Hello Health has announced the closing of an $11.5M round of financing to support increased demand for the company’s EHR platform. As physicians struggle to maintain their primary care practices, Hello Health offers a channel for transparent communications and the opportunity for providers to develop independent revenue streams making this the first electronic health revenue system available. Furthermore, the entire Hello Health platform is available to physicians free of charge. Today’s round, along with a $10M funding round in late 2011, brings the company to more than $20M raised in the last year. First Generation Capital Inc., as lead investor, financed $10M of the round.
Hello Health will use this money to support the expansion of its platform for increased physician revenue opportunities and to develop strategic partnerships. The notion that physicians are all wealthy is a challenge providers must overcome if they want to remain independent. More and more physicians are selling their practices to hospitals, simply because they can no longer afford to provide excellent clinical care and run a profitable business. In most cases, physicians and medical office managers are tasked with understanding all of the business functions of the office in addition to their primary responsibilities as providers of patient care.
“Independent physicians are beginning to test alternative business models,” said Ian Ihnatowycz, president and chief executive officer 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 chief executive officer of Myca(R) 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.”