First Institutional Investor in Company's History to Fuel Corporate Growth and Expansion
PARSIPPANY, N.J., May 18, 2011 /PRNewswire/ -- MD On-Line, Inc., a proven leader in enabling electronic transactions between health insurance companies and healthcare providers, announced today that Abingworth, an international investment group focused on life sciences and healthcare, has taken a minority position in the Company. The investment will enable MD On-Line to expand its footprint in Healthcare EDI and secure new technology and partners as MD On-Line builds its position as the premier solution for transacting the business of healthcare. David Mayer, a Partner at Abingworth, has joined the MD On-Line Board.
Bill Bartzak, President and CEO of MD On-Line commented, "Now is the time to expand our breadth of offerings, and bring the full suite of healthcare technologies under one roof." He continued, "This investment allows MD On-Line to solidify its position as a market leader in healthcare efficiency and as an innovator in utilizing provider and secure patient data to improve all Healthcare EDI relationships."
"MD On-Line is a unique business given the volume of direct connections to small and mid-sized medical practices," said Mr. Mayer. "This large and fragmented market is just now starting to understand the power of SaaS-based systems like those provided by the Company. Having this installed base of providers creates a number of exciting opportunities for the cost effective provision of related products and services to this important customer base."
Abingworth is an international investment group dedicated exclusively to the life sciences and healthcare sector. The company invests at all stages of development including early and late-stage venture financing, growth equity and public companies. Founded in 1973, Abingworth has a lengthy track record of backing market-leading companies. Abingworth has a specialist team of over 20 professionals with both a broad range of skill sets and access to an extensive network of industry contacts. Abingworth has funds under management of over $1.25 billion and offices in London, Menlo Park (California) and Boston. www.abingworth.com
About MD On-Line
Award winning MD On-Line, Inc., is a leading provider of electronic data interchange (EDI) solutions that facilitate the critical connection between providers, insurance companies, pharmacies, laboratories, pharmaceutical companies, and other stakeholders. The Company's offerings enable electronic data capture and entry, as well as claim and transactional data submission to payers. Co-branded and endorsed by more than 35 major insurers and increasing its presence in providers' offices of all sizes, MD On-Line is transacting the business of healthcare, helping to make the healthcare system significantly more cost-effective by eradicating inefficiencies. In addition to claims processing, MD On-Line offers electronic health records, real-time services for eligibility verification, claim status inquiries, and electronic remittance advice (ERAs). Its "all-payer" EDI solutions encompass a network of more than 2,000 payer organizations and are utilized by more than 45,000 healthcare providers nationwide. For additional information visit www.mdon-line.com
SOURCE MD On-Line, Inc.