According to a recent announcement, Medsphere Systems Corporation, a provider of affordable and interoperable healthcare information technology (IT) solutions and services, had a more than 40 percent growth and expansions of the company’s financial support, client base and product functionality. Entering 2018, Medsphere said it’s seen a 45 percent increase in subscription revenue for 2017 on the heels of a 48 percent revenue growth rate during 2016.
To meet the requirements of increased demand and product expansion, Medsphere secured $30 million in credit with Hercules Capital last June and in December added NextEquity Partners as a new investor. NextEquity is an investment group with a leadership team that includes former Apple executives. NextEquity’s team focuses on identifying companies looking to both succeed financially and affect beneficial change.
“Even decades ago, it was clear to pretty much anyone who looked that healthcare was ready for a technology revolution,” said Fred Anderson, Managing Director, NextEquity. “We are currently in the throes of that revolution, but the part where technology becomes more affordable and enhances healthcare without threatening budgets hasn’t happened. We believe Medsphere has more effectively combined full functionality with affordability than other healthcare IT companies, which is why we’re on the team.”
In 2017, Medsphere acquired Stockell Healthcare Systems, adding revenue cycle, billing and patient accounting applications to its CareVue electronic health record (EHR) platform. Last year, that platform also became available remotely as CareVue Cloud, giving hospitals the option of eliminating onsite hardware and data centers.
“The continuation of our 2016 growth rate through 2017 says a lot about the success of Medsphere’s business model and the appeal of our solutions and services to clinics and hospitals in both acute and behavioral health settings,” said Irv Lichtenwald, President and CEO, Medshere. “While the expansion of IT to almost all healthcare sectors is exciting and overdue, the industry is also due for a financial reckoning given the tremendous burden most EHR systems place on organizational finances. Our objective remains to improve care for all patients without asking hospitals and clinics to choose between investments. With CareVue, they don’t have to.”
Ken Briodagh is a writer and editor with more than a decade of experience under his belt. He is in love with technology and if he had his druthers would beta test everything from shoe phones to flying cars.Edited by
Ken Briodagh