Business Cloud News

 

Practice Fusion raised another $15m, adding to a $70m round in September

Practice Fusion raised another $15m, adding to a $70m round in September

Healthcare IT has transformed in recent years, particularly for smaller practices – which look to adopt learner support systems that do more for less while improving patient care. Practice Fusion, a provider of cloud-based EMR, big data and booking services secured an additional $15m Tuesday, bringing its total series D round haul to $85m. The company said the new funds will fuel strategic acquisitions to help Practice Fusion keep its momentum.

Practice Fusion operates cloud-based healthcare platforms for both physicians and patients. It aims to become the one-stop shop for healthcare IT services in solo and small medical practices.

For physicians it provides a web-based electronic medical record (EMR) and data warehousing service, a direct link to laboratory services and service billing partners, and this year launched a clinical data analytics platform that provides provide real-time analysis of anonymised data collected from EMRs for healthcare and pharmaceutical companies. For patients it recently launched an online physician booking system, offering patients the ability to rate their physician, of which there are over 100,000 registered on the site (and 75m patients).

The company, which claims to have facilitated 55m patient visits across the US in 2013, is on track to double its user base this year and while it won’t disclose revenues the company has suggested its earnings range in the tens of millions. Most of the company’s revenue comes from the labs and service providers it partners with, which pay for access to physicians.

Tens of millions is far from what some of its competitors net – Cerner, one of the largest EMR providers in the US pulled in $728m last quarter. But Practice Fusion offers a broader range of services than most of its competitors so there’s scope for growth, particularly in its big data services –  where there there is huge potential to cash in on companies that want access to clinical information.

“Practice Fusion doctors have facilitated six per cent of all patient visits in the US this year. This huge reach makes us the front-running health technology company, and we’re going to double that reach next year,” said Ryan Howard, chief executive officer of Practice Fusion.

The latest round of funding, which included Qualcomm Ventures, Longitude Capital, Artis Ventures, Industry Ventures and Band of Angels will go towards expanding the company’s team (it has 300 staff currently) and developing new capabilities for the platform.The company is in the process of building new tools for doctors including data visualisation and monitoring capabilities, and expanding its API library to link its service up with more partners’.

It’s also looking at making a number of strategic acquisitions in 2014 but hasn’t specified what areas it intends to target.

Comments

@BizCloud
News