CARLSBAD, Calif.--(BUSINESS WIRE)--Medsphere Systems Corporation, the leading provider of affordable and interoperable healthcare information technology (IT) solutions and services, is once again entering a new year sustained by double-digit growth and significant expansions of the company’s financial support, client base and product functionality. Entering the new year, Medsphere is reporting 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 welcomed NextEquity Partners as a new investor. NextEquity is a seasoned investment group with a leadership team that includes former Apple executives. Drawing on extensive technology, operations and growth equity experience acquired through managing or investing in brand-name companies—Apple, AirBnB, Facebook, Sonos, Lyft, Yelp—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 NextEquity Managing Director Fred Anderson. “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 full revenue cycle, billing and patient accounting applications to the robust 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 President and CEO Irv Lichtenwald. “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.”
A flurry of recognition late last year is also creating additional momentum heading into 2018. In October, Phoenix Health Systems, Medsphere’s healthcare IT consulting and outsourcing division, was recognized by Black Book Research as the number one firm for comprehensive hospital IT outsourcing. And in November, Medsphere ensured full Meaningful Use reimbursement for clients by achieving 2015 Edition ONC Certification of CareVue.
Founded in 2002 and based in Carlsbad, Calif., Medsphere Systems Corporation is an organization of committed clinical and technology professionals working to make quality healthcare IT solutions accessible to organizations of virtually any size, shape or budget. Medsphere’s CareVue® is an acute and inpatient behavioral health-oriented portfolio of clinical products and services. The Medsphere team sees the patient as the ultimate beneficiary of broadly adopted healthcare IT. Ultimately, a fully interoperable, nationwide healthcare IT system enables better patient care and gives America a leg up on chronic social problems like substance abuse and homelessness. We cannot succeed in realizing the goal of quality care for all citizens by keeping data in silos and failing to enable communication among disparate systems.
With these goals in mind, Medsphere has recently expanded to incorporate solutions that meet the needs of healthcare providers across the continuum of care.
- Medsphere’s ChartLogic division enables better ambulatory care via physician practice EHR, revenue cycle management (RCM) and practice management systems and services.
- Stockell Healthcare Systems, Medsphere’s division focused on inpatient RCM and patient accounting solutions, gives organizations the tools they need to capture every healthcare dollar.
- Using a vendor-independent approach to helping hospitals solve critical challenges, the Phoenix Health Systems division provides a host of healthcare IT services, including systems implementation, compliance project management, service desk, end-user device management, infrastructure support, application management and IT leadership.
- Medsphere’s Government Services Division applies VA VistA expertise to development and testing projects for VA and the Indian Health Service (IHS).
Whatever your healthcare IT challenge, Medsphere has a solution.