Patient education tech PatientPoint scores $140 million to fuel growth
Cincinnati-based PatientPoint, which provides point-of-care patient education and engagement technology, has reeled in $140 million in new capital.
The capital comes from private investment firms Searchlight Capital Partners and Silver Point Capital.
Founder and CEO Mike Collette plans to “dramatically” expand the digital footprint of the company’s point-of-care networks.
PatientPoint programs provide content through a host of delivery channels including digital waiting room screens in physician offices and hospitals and interactive touchscreens in patient exam rooms. Patient Point develops its content in-house to customize education to specific specialties, the better to target the specific needs of patients and providers at the point of care.
"We have invested a significant amount of financial and human capital into product development over the past six months to ensure that our programs are truly best in class," Collette said in a statement.
Collette recently returned to lead the company. He expects that by 2019 PatientPoint would provide programs for 60-70 percent of prescriptions in the most strategically important specialties.
To date, PatientPoint programs are based in more than 31,000 physician offices and 1,000 hospitals nationwide.
"While much of our growth will be through amplification of existing programs, we will also be solidifying several acquisitions and partnerships that will further strengthen our product offerings," healthcare media entrepreneur Traver Hutchins said in a statement. Hutchins recently joined PatientPoint in the new position of chief growth officer.