Anodyne Health Partners Secures $5.6 Million Growth Financing.Anodyne anodyne /an·o·dyne/ (an´ah-din) 1. relieving pain. 2. a medicine that eases pain. an·o·dyne n. An agent that relieves pain. Delivers Revenue Cycle Solutions to Healthcare Industry through Outsourced Billing Services and Business Intelligence Software ATLANTA & PORTLAND, Maine Portland is the largest city in the U.S. state of Maine, with a 2004 population of 63,882. Portland is Maine's cultural, social and economic capital. Tourists are drawn to Portland's historic Old Port district along Portland Harbor, which is at the mouth of the Fore River and part -- Anodyne Health Partners ("Anodyne"), a leading provider of revenue cycle management solutions for healthcare providers, announces today it has received a $5.6 million growth capital investment. Brook Venture Partners, Frontier Capital, Brooke Private Equity Advisors and the Small Enterprise Growth Fund participated in the financing. Anodyne provides business intelligence ("BI") software and outsourced billing services to large provider groups and hospital-based physician hospital-based physician A physician who provides 'clinical support' for Pt management, performing medical services within a hospital/health center Examples Radiologists, anesthesiologists, pathologists, ER physicians– practices. Founded in 2003, Anodyne was previously angel financed and has been profitable since early 2005. Michael Funk Michael Funk (born August 15, 1986, in Abbotsford, British Columbia) is a professional ice hockey defenceman. He was drafted by the Buffalo Sabres in the second round, 43rd overall, of the 2004 NHL Entry Draft. , Anodyne's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , indicated that the company sought this round of funding to accelerate improvements in each of its revenue cycle solutions. "We plan to put these new funds to work to rapidly enhance our existing products while building a world-class service infrastructure to improve the experience we create for our customers." Anodyne's new investors were drawn to the company by its experienced management team and the demonstrated results of the company's offerings. "We have great respect for Anodyne's management and the achievements they have made since founding the company," said Walter Beinecke, Partner, Brook Venture Partners. "We believe that the Anodyne team can utilize these additional resources to drive the company to a prominent position in the industry." Added Michael Ramich, Partner, Frontier Capital, "our diligence indicated that Anodyne's BI product has uniquely positioned the company as a billing service provider with superior diagnostic capabilities. Anodyne's customers enthusiastically claim improved billing, accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying and cash collection results." Anodyne was founded to meet the substantial and growing need for physician practices and hospitals to actively manage their billing and collections to recapture recapture n. in income tax, the requirement that the taxpayer pay the amount of tax savings from past years due to accelerated depreciation or deferred capital gains upon sale of property. (See: income tax) RECAPTURE, war. revenue which has been lost to increased regulatory pressures and declining reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. rates. The company's BI offering gives provider organizations a powerful analytics tool that is very easy-to-use, extremely fast and has been tailored to support the specific needs of nearly all types of healthcare business professionals. Anodyne's product is delivered through a "software-as-a-service" model whereby customers access their information over the internet and pay a monthly subscription fee. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Funk, "our BI product is filling a void within most large group practices by putting the information they need for generating improved results at the fingertips "Fingertips" is a 1963 number-one hit single recorded live by "Little" Stevie Wonder for Motown's Tamla label. Wonder's first hit single, "Fingertips" was the first live, non-studio recording to reach number-one on the Billboard Pop Singles chart in the United States. of their people". About Brook Venture Partners Brook Venture Partners provides expansion stage capital through Brook Venture Fund I & II to information technology and medical technology companies located in the Northeastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The firm focuses on investments of $1-5 million and seeks companies located within underserved geographic markets. Brook is headquartered outside Boston in Wakefield, MA. For information call 781-295-4000 or visit www.brookventure.com. About Frontier Capital Frontier Capital is a private equity investment firm that provides expansion capital to high growth business services companies. These companies typically utilize technology, an innovative business process, or a unique expertise to deliver a differentiated service Differentiated Service is a design pattern for business services and software, in which the service varies automatically according to the identity of the consumer and/or the context in which the service is used. to their customers. They have a proven solution in the marketplace and need capital to accelerate growth. The firm is based in Charlotte, NC and invests throughout the Southeast and Mid-Atlantic regions. For additional information visit the Frontier Capital website at www.frontierfunds.com. About Anodyne Health Partners Anodyne delivers revenue cycle solutions to healthcare provider organizations including physician billing, medical coding and business intelligence ("BI") software. The company's BI solution, offered to large provider enterprises, is delivered through a software-as-a-service model over the internet, and is creating a fundamental shift in the manner that healthcare business professionals access information. The company's billing solution helps small and mid-sized practices drive greater revenues, minimize compliance risk and gain a deep understanding of the business side of their practices. Anodyne currently serves organizations with over 2,000 physicians collectively. To learn more about Anodyne, please visit www.anodynehp.com. |
|
|||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion