September 1, 2015
Patient engagement platform Medfusion reels in $3 million
Cary, North Carolina-based patient engagement platform Medfusion Inc has raised $3 million in funding. The investors were Bull City Venture Partners and Hatteras Venture Partners. In conjunction with the funding, David Jones of Bull City Venture Partners and John Crumpler of Hatteras Venture Partners have been appointed to Medfusion’s board.
CARY, N.C., Sept. 1, 2015 /PRNewswire/ — Medfusion, Inc., a patient engagement platform dedicated to facilitating the relationship between doctors and patients, today announced a $3 million investment from two Durham, N.C.-based venture capital firms.
“We welcome the financial strength and business association with Bull City Venture Partners and Hatteras Venture Partners,” said Steve Malik, Medfusion Founder and Executive Chairman. “Both firms’ experience working at the intersection of the software, healthcare and life sciences industries will help Medfusion accelerate our goal of using technology to make healthcare easier for everyone.”
Medfusion has evolved from a patient portal business into a robust patient engagement platform, complete with a new portal interface, a patient-focused revenue cycle offering—Medfusion Pay—and the introduction of Medfusion’s first consumer mobile application, Medfusion Plus. This new application allows patients to aggregate their disparate health records, as well as those of their family members, on their mobile devices.
“We have a distinguished history of providing innovative technology to healthcare providers—allowing them to engage and communicate with their patients,” said Vern Davenport, Medfusion Chief Executive Officer. “And over the past few years, we’ve watched ‘consumerism’ take hold in the healthcare industry as a result of federal legislation, as well as healthcare cost shifting from employers to patients.
“Our customers are moving to new business models in healthcare with changing reimbursements—all while assuming more risk than ever before,” Davenport continued. “Further, their patients are assuming more of the cost burden through high deductible health plans and other insurance tools. We must adapt as an industry to these major shifts, and with our new direction, we’re confident that Medfusion will lead the way to meet the needs of both providers and patient consumers through our platform and mobile initiatives.”
David Jones, Partner, Bull City Venture Partners, commented, “We’ve known Steve (Malik) and Vern (Davenport) for a number of years and respect the success that they’ve achieved as a result of their strategic thinking, strong networks and business acumen. We are impressed with the resources Medfusion is dedicating to grow its core competencies to serve provider organizations and consumers. This is an exciting time to be in healthcare, and we’re proud to be part of the Medfusion Team.”
John Crumpler, General Partner, Hatteras Venture Partners, expressed similar sentiment. “We’re very impressed with the technology development at Medfusion over the past couple of years, the people leading the efforts, and the associated process and quality rigor. But just as important, we’re impressed with the vision of the organization. Medfusion could have been satisfied with being the leader in patient portals and patient engagement, as rated in the recent KLAS report, but they knew the company could expand to meet even more of the changing and complex needs of the industry. We look forward to working with this great team.”
As part of the investment, both Jones and Crumpler have joined the Medfusion Board.
About Bull City Venture Partners Bull City Venture Partners is a venture capital firm focused on partnering with the best technology entrepreneurs to create market-leading companies. Learn more at www.bcvp.com.
About Hatteras Venture Partners Hatteras Venture Partners is a venture capital firm based in Research Triangle Park, NC with a focus on seed and early stage opportunities in biopharmaceuticals, medical devices, diagnostics, healthcare IT, and related opportunities in human medicine. The firm has over $350 million under management in five venture capital funds. Hatteras is led by a seasoned team of entrepreneurs and operators and has a long and successful track record of seed and early stage investing and company formation. Learn more at www.hatterasvp.com.
About Medfusion Medfusion delivers transformative technology and services that put patients in control of their healthcare and enable providers to thrive in a value-based healthcare delivery environment. Our patient portal, evolving platform and mobile capabilities connect more than 11 million patients to their healthcare providers—facilitating bi-directional communication, enhancing patient engagement and improving the practice’s financial operations. For more information, please visit www.medfusion.com.
-by Iris Dorbian for PE HUB
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