Electronic Health Records (EHR) platform maker Practice Fusion recently nabbed USD15 million in additional Series D investment. Since launching the round in September, TechCrunch said in its report that the healthcare software company had raised a total of USD85 million in the funding round, and under USD150 million in total funding received to date.
Practice Fusions' free, web-based EMR system for physicians allowed the latter to access pertinent information of their patients and increase its patient visits, thereby disrupting the health IT status quo, as said on its CrunchBase profile.
The USD15 million additional Series D funding was led by Qualcomm Ventures and Longitude Capital. The investment round also saw participation from existing investors, Artis Ventures, Industry Ventures and Band of Angels. The first part of the Series D funding round was led by Kleiner Perkins, with participation from OrbiMed Advisors and Deerfield Management.
Practice Fusion founder and CEO Ryan Howard disclosed to TechCrunch that the round itself was oversubscribed, and had to accommodate investors who were not able to participate in the firm's early Series D fundraising.
On the other hand, Howard said Practice Fusion would need to focus into mobile, as more healthcare professionals like doctors use iPads and other mobile gadgets in their practice, and that patients are referring to their smartphones for medical records and appointments. Howard gave a hint that some of its investors, in particular Qualcomm, are strategic investors as the company prepares to release new products early 2014.
Moreover, TechCrunch said Practice Fusion now has the funds to make strategic acquisitions to build its growth, which could also lead to public markets in the next two years.
Despite encountering controversy regarding patient record privacy, Patient Fusion has not been unnerved with its plans to push forward with its growth plans, TechCrunch noted. The firm has grown its staff to over 300 people, facilitated over 55 million in patient visits all over the US, and launched its Patient Fusion patient booking and reviews portal.
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