WARMINSTER, Pa.-(BUSINESS WIRE)- MobileMD (MMD), a leading provider of managed service Health Information Exchange (HIE) solutions, today announced that it has completed its first round of institutional financing. MMD's HIE enables the real time, highly secure exchange of administrative and clinical information between hospitals, physicians, and the greater healthcare community via a Software as Service (SaaS) platform, with no additional hardware or software required. The growth capital will support rapid sales growth, broader market penetration and continued technological innovation.
MobileMD's new partner, Health Enterprise Partners (HEP), a New York based growth equity firm, led the financing and is providing healthcare market expertise to support the company's go-to-market efforts. MMD will use the growth capital to fuel a more rapid national expansion and enhance the service offering. "MobileMD's management team brings decades of first-hand experience and technical expertise to the healthcare provider marketplace," said Dave Tamburri, Partner, HEP. "We were very impressed from the start with the company's managed service offering, the team's ability to execute and tremendous customer satisfaction."
MMD's managed service offering delivers information seamlessly from a healthcare provider into any Electronic Medical Record (EMR) system. For those physicians who don't have an EMR, MMD offers a full-featured, highly secure, Internet-enabled capability to electronically view and share administrative and clinical information. MobileMD's HIE fills the need for an easy to deploy, cost-effective, SaaS HIE solution designed to meet the needs of the healthcare community and ensure compliance with "Meaningful Use" under the ARRA HITECH legislation.
"Moving forward, providers are going to be reimbursed based on value and outcomes and that's why securely sharing critical patient information among providers will be central to delivering quality care. We believe MMD is well positioned to seize on significant developments in healthcare reform including the federal government's ARRA HITECH Act, which financially incents healthcare providers to adopt electronic medical records," said Todd Fisher, CEO and Founder of MobileMD. "MobileMD is very fortunate to have a partner like HEP. Their deep healthcare experience and market access creates additional business opportunities for MobileMD by providing access to some of the leading health information technology thinkers in the nation." Rick Stowe and Dave Tamburri from HEP will join Todd Fisher to comprise the Board of Directors.
After evaluating a range of vendors, PinnacleHealth, a non-profit, healthcare system serving Central Pennsylvania, selected MobileMD's Managed Services HIE. According to PinnacleHealth, MobileMD stands out as a company that combines all technologies - software, storage, support and training - under one umbrella, offering a full-featured HIE.
"Hospitals and health systems strongly prefer an end-to-end HIE solution to handle the day-to-day communication and service aspects of an HIE so that the leadership team can focus on the organization's strategy and business objectives," said Steven Roth, CIO at PinnacleHealth. "We are very excited about this announcement. MobileMD's new relationship with HEP shows their continued commitment and determination to remain market leaders by making the necessary investments in technology development and growth to keep customers ahead of ever-changing requirements and aware of new opportunities."
MobileMD provides a managed service health information exchange (HIE) that enables real-time, highly secure exchange of administrative and clinical information between hospitals, physicians and the greater healthcare community via a SaaS platform - with no additional hardware or software required at the health system, physician practice or any other participating healthcare entities. As a platform for true interoperability, MobileMD is a core component for those healthcare entities wishing to ensure ARRA HITECH "Meaningful Use" compliance. MobileMD currently provides connectivity to thousands of physicians and more than 70 hospitals nationwide. For more information please visit http://www.MobileMD.com
Health Enterprise Partners, L.P. (HEP) is a New York based growth equity firm that invests in healthcare services and technology businesses. HEP has successfully partnered with entrepreneurs to build strong, differentiated businesses. HEP's reputation and integrity, coupled with a strategic investor base comprised of leading hospital systems and health plans, are invaluable assets to their portfolio. For more information, visit http://www.hepfund.com/