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Arcadia Healthcare Solutions Announces $30MM New Investment

Merck Global Health Innovation partners with GE Ventures and existing investors to scale leading healthcare data and advanced analytics company

BURLINGTON, Mass.– Arcadia Healthcare Solutions (“Arcadia” or the “Company”) announced today that the Merck Global Health Innovation Fund (“Merck GHI”), GE Ventures, and existing investors Peloton EquityZaffre Investments, and Morgan Stanley Alternative Investment Partners have invested $30 million of growth capital in the Company.

With over 60 enterprise customers, Arcadia is a leading healthcare data aggregation and analytics technology company with a focus on serving ambulatory networks affiliated with large payer and provider organizations, including health plans, accountable care organizations, integrated delivery networks, and large independent physician groups, among others.

Arcadia’s technology and services enable its customers to successfully drive value-based performance management programs as American healthcare shifts to a new paradigm. Arcadia is led by chief executive officer Sean Carroll, a longtime executive with over 25 years of experience in the health IT industry.

“Having Merck GHI and GE Ventures join existing investors in this round of growth capital is the optimal outcome for us,” said Carroll. “The rigorous process expands our team of blue chip investors who actively support their companies’ growth plans.”

“Arcadia fits perfectly with our initiatives supporting the transition to value based care. Arcadia’s deep expertise in transforming isolated data into critical insights that enable providers to close gaps in care and enable better outcomes is central to our investment hypothesis around Population Health,” stated Joel Krikston, Managing Director at Merck’s Global Health Innovation Fund.

“GE Ventures is excited to back Arcadia in becoming an industry leader to help payers and providers apply advanced analytics to their business models. We’re especially proud to invest in this highly experienced Boston-based team, which is now home to GE’s headquarters,” said Noah Lewis, Managing Director of healthcare at GE Ventures.

The investment allows the company to accelerate its robust product development plans in the core Arcadia Analytics platform and expand population health management market activities across the country. While the company will continue to focus on organic growth, Arcadia has made two successful acquisitions since its founding—Concordant, an EHR support services company in 2011 and Sage Technologies, a managed care services company in 2015.

“Our transformation from a proven consulting firm to a recognized, technology-led population health analytics company is complete as noted by industry experts such as KLAS ResearchGartner, and Chilmark Research,” said Carroll. “We see a bright future for our customers, investors, and team members.”

The capital raise process was managed by Robert W. Baird and supported by counsel Goodwin Proctor.

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About Merck Global Health Innovation Fund

Merck Global Health Innovation (GHI) Fund (www.merck.com/ghi) invests in emerging companies that deliver breakthrough healthcare solutions which advance Merck’s mission to discover, develop, and provide innovative products and services that save and improve lives. Established in 2010, the GHI Fund deploys its evergreen $500 million fund to rapidly identify and develop transformative global health care opportunities. GHI is focused on identifying opportunities that are adjacent to Merck’s core business of pharmaceuticals and vaccines.

About GE Ventures

GE Ventures (www.geventures.com) is committed to identifying, scaling, and accelerating ideas that will make the world work better. Focused on the areas of software, advanced manufacturing, energy, and healthcare, GE Ventures helps entrepreneurs and start-ups succeed by providing access to GE’s technical expertise, capital, and opportunities for commercialization through GE’s global network of business, customers, and partners. GE Ventures offers an unparalleled level of resources through its Global Research Center, including: 35,000 engineers; 5,000 research scientists; 8,000 software professionals; as well as 40,000 sales, marketing, and development resources in over 100 countries.

About Peloton Equity

Peloton Equity, LLC (http://www.pelotonequity.com) is a newly-formed private equity firm that focuses exclusively on growth capital investments in the lower middle market of the healthcare industry. Peloton’s portfolio includes HealthPlanOne, a leading technology-enabled digital marketing firm specializing in Medicare and individual and family health insurance sales and distribution. Peloton leverages its extensive healthcare network, value-building diligence and investment process, and portfolio management playbook to add value to its portfolio companies. Peloton seeks companies with between $20 and $200 million of revenue and the management team, market opportunity and business model to grow revenues meaningfully over the life of its investment.

About Zaffre Investments

Zaffre Investments, LLC (http://www.zaffreinvestments.com/) is a wholly-owned subsidiary of Blue Cross Blue Shield of Massachusetts that is committed to adding value through investments in new products, services and technologies that aim to improve the way healthcare is delivered and received. Zaffre focuses on companies across the healthcare landscape, with a primary focus on ACOs, consumer solutions, health information technology, and behavioral health. The firm is stage agnostic, considering a company’s financial and market positions, capabilities, and core values, as well as their missions and visions for the future. Zaffre employs a true partnership model for its portfolio companies, providing strategic direction, business support, industry connections and more.

About Morgan Stanley Alternative Investment Partners

Morgan Stanley Alternative Investment Partners (http://www.morganstanleyaip.com), part of Morgan Stanley Investment Management, specializes in assisting institutional and high net worth investors achieve their goals through the design and management of alternative investment programs. Established in 2000, Morgan Stanley AIP currently has approximately $36.4 billion in assets under management and advisement.

About Arcadia Healthcare Solutions

Arcadia Healthcare Solutions (http://www.arcadiasolutions.com) is an EHR data aggregation and analytics technology company supporting ambulatory networks taking on risk and transitioning to value- based care. Arcadia specializes in integration of data from over 30 EHR vendors, enriching it with claims and operational data, and using that data to drive improvements in patient care quality, practice efficiency, and financial performance. Trusted by independent provider groups, health plans, and integrated delivery networks nationwide, with expertise in both fee-for-service optimization and value- based performance environments, Arcadia supports providers with the benchmark data, insights, and outsourced services to excel in the evolving landscape of American healthcare. Founded in 2002, Arcadia is headquartered outside Boston in Burlington, MA, with offices in Seattle, Pittsburgh, and outside Chicago in Rockford, IL.

January 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.

CareSync Secures $18 Million in Series B Funding

Investment to support rapid expansion, reinforce market-leading position

TAMPA, Fla.—October 7, 2015CareSync, the leading provider of software and services for chronic disease management, today announced it has secured $18 million in Series B funding. Round participants include the Merck Global Health Innovation Fund (Merck GHI), Greycroft Partners and Harbert Venture Partners, as well as existing investors Tullis Health Investors, Clearwell Group, CDH Solutions and Travis Bond. The funding will help CareSync expand to meet demand for its services-enabled technology platform, strengthening its leading position in the emerging patient-centered care coordination market.

CareSync’s user base has grown 20-fold in the last four months, fueled in part by the Centers for Medicare & Medicaid Services’ (CMS) chronic care management program, which encourages doctors to work with patients between visits. The program has an annual estimated value of $17.25 billion. CareSync’s direct-to-consumer business has also increased due to healthcare consumerization driven by patients wanting greater and more convenient access to their doctors and health information.

In response to the increased demand for its platform and services, CareSync will use the investment to expand its workforce and continue to advance its best-in-class technology. Over the next 18 months, the company plans to hire an additional 500 employees.

“CareSync’s pioneering approach to patient-centered care puts it in the perfect place to take advantage of a significant market opportunity,” said Ian Sigalow, founder and partner at Greycroft Partners. “The company’s commitment to going above and beyond to improve outcomes by connecting patients, doctors and data are qualities we value. We’re pleased to support CareSync and look forward to accelerating its growth as it demonstrates a better way to coordinate care.”

CareSync’s application and services collect, organize and share health information for patients, their doctors and caregivers. Central access to this data makes it easier for patients to manage their health, especially those who have chronic diseases and need to regularly see multiple doctors. CareSync also helps providers collaborate with patients and more easily complete the requirements for Medicare’s chronic care management program so that they can bill CMS for these services.

“Our country spends 86% of its healthcare budget on treating chronic disease, which we could decrease by getting people on the same page about a patient’s care,” said Travis Bond, founder and CEO at CareSync. “That’s why we’re leading the mission to simplify the healthcare experience for everyone involved. With this investment, our team is excited to embark on CareSync’s next chapter of growth as we continue to arm patients and providers with the personalized data they need for better outcomes and lower costs.”

CareSync’s revenue has increased by nearly 100% month-over-month in 2015. As a result, the company continues to expand its platform and now serves more than 100 locations that care for more than 300,000 chronically ill Medicare beneficiaries. CareSync was recently a finalist in the SXSW 2014 Interactive Awards, voted most promising startup at the Healthcare Information and Management Systems Society’s (HIMSS) 2014 conference, selected to participate as one of the innovative startups in TEDMED Hive in 2014 and tapped to present its application on the main stage at Health Datapalooza 2014. In 2015, the White House recognized CareSync’s chief operating officer, Amy Gleason, RN, as one of nine “Champions of Change” for its national precision medicine initiative.

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About CareSync
Founded in 2011, CareSync is the leading provider of software and services for chronic disease management, combining technology with 24/7 nursing services to facilitate care coordination among patients, family and caregivers and all providers. CareSync provides turnkey Chronic Care Management services as well as a software-only option, allowing practices of any size to easily meet the billing requirements for CPT code 99490. Additionally, CareSync’s certified technology makes it simple for providers to meet Meaningful Use 2 for Data Exchange, Messaging and Timely Access. CareSync patients are at the center of their healthcare, with access to health information, actionable goals, and Comprehensive Care Plan tasks. As a result, CareSync’s patients are experiencing more productive medical appointments and better health outcomes. For more information about CareSync, visit www.caresync.com/ccm.

October 7, 2015 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.

medCPU Closes $8 Million Financing, Continues to Reinforce Leadership Position in Clinical Decision Support Market

NEW YORK, N.Y., July 14, 2015 – medCPU, Inc., a leader in enterprise clinical decision support solutions, announced today that it closed an $8 million financing round, consisting of $5 million series B-2 equity and $3 million in debt financing. The equity round was led by Merck Global Health Innovation Fund and New Richmond Ventures, and debt financing was provided by Silicon Valley Bank. This additional funding will enable medCPU to continue to assert its leadership position in the dynamic clinical decision support marketplace.

“We are driven by the confidence of our financial partners to further achieve our vision of changing the face of clinical decision support as it is known today,” said Sonia Ben-Yehuda, President and Co-Founder of medCPU, Inc. “In the past, the adoption of decision support has been stifled by outdated technologies that do not meet the needs of today’s clinicians. Unlike older, unreliable technologies that cause alert fatigue among clinicians, our solution delivers highly accurate and reliable decision support to clinicians at the point-of-care in real-time without disrupting their workflow.”

In a fast-paced environment where every detail is critical to a patient’s quality of care, real-time clinical decision support is a crucial component of a clinician’s workflow. The medCPU Advisor™, medCPU’s enterprise platform technology, acquires and processes both structured and unstructured data immediately as it is entered into a clinician’s Electronic Medical Record (EMR) system. The technology then assesses the data against best practice modules to provide the clinician with a holistic view of their patient and to ultimately provide highly accurate, real-time, reliable prompts at the point-of-care.

“We work with the most innovative companies, and those that have potential to transform the future of healthcare,” commented Michael Hanewich, Managing Director, Head of Life Science and Healthcare Venture Capital Relationships for Silicon Valley Bank. “The medCPU team has the vision and expertise to improve the accuracy and delivery of healthcare as it stands today.”

“Our technology is already being used by over 20,000 clinicians and a number of leading healthcare providers,” added Ms. Ben-Yehuda. ”This financing will help us to continue to grow our market share. We are excited about facilitating the move beyond antiquated, evidence-based reference tools to a new era of clinical decision support.”

medCPU’s solution is simple and seamless to deploy as it does not require integration into an EMR system or complex data connectivity to an interface engine. The medCPU Advisor™ enables healthcare providers to optimize investments already made in their EMRs. Running in the background of an EMR system unseen, the technology reads and captures data without disrupting a clinician’s workflow and only provides notifications when deviation from best practice care consideration occurs.

To meet the needs of different specialized health care organizations, medCPU delivers a wide range of customizable clinical and compliance decision support solutions, including modules for Obstetrics, Spine, Stroke, CHF, COPD, Value Based Purchasing, DRG’s, ICD-10, VTE Prophylaxis, Population Health, and in partnership with ILÚM Health Solutions™ (a subsidiary of Merck & Co., Inc. Kenilworth, NJ) is developing modules for Infectious Diseases such as Sepsis, Pneumonia and Urinary Tract Infection that also enable comprehensive Antimicrobial Stewardship.

About medCPU:
medCPU delivers accurate real-time enterprise decision support software and services through its proprietary Advisor technology. medCPU captures the complete clinical picture from clinicians’ free-text notes, dictations, discharge summaries and structured documentation entered into any Electronic Medical Record (EMR), and analyzes it against a growing library of best-practice content, generating real-time precise prompts for best care consideration. medCPU’s founding multi-disciplinary team has been pioneering new clinical decision support for nearly 20 years, delivering intelligent error reduction software systems to hospitals across the United States. medCPU’s applications include clinical and compliance support solutions. For more information, visit www.medCPU.com.

July 15, 2015 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.

Exostar Obtains $5 Million Investment for their Growing Healthcare Business

HERNDON, VA, October 7, 2014Exostar, an innovative information technology company offering cloud-based solutions that enable secure, cost-effective business-to-business collaboration, today announced a $5.0 million investment to enable them to accelerate the growth and expansion of their healthcare and life science business.

Exostar’s cloud-based authentication identity hub for the healthcare industry, Secure Access Manager (SAM), connects customers with other organizations securely across large communities of users. The investment, made by the Merck Global Health Innovation Fund, will help Exostar maintain its rapid growth in these markets and expand into related verticals.

The healthcare industry continues to become more reliant on secure connections, not only to ensure organizations meet all compliance issues, but to support critical digital health applications such as ePrescribing, Health Information Exchange (HIE), and clinical collaboration.  Exostar leverages over a decade of experience helping companies access, utilize and share business-critical information and applications through an easy-to-use, secure Software as a Service (SaaS) model.

“Exostar has successfully expanded from its Aerospace & Defense heritage into other vertical markets that have similar requirements for secure collaboration, complex supply chain needs or identity management to support their core business processes,” said Richard Addi, Exostar’s CEO.  “Our solution is an ideal fit for the healthcare and life science community that needs to set up connections with partners and their applications quickly and securely.  Exostar helps its customers connect with thousands of partners in their ecosystem without compromising network security or intellectual property.”

Originally established by some of the largest companies in the pharmaceutical and life sciences industry, the Exostar life sciences identity hub today includes more than 600 life science focused companies, government agencies and universities supporting the collaboration initiatives of thousands of individuals.

“Exostar’s secure cloud-based access and existing user base delivers a strong complement to the current and future needs of the data-driven healthcare industry,” said Joe Volpe of Merck’s Global Health Innovation Fund.

About Exostar

Exostar powers secure business-to-business information sharing, collaboration and business process integration throughout the value chain.  Exostar supports the complex trading needs of many of the world’s largest companies in aerospace and defense, life sciences, and other industries.  Exostar’s cloud-based identity assurance products and business applications reduce risk, improve agility and strengthen trading partner relationships and profitability for over 100,000 companies in 150 countries worldwide.  The Exostar community includes market leaders such as AstraZeneca, BAE Systems, Bell Helicopter, The Boeing Company, Computer Sciences Corporation, Lockheed Martin Corp., Merck, Newport News Shipbuilding, Northrop Grumman, Raytheon Co. and Rolls-Royce.  For more information, please visit www.exostar.com.

About Merck Global Health Innovation Fund, LLC

Merck Global Health Innovation Fund, LLC (GHIF) invests in emerging companies that deliver breakthrough health care solutions, which advance Merck’s mission to discover, develop and provide innovative products and services that save and improve lives. For more information, visit http://www.merck.com/ghi.

October 7, 2014 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.

Physicians Interactive Holdings Well-Positioned to Accelerate Growth

Merck Global Health Innovation Fund Makes Strategic investment

Marlborough, MA – January 5, 2012 – Physicians Interactive Holdings, Inc. the leading provider of mobile and web-based clinical resources and solutions for healthcare professionals, today announced it entered into an agreement with Merck Global Health Innovation Fund, LLC (“GHIF”) to invest up to $17 million in the Company. The financing includes an initial investment of $8.5 million and potential future investments of up to $8.5 million contingent upon achieving certain pre-specified milestones. The proceeds will be used to fund the growth initiatives of four key products and other initiatives as identified by the Board. Physicians Interactive Holdings was identified by GHIF as being on the forefront of healthcare innovation, and the investment is part of the fund’s strategy to help nurture leading global healthcare solutions.

Today, Physicians Interactive Holdings partners with healthcare professionals and life science companies to provide a powerful integrated suite of clinical medical reference tools, electronic drug sampling and interactive education. The solutions are blended into the clinician’s daily workflow via web, mobile and electronic health records channels, saving time that can be redirected back to critical patient care.

“We are excited by this investment from Merck Global Health Innovation Fund and it validates both our achievements to-date and the compelling vision around our innovative programs for healthcare professionals and life science companies. This investment will allow us to further expand our internal product development and customer solutions, as well as explore new markets and additional customer segments,” said Donato Tramuto, CEO and vice chairman of Physicians Interactive Holdings.

GHIF will have a minority position in Physicians Interactive Holdings and will appoint one of their executives to join the Physicians Interactive Holdings Board of Directors, which currently has six members.

About Physicians Interactive Holdings, Inc.:

Physicians Interactive Holdings (PIH) is the leading provider of mobile and web-based clinical resources and solutions that help medical professionals, anytime, anywhere, provide better patient care. PIH uses use the full power of a worldwide network of healthcare professionals and life sciences companies together in ways that will change the practice and business of medicine, for the better. PIH has developed a foundation of user-generated, proprietary and public data that powers a networked suite of transactional applications, including eSampling, interactive learning programs and mobile solutions. Skyscape.com Inc. is part of PIH and is owned by Perseus LLC, a merchant bank and private equity fund management company. For more information about PIH, visit www.physiciansinteractive.com.

January 11, 2012 I Written By