Practice Fusion has announced over $6 million in additional funding with several new investors, including Western Technology Investment (WTI) and Scott Banister, to further fuel the company’s rapid growth. Building on earlier investments led by Founders Fund, Artis Capital Management, Morgenthaler Ventures, Felicis Ventures and Glynn Capital Management, Practice Fusion has passed $36 million in total funding.
“We had an enviable opportunity to get involved at this stage as Practice Fusion continues to establish itself as a leader in the healthcare technology space,” said Maurice Werdegar, Investment Partner at Western Technology Investment, an early investor in Facebook. “WTI is investing in an outstanding management team tackling big issues. Practice Fusion could not be better positioned in the market.”
In the competitive EMR sector, Practice Fusion dominates with over 100,000 users serving more than 20 million patients through its free web-based EMR software. The company announced last week that a forecasted 5,000 eligible medical professionals are using the EMR to qualify for up to $90 million in 2011 federal technology incentives. Excitement continues to grow in the sector; investor Auren Hoffman said that “Practice Fusion is Silicon Valley’s answer to fixing the multitrillion-dollar healthcare industry.”
“Practice Fusion has an unfair advantage in making EMRs accessible for all doctors, regardless of practice size or budget,” said Ryan Howard, CEO and Founder of Practice Fusion. “Not only do we remove the cost barriers to technology adoption for doctors, we also help them pocket $44,000 or more in EMR incentives.”
“Investors are looking to back a clear leader in the booming health tech sector,” said Jason Portnoy, CFO of Practice Fusion. “Practice Fusion is fortunate to have these world class partners assembling with a commitment to creating the largest, most efficient healthcare platform in the world. We are thankful to have such a supportive and visionary investor base.”
“I see Practice Fusion becoming the core platform for human health in the US. That’s a huge opportunity and responsibility, but this team can do it,” said Scott Banister, a prominent angel investor and former Vice President of Ideas at Idealab and co-founder of IronPort Systems.