 months, with the majority based in its Salt Lake City headquarters.

Collective Medical is endorsed as a best practice for emergency medicine by the American College of Emergency Physicians. The company has been recognized by Inc. Magazine and by the MountainWest Capital Network as one of Utah’s fastest growing companies.

Learn more about Collective Medical’s impact at www.collectivemedical.com

ABOUT COLLECTIVE MEDICAL 

Collective Medical empowers care teams to improve patient outcomes by closing the communication gaps that undermine patient care through seamless collaboration. With a nationwide network engaged with every national health plan in the country, hundreds of hospitals and health systems and tens of thousands of providers—including hospitals, emergency departments, skilled nursing facilities, primary care providers, mental and behavioral health clinics, and others—Collective Medical’s system-agnostic platform is trusted by healthcare organizations and payers to identify at-risk and complex patients and facilitate actionable collaboration to make better care decisions and improve outcomes. Based in Salt Lake City, Collective Medical is proven to streamline transitions of care, improve coordination across diverse care teams, and reduce unnecessary hospital admissions. Learn more at www.collectivemedicaltech.com and follow us on TwitterFacebook, and LinkedIn.

ABOUT KLEINER PERKINS

Kleiner Perkins partners with the brightest entrepreneurs to turn disruptive ideas into world-changing businesses. With $10 billion raised through 20 venture funds and four growth funds, the firm has invested in over 850 companies including pioneers such as Google, App Dynamics, Amazon, Flexus Biosciences, Nest, Waze, Twitter, JD.com and Square. Kleiner Perkins offers entrepreneurs years of operating experience, puts them at the center of an influential network, and accelerates their companies from success to significance. For more information, visit http://www.kpcb.com and follow us @kpcb.

I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

BaseHealth Raises $8.5 Million in Series C Funding

Company uses predictive analytics to uncover rising risk patients within a population

Sunnyvale, California: Oct. 18, 2017 – BaseHealth, the creator of the first predictive, evidence-based, and data-driven population health management solution, today announced that it has received an overall investment of $8.5 million, including $2.5 million from lead investor HBM Healthcare Investments (SIX HBMN), a listed healthcare investment company with net assets over $1 billion.

The investment will be used to further develop BaseHealth’s analytics engine, which is based on peer-reviewed medical literature, curated by physicians and scientists, and enhanced with laboratory, biometric, social, family history and behavioral data. BaseHealth supplements this with retrospective claims and ICD data. The data is then passed through the analytics engine, which uses machine learning and artificial intelligence (AI) to assess patient risk for 43 possible disease threats.

BaseHealth’s approach to population health and value-based care enables healthcare professionals to improve care and reduce the per capita cost of healthcare by identifying the rising unknown risk within their patient population, so they can intervene to both prevent diseases before they start and control them before it’s too late. The “Invisible Patient” is how BaseHealth refers to these individuals. With the right medical intervention at the right time, their healthcare trajectory can be improved.

“Healthcare systems have a lot of data and yet they still have a hard time finding these patients, making it hard to respond proactively to patient care needs,” said Jason Pyle, CEO, BaseHealth. “Our system enables healthcare professionals to assess the unknown risk that exists within their patient population and provide access and critical care needed to both improve our overall population’s health and improve the individual patient’s experience with the healthcare system.”

HBM Healthcare Investments has a track-record of over 100 biopharma and healthcare investments that have resulted in significant value creation by more than 50 trade sales and IPOs since inception.

“We look for companies that are at an advanced stage of development, that are closely tracked and actively guided on their strategic direction. We see a lot of potential in the BaseHealth model in addressing improvements in patient care and controlling costs in the healthcare system,” said Dr. Andreas Wicki, CEO, HBM Healthcare Investments.

About BaseHealth

BaseHealth is the comprehensive predictive analytics company for population health management. The company’s proprietary platform leverages machine learning to sift through millions of medical journals and patient records curated by scientists and physicians to offer healthcare providers the ability to identify patients with underlying risks for 43 chronic diseases and prevent costly treatments before they’re needed. At BaseHealth, we take the guesswork out of risk and population health management and put science in the driver’s seat.

BaseHealth was founded in 2011 by an interdisciplinary team of leading clinical geneticists, healthcare executives, software engineers, and physicians. Learn more at basehealth.com.

October 18, 2017 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Avizia Acquires Carena

Leading provider of system-wide telehealth platform now offers robust services; 
serves more than 1,300 US hospitals
 
Reston, Va. — OCTOBER 10, 2017 — Avizia, powering system-wide telehealth, today announced it has acquired Carena, a Seattle-based leading virtual care provider. The acquisition of Carena reinforces Avizia’s position as the largest and most comprehensive telehealth solutions partner for health systems nationwide. 
 
Avizia partners with providers to deploy and power system-wide telehealth strategies. With the acquisition of Carena, Avizia now offers a comprehensive and customizable telehealth platform which includes software, mobile applications, virtual care devices and a provider network. Founded in 2000, Carena designs and operates virtual clinics for health systems and provides access to care for more than 35 million consumers. As part of Avizia, Carena’s services offer health systems a customizable approach to virtual care delivery. 
 
“This acquisition combines two of the nation’s leading virtual care platforms,” says Mike Baird, CEO of Avizia. “With Carena’s select provider network, Avizia empowers hospitals with the most comprehensive, customizable and trusted telehealth solution available.”     
 
Avizia is backed by leading healthcare organizations like HealthQuest, Northwell Health and NewYork-Presbyterian, and has raised $20 million in funding since its founding in 2013. The company now powers telehealth programs at more than 25 percent of the nation’s hospitals. 
 
“The Carena team is proud to become a part of the Avizia telehealth platform, which is trusted by four out of the top five IDNs and connects the nation’s leading neurology, psychiatric and pediatric programs,” says Ralph Derrickson, president and CEO of Carena. He adds that, “our combined company partners with some of the most prestigious healthcare organizations in the country, including Catholic Health Initiatives, NewYork-Presbyterian, Northwell Health, Dignity Health and the Medical University of South Carolina.” 
 
Derrickson will transition into a leadership role with Avizia as senior vice president of corporate development. Avizia’s corporate headquarters will remain in Reston, Virginia. Carena’s Seattle-based office will be a strong part of Avizia’s nationwide recruitment and growth strategy. 
 
Avizia is a privately-held company and terms of the acquisition will not be disclosed. 
 
Learn more about Avizia’s approach to powering system-wide telehealth at www.avizia.com.
 
ABOUT AVIZIA 
Avizia partners with providers to deploy and power system-wide telehealth. To do this, Avizia combines a collaborative approach with a market-leading telehealth solutions suite that scales across the continuum of care. Trusted by four of the top five IDNs in the nation and 25 percent of US hospitals, Avizia empowers providers to deliver unparalleled access and clinical excellence to patients. Visit www.avizia.com.  
 
ABOUT CARENA
Carena designs and operates virtual clinics for health systems. Carena combines technology and new care delivery methods to provide healthcare for the way consumers live and work today. The company has offered on-demand care since 2000, informing its telemedicine solution with industry-leading expertise in clinical quality and consumer preferences. Today, Carena’s virtual care model and configurable technology platform make it possible for health systems to offer care to consumers anytime, anywhere as a natural extension of each system’s brand, mission, and service. Carena partners with more than 120 hospitals, offering virtual care access to over 35 million consumers.

October 11, 2017 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Auxilio Business Operations to Assume CynergisTek Name

Managed Document Solutions and Cybersecurity Segments to Operate Under the Common CynergisTek Brand

Mission Viejo, CA, August 29, 2017 — Auxilio Inc. (NYSE MKT: AUXO), a leading provider in healthcare document services and cybersecurity solutions, today announced that it has officially assumed the CynergisTek name and the NYSE MKT ticker symbol will become “CTEK”, effective September 8, 2017.

CynergisTek was acquired by Auxilio in January of 2017 and has a proven track record of delivering unmatched healthcare expertise and value to its growing client base which includes hundreds of the largest and most prestigious health systems and hospitals in the country.

Joe Flynn, CEO of Auxilio commented, “Operating under a common name was a logical next step as we see continued crossover between managed document solutions and cybersecurity demands with our healthcare customers.  This move will allow us to fully leverage our customer relationships and build upon the exceptional brand that CynergisTek has created over the years.”

Mac McMillan, President and Chief Strategy Officer added, “The integration of print and digital security is critical to building and maintaining a secure infrastructure today.  With the marriage of these components under one brand, we are unified in our mission to offer healthcare organizations the most comprehensive information management solutions to effectively mitigate risk, optimize productivity and drive savings.”

About Auxilio, Inc.

Auxilio (www.auxilioinc.com) is a leading provider bundling best of breed IT security and workflow solutions into its managed document services program designed exclusively for the healthcare industry. Since 2004, the company has saved more than $80 million for its clients by providing a vendor neutral program that enhances security of printed, stored data and digital documents while driving out costs and inefficiencies within the patient information logistical chain. The company’s document management best practices and intelligent workflow automation suite transforms printed documents to digital workflows, reducing waste and improving end-user satisfaction.

About CynergisTek

CynergisTek, an Auxilio company, (www.cynergistek.com) is a top-ranked cybersecurity, privacy and compliance consulting firm. The company offers solutions to help organizations measure privacy, security and compliance programs against regulatory requirements and assists in developing risk management best practices. Since 2004 the company has served as a partner to hundreds in the healthcare industry and is dedicated to supporting and educating the industry by contributing to relevant industry associations. The company has been named in numerous research reports as one of the top firms that provider organizations turn to for privacy and security, and won the 2017 Best in KLAS award for Cyber Security Advisory Services.

 

August 29, 2017 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

ChartSpan Closes $16,000,000 Round of Venture Capital

(Greenville, South Carolina) –   ChartSpan Medical Technologies, Inc. has closed a $16,000,000 round of venture capital funding. The capital will be used to grow ChartSpan’s footprint past the Appalachian region, which in turn creates hundreds of new healthcare jobs in the Upstate region of South Carolina.

ChartSpan provides patient care coordination services to health systems and ambulatory practices throughout the U.S. As reimbursements for doctors change from volume- to value-based, healthcare providers use ChartSpan’s turn-key managed service platform to provide out-of-office healthcare services to their patients. ChartSpan helps improve outcomes for chronically ill patients and delivers significant new revenue for physicians.    

The venture round was led by Cypress Growth Capital and included existing investors.  

“ChartSpan offers compelling value to physicians and patients alike,” remarked Ed Mello, Managing Director of Cypress Growth Capital. “The combination of attentive, responsive service and easy-to-use technology that does not disrupt the practice’s established workflow explains why ChartSpan is one of the fastest growing companies in its market. They have truly set themselves apart.”

ChartSpan has created more than 200 jobs in the past 15 months. With today’s funding announcement, the company expects to create 300 additional jobs in the next 18 months.  Most of ChartSpan’s 500 jobs will include nurses and certified healthcare clinicians, such as Medical Assistants, Licensed Practical Nurses or Certified Nursing Assistants.  ChartSpan will be holding a hiring event for said clinicians on June 23, 2017 from 7:00 A.M. to 3:00 P.M. at its headquarters at 2 North Main Street.

With headquarters occupying nearly 100,000 square feet of office space at 2 North Main in downtown Greenville, today’s announcement makes ChartSpan one of the largest employers in the downtown area.  

ChartSpan came to the Upstate as one of ten (10) companies accepted to the Iron Yard Ventures Healthcare Accelerator Program in 2013, sponsored by the Mayo Clinic. Upon exiting the accelerator program, the company located in Greenville and began scaling with the assistance of NEXT, the Greenville Chamber’s entrepreneur support program, and the Greenville Area Development Corporation.

“ChartSpan represents what can happen when public-private investments are made in South Carolina’s technology start-up ecosystem,” said Peter Barth, NEXT Board Chair and The Iron Yard Founder & CEO. “The major capital investment announced today indicates the momentum the company has in the healthcare marketplace and the impact they are making in South Carolina as they move toward 500 jobs in downtown Greenville.”

“This capital round helps us grow our national footprint,” said CEO and company co-founder, Jon-Michial Carter. “We currently have a stronghold throughout the Appalachian region. We plan to use these funds to deploy a national sales force and create hundreds of new clinical and technology jobs at our headquarters in Greenville.”

ChartSpan was founded by brothers, Patrick and Jon-Michial Carter.  Patrick is ChartSpan’s Chief Medical Officer and a 20-year practicing clinician.  Jon-Michial is ChartSpan’s Chief Executive Officer and formerly served in executive roles for technology companies such as Iconixx and nGenera.  

“It’s extremely satisfying to partner with Cypress in raising this $16,000,000 round,” said Patrick Carter. “Their belief in our mission ensures our ability to provide critical chronic care management services to hundreds of thousands of patients across the United States.”

“The ongoing success of ChartSpan speaks volumes about the state of industry in South Carolina,” said Governor Henry McMaster. “Businesses of all kinds are thriving here, and we’re excited about the future of ChartSpan in our state.”

ABOUT CHARTSPAN

ChartSpan helps doctors manage compliance and care coordination programs.

ChartSpan delivers turn-key patient engagement solutions to medical providers by maximizing reimbursements, improving care coordination and ensuring Merit-Based Incentive Payment System (MIPS) and Advanced Payment Model (APM) compliance.

ChartSpan is the choice of medical providers who are tired of buying expensive and ineffective software and demand a more personalized and accountable relationship with their patients. By delighting patients with interoperable and patient-designed technologies, ChartSpan delivers the highest patient engagement rates in healthcare.

ChartSpan is proud to have been named one of the Top 10 Most Innovative Companies in America.

June 15, 2017 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Modernizing Medicine Announces $231 Million Equity Investment from Warburg Pincus

Financing to Support Growth and Advance Innovation for Surgical and Medical Specialties

BOCA RATON, Fla. and NEW YORK – May 10, 2017 – Specialty-specific health information technology leader Modernizing Medicine, Inc. today announced that funds affiliated with Warburg Pincus, a global private equity firm focused on growth investing, have made a substantial investment of $231 million into the company to provide liquidity to existing shareholders, fund further expansion and support future strategic endeavors.

Founded in 2010 by Daniel Cane and Dr. Michael Sherling, Modernizing Medicine is at the forefront of providing intelligent, medical technology. The company’s award-winning flagship product EMA™, is a mobile, cloud-based, specialty-specific electronic health record (EHR) system that is used by thousands of specialty practices nationwide.

Modernizing Medicine’s success can be attributed to its development of technology to support the unique needs of physicians in surgical and medical specialties. With the premise that it was easier to teach physicians how to code software rather than for engineers to learn medicine, Modernizing Medicine hired practicing physicians to build EHR software. The results of this model and time-saving features such as adaptive learning and automated outputs supported by structured data collection have been embraced by physicians. The company now offers a full suite of products and services to empower physicians including Practice Management, Revenue Cycle Management, Telehealth for dermatology, Analytics and more.

With the latest round of funding, the company anticipates pursuing certain strategic initiatives, that may include automation of prior authorization workflows, deployment of an eCommerce platform, investment in data exchange and reconciliation to help practices move clinically relevant data effectively throughout the evolving ecosystem of a patient’s healthcare experience and improvement of access to healthcare via telemedicine.

Modernizing Medicine is also pleased to welcome Fred Hassan, Managing Director, Warburg Pincus and the former CEO and Chairman of Schering Plough and Executive Chairman of Bausch & Lomb, and Amr Kronfol, Principal, Warburg Pincus, to its Board of Directors.

“We expect this infusion of capital from Warburg Pincus to be instrumental in advancing our mission to transform how healthcare information is created, consumed and utilized to increase efficiency and improv outcomes,” said Daniel Cane, CEO and co-founder of Modernizing Medicine. “Warburg Pincus brings deep experience in the healthcare technology sector and this investment can help further our growth, bolster innovation and support our clients.”

“Modernizing Medicine’s innovative, market-leading technology is used by thousands of specialty practices and ambulatory surgery centers and is focused on improving both business and treatment outcomes,” said Amr Kronfol, Principal, Warburg Pincus.

Andrew Park, Principal, Warburg Pincus, commented, “We see meaningful opportunities for the company’s continued growth and acceleration of existing products and initiatives, and we look forward to partnering with Dan, Michael and the entire management team.”

Evidence of the company’s success is the announcement that the dermatology, gastroenterology, ophthalmology, otolaryngology, plastic surgery and urology EHR systems were each ranked #1 by Black Book™ on the Physician Practice & Ambulatory Solutions lists. This is the seventh consecutive year that the gGastro™ gastroenterology EHR system ranked first, and the fourth consecutive year that the EMA™ dermatology EHR system earned the top spot. Read the press release here.

May 11, 2017 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Bayshore Networks(R) Closes Oversubscribed Venture Funding

Final Investment from Benhamou Global Ventures Completes Series A for Leader in Industrial Cyber Protection

BETHESDA, MD–(Marketwired – March 20, 2017) – Bayshore Networks, the leading provider of cyber protection for industrial infrastructure, today announced the closing of its Series A venture capital investment. With a final investment from Benhamou Global Ventures (BGV), the round was oversubscribed at more than $11M, bringing total investment in the company to $15M. Bayshore will use the investment to aggressively grow go-to-market channels, and further develop its industry leading industrial cyber protection platform.

“The market for Bayshore’s industrial cyber protection solutions is expanding quickly,” said Mike Dager, CEO of Bayshore Networks. “Industrial cyber protection is now a key strategic initiative for large enterprises, utilities, and governments alike. We’re experiencing rapid growth because unlike passive visualization and reporting packages, Bayshore’s comprehensive industrial cyber protection platform stops industrial cyber threats before they start.”

“We are impressed with Bayshore’s experienced management team and differentiated technology,” said Anik Bose, General Partner at BGV, who has joined Bayshore’s Board of Directors following the investment. “There is a compelling global need for industrial cyber protection solutions, and we believe Bayshore is well positioned in this burgeoning market.”

“Bayshore’s innovation in the emerging Industrial IoT cyber protection market is well recognized. We led Bayshore’s Series A in support of their pioneering technology in a critical market that is largely untapped to date,” said Alberto Yépez, managing director of Trident Capital Cybersecurity. “We are happy to have BGV join us in supporting the company’s growth.”

About Bayshore Networks, Inc.

Bayshore Networks® is the leading provider of industrial cyber protection. The Company’s award-winning technology unlocks the power of the Industrial Internet of Things (IIoT), providing enterprises with unprecedented visibility into their Operational Technology infrastructure while safely and securely protecting ICS systems, industrial applications, networks, machines, and workers from cyber threats. Bayshore’s strategic partners include among others Arista, AT&T, BAE, Cisco, Dell, SAP, VMware, and Yokogawa. Bayshore is a privately held company headquartered in Washington, DC and backed by Trident Capital Cybersecurity, Yokogawa, Samsung Next, and BGV Capital. For more information, visit www.BayshoreNetworks.com

About Benhamou Global Ventures

BGV, is an early-stage venture capital firm with deep Silicon Valley roots, with an exclusive focus on enterprise information technology opportunities in global markets. BGV currently has 17 active companies in its portfolio. The BGV team has successfully built and implemented a cross-border venture investing model with companies from Israel, Europe and Asia. The fund was founded by Eric Benhamou, former chairman and CEO of 3Com, Palm and co-founder of Bridge Communications. Comprised of an experienced partnership team of global operating executives and investors, BGV is often the first and most active institutional investor in a company and has a powerful network of technical advisors, executives and functional experts who actively engage with its portfolio companies. The company has offices in Palo Alto, California and Tel Aviv, Israel.

About Trident Capital Cybersecurity

Trident Capital Cybersecurity (TCC) is a $300 million fund that invests primarily in early stage and select growth equity companies. The firm is well positioned as the venture capital firm with the best connections in cybersecurity. Its 47-person Cybersecurity Industry Advisory Council, including industry CEOs, customers and former top-level government leaders is commended for its insights, connections and go-to-market support for TCC’s portfolio companies. TCC’s current portfolio companies include 4iQ, Appthority, Bayshore Networks, ID Experts and IronNet Cybersecurity. Managing Directors Alberto Yépez, Sean Cunningham and Don Dixon jointly lead the investment team and together have made 30 cybersecurity investments during a nearly 20 year period of investing at Trident and Intel Capital. For more information, visit www.tridentcybersecurity.com.

March 20, 2017 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.