Clinicient Receives $15 Million Series C Funding From Catalyst Investors, Names Industry Veteran Rick Jung As Chairman And CEO
PORTLAND, Ore. and NEW YORK, March 4, 2014 /PRNewswire/ -- Clinicient Inc, the leader in revenue cycle management software and clinical solutions for outpatient rehabilitation therapy businesses, today announced that it received $15 million in Series C funding from growth equity firm Catalyst Investors. Additionally, the Company named industry veteran Rick Jung as Chairman and CEO while Catalyst's Todd Clapp and Ryan McNally joined the Board of Directors.
"Today's evolving healthcare economy requires that our clients incorporate innovative solutions in order to sufficiently document patient care and deliver value in an environment of increased regulation and utilization management pressure from payers," said Jim Plymale, president and chief growth officer. "The additional capital enables us to expand our platform and follow-through on our commitment to providing therapy businesses with the solutions necessary to thrive while adjusting processes to comply with healthcare reform."
Founded in 2004, Clinicient is the only revenue cycle software and clinical solutions company exclusively focused on the outpatient rehabilitation therapy marketplace. Clinicient partners with thousands of therapists in 45 states and is approaching $1 billion in payments under management. Its clinically-driven cloud-based solutions help capture complete payment for quality outcomes. Serving outpatient rehabilitation businesses that have minimal technology and operational resources, Clinicient enables necessary workflow efficiencies resulting in revenue optimization and business efficiencies, so therapists can focus on patient care rather than administration.
New CEO Rick Jung has served on Clinicient's Board of Directors for six years and has a deep understanding of the specialized business and vertical sector. He has spent 25 years working in healthcare services and has extensive revenue cycle management expertise. He previously held senior management positions at US Healthcare (acquired by Aetna); Medsphere Inc., an open source EHR company; and athenahealth, Inc., where he helped pioneer cloud-based revenue cycle management solutions.
"We have a unique opportunity to support a rapidly expanding but broadly underserved market of clinical experts. I look forward to building on the fantastic work Jim has done, increasing our client base to assist more outpatient therapy businesses so they can focus their valuable resources on patient care," said Jung.
"Clinicient's fully-integrated solution and its deep domain expertise uniquely position the company to deliver tangible benefits to the outpatient rehabilitation sector and capture significant market share," said Todd Clapp, partner at Catalyst Investors. "We look forward to working with the Clinicient team and helping with the continued expansion of the business."
Cascadia Capital of Seattle, Washington acted as the exclusive financial advisor to Clinicient. For more information, please visit http://www.cascadiacapital.com.
About Catalyst Investors
Catalyst Investors is a growth equity firm focused on technology-enabled services including cloud computing, wireless infrastructure and digital media. Founded in 2000 and investing its third fund, Catalyst draws on its deep sector expertise and extensive network of industry leaders to work in true partnership with management to create long-term value. The firm makes both minority and majority investments of up to $40 million in rapidly growing companies. Catalyst is based in New York City. For more information, please visit http://www.catalystinvestors.com or follow Catalyst on Twitter: @CatalystInv.
Clinicient helps outpatient rehabilitation therapy businesses manage change with a combination of cloud-based EMR, practice management and revenue cycle management solutions that optimize the entire care cycle from patient to payment. Clinicient's solution maximizes payment while enabling therapists to deliver superior clinical outcomes that enhance the value of therapy to patient population health management. Clinicient is headquartered in Portland, Oregon. For more information call (877) 312-6494 or visit http://www.clinicient.com or follow Clinicient on Twitter @Clinicient
SOURCE Clinicient, Inc.