Hello Health closes on new funding
Hello Health, has completed an $11.5 million round of financing to support increased demand for the company's EHR platform.
This most recent round of funding, along with a $10 million round in late 2011, brings the company to more than $20 million raised in the past year. First Generation Capital Inc., as lead investor, financed $10 million of the round.
[See also: Hello Health lands $10M in funding.]
Hello Health will use this money to support the expansion of its platform for increased physician revenue opportunities and to develop strategic partnerships, executives say.
Hello Health, which integrates an electronic health record, practice management capabilities and a patient health portal on a single, secure platform, is free to primary care practices and generates incremental revenue through a patient subscription model, execs say.
"Independent physicians are beginning to test alternative business models," said Ian Ihnatowycz, president and CEO of First Generation Capital Inc. "Research estimates one in three independent physicians will aim for higher yields by adopting subscription-based care models, and this trend will increase 100 percent annually for the next three years."
"We continue to hear from our physicians that many of the quality services they provide are actually driving their practices out of business," said Nathanial Findlay, founder and CEO of Myca and Hello Health. "Hello Health is committed to helping ensure the local, independent physician can stay in business and deliver the quality care that their patients value, for the long term."