NASHVILLE, Tenn.--(BUSINESS WIRE)--Entrada, a pioneer in health information technology for clinical documentation and data exchange, has received growth financing from two new partners.
FCA Venture Partners, the venture capital manager of Clayton Associates, has increased total equity funding to almost $3 million by investing in the Company. In addition, Silicon Valley Bank has provided debt financing to Entrada.
“These new financial partnerships, with two highly respected early stage investors, provide strong validation of Entrada’s business strategy and our innovative approach to automating clinical documentation,” said Entrada CEO Bill Brown. “The round will allow us to more aggressively implement our growth strategy which includes additional sales and marketing and an acceleration of our product timeline.”
Entrada Shifts into High Gear
The Company’s web-based platform makes electronic health records easier for clinics, hospitals and surgery centers to deploy and use.
“Entrada allows physicians to adopt and use electronic medical records without losing productivity,” said Matt King, Managing Partner of FCA Venture Partners. “EHRs are being much more aggressively adopted now, with federal stimulus dollars subsidizing them. The problem is these systems can reduce physician productivity by up to 10-20%. Entrada offers an overlay application that makes doctors faster on EHRs, not slower. It works like doctors work.”
A new report from the research firm Frost & Sullivan projects the EHR market to double in three years, from $1.3 billion in 2009 to an estimated $2.6 billion in 2012, driven largely by federal incentive programs and healthcare reform.
FCA Venture Partners and Silicon Valley Bank are the latest investors to partner with Entrada. Local Nashville venture capital firm Claritas Capital made an initial investment earlier in 2010.
Entrada provides a web-based technology platform for clinical documentation and data exchange that helps medical groups adopt and use electronic health records without losing physician productivity. The system also simplifies the challenges that hospitals and ambulatory surgery centers face in completing surgical notes, progress notes, and discharge summaries and sharing them with attending physicians for approval. Entrada is available on iPhone®, iPad™, Windows® Mobile and PC platforms. For more information visit www.EntradaHealth.com.