Strategic partnership to fuel EHR adoption and provide balance sheet strength
HOUSTON, Nov. 17, 2010 /PRNewswire/ -- Prognosis Health Information Systems, Inc., a leading provider of healthcare information technology to rural and community hospitals, has announced a minority investment led by Boston-based growth equity firm, OpenView Partners. With OpenView as a strategic partner, Prognosis will accelerate efforts to bring its user-friendly, web-based electronic health record (EHR) solution to healthcare providers across the country.
"Healthcare is one of the fastest-growing verticals in technology today. This investment in Prognosis marks our second in the HIT space this year. The healthcare industry is undergoing a transition from legacy, on-premise solutions to less capital-intensive and web-based products. This is the kind of technology shift that we look to capitalize on as a firm," says Scott Maxwell, founding partner of OpenView.
Adoption of EHR systems is now top-of-mind for hospitals of all sizes, as they stand to receive significant incentive payments from the government for "meaningful use" of a qualified product. With the passing of the HITECH Act by Congress in 2009, the government set aside $27.3 billion to be allocated to hospitals and physicians for use of a certified solution.
"Our EHR solution has been very well received throughout the healthcare industry. We know that there is the need for the kind of innovation that we bring to hospitals that are trying to make good on the EHR dream. With OpenView as an institutional investor and valued strategic partner, we can confidently move forward and take our business to the next level," says Ramsey Evans, CEO of Prognosis. Evans, along with the current management team at Prognosis, will continue to lead the company.
As one of the first inpatient EHRs to receive Complete ONC 2011/2012 Certification from the government, Prognosis has set itself apart from the crowd. The Company brings an agile technology to a stodgy industry with its robust, web-native platform. These technical capabilities, along with its ease of use and top-notch support and service, have allowed Prognosis to become one of the industry's leaders in short time.
George Roberts, a partner at OpenView and former member of the executive team at Oracle, Inc., will take a seat on the Prognosis board. "Prognosis is well positioned for dramatic growth in the EHR market with its disruptive application platform. If you look at the marketplace, there are established vendors who have older technologies that are cumbersome and expensive to implement. We believe that Prognosis has a much more innovative solution that offers a greatly improved user experience for doctors and nurses that will speed adoption and get hospitals to 'meaningful use' at lower cost and lower risk," Roberts says.
Prognosis Health Information Systems, Inc., aims to improve the quality and safety of patient care in America by providing highly affordable, functional and usable information systems for hospitals. The Houston-based company, which was built by leveraging the healthcare industry experiences of a business software vendor and a medical records service and software provider, offers the information technology, service and support that makes EHR success a realistic goal for all healthcare organizations. Prognosis offers ChartAccess, a Comprehensive EHR developed by clinicians that makes it easy to afford, use, implement and maintain an electronic health records system. For more information, go to www.prognosishis.com.
About OpenView Venture Partners
OpenView Venture Partners is an expansion stage venture capital fund with a focus on high-growth software, internet, and technology-enabled companies. Through its staff of seasoned operating executives, who collectively bring several decades of technology and management experience to the firm, OpenView is able to help portfolio companies with quickly ramping up Product, Go-To-Market, and Organizational and Operational functions to best practice levels. The firm was founded in 2006 and has a total capital under management of approximately $240 million. OpenView Venture Partners is based in Boston and invests on a worldwide basis. OpenView Labs is the strategic and operational consulting arm of OpenView. Visit OpenViewLabs.com to learn more.
SOURCE Prognosis Health Information Systems, Inc.