Clinicient Secures $5 Million in Venture Capital Funding

Funding to support next generation revenue cycle management for outpatient

rehabilitation market

    PORTLAND, Ore., Nov. 28 /PRNewswire/ -- Clinicient, Inc., a leader in
 software-enabled revenue cycle management solutions for outpatient
 rehabilitation clinics, announced today that it has closed $5 million in
 funding from Village Ventures and Highway 12 Ventures.
 
     Clinicient partners with outpatient rehabilitation clinics to provide a
 unique and comprehensive service that takes a new approach to helping
 clinics grow revenue by combining software, services, and industry-specific
 knowledge to reduce errors and improve efficiency. The investment will be
 used to build the next generation of software-enabled revenue cycle
 management, specific to the outpatient rehabilitation market, which
 includes extending a proprietary knowledge base and rules engine, expanding
 an expert-level billing service and growing the company to meet the
 increasing demand for their solution.
 
     "Traditionally, outpatient rehabilitation clinics have had the option
 of purchasing software and managing a billing staff or outsourcing billing.
 These methods have failed to produce results, causing the business model to
 change in the market," states Jim Plymale, CEO of Clinicient, Inc. "We've
 taken a unique approach to solving this problem, and are positioned to
 provide our customers with a level of service not previously possible, so
 they can focus on patient care."
 
     Clinicient's product, Insight, is the only solution for outpatient
 rehabilitation clinics that combines intuitive web-based software, a payer
 knowledge base and rules engine, and expert billing and collections
 services. "Our business is providing great care -- not staying on top of
 changing payer rules or the latest coding practices," says customer Steve
 Messenio, a Physical Therapist, Co-owner and Executive Director of
 All-Access Physical Therapy. "By working with Clinicient, we are tapping
 into expertise that has been developed over years, across many different
 clients, payers, and geographies. Even if we hired our own experts, we
 wouldn't be able to match Clinicient's knowledge base, and we certainly
 wouldn't be able to keep it up-to-date. With Clinicient, our cash-flow
 quickly went back to normal and collections per month rose 12%."
 
     "As outpatient rehabilitation providers look for ways to grow revenues,
 bring better visibility to their cash flow and gain greater control over
 their business, we see a considerable opportunity and Clinicient has
 demonstrated their ability to develop proven solutions to fill this gap,"
 said Matt Warta, partner at Village Ventures. Mark Solon, managing partner
 at Highway 12 Ventures, adds, "With this funding, Clinicient can advance
 their infrastructure and continue to develop the best platform in the
 market, as well as grow the company to meet market demand."
 
     About Clinicient, Inc.
 
     Clinicient is focused exclusively on the success of outpatient
 rehabilitation businesses. With our unique software-enabled Revenue Cycle
 Management service, owners and managers will see increased cash flow and
 revenue per therapist. Clinicient combines web-based clinical and billing
 management software, a constantly expanding knowledge base and rules
 engine, and expert-level billing services to deliver unprecedented
 improvement, visibility and control of your business.
 
     About Village Ventures
 
     Village Ventures is a seed and early stage venture capital firm
 focusing on three primary sectors: consumer media and retail, health care
 and financial services. Our strategy is to partner with leading
 entrepreneurs creating innovative products and solving complicated problems
 in those industries. Visit http://www.villageventures.com for more
 information.
 
     About Highway 12 Ventures
 
     Highway 12 Ventures is a leading early-stage venture firm investing in
 high-growth, entrepreneurial companies in the Intermountain West states of
 Idaho, Utah, Montana and Colorado. With over $100 million under management,
 it is Idaho's largest venture capital firm. Highway 12 Ventures is part of
 the Village Ventures nationwide network of venture capital funds. For more
 information call (208) 345-8383 or visit http://www.highway12ventures.com.
 
 
 

SOURCE Clinicient, Inc.