Practice Fusion Raises Additional $15M to Close Year of Exponential Platform Growth As the company eyes further platform expansion in 2014, investors in Series D extension include mobile technology leader Qualcomm
SAN FRANCISCO, Dec. 9, 2013 /PRNewswire/ -- Today, the country's leading health technology company, Practice Fusion, announced a Series D extension of $15 million in new funding. This extension funding, led by Qualcomm Incorporated, through its venture capital arm, Qualcomm Ventures, brings Practice Fusion's Series D funding to $85 million, with total funding raised to date at $149 million. The round was co-led by Longitude Capital, a leading healthcare venture growth fund, with continued support from returning investors Artis Ventures, Industry Ventures and Band of Angels. This investment leaves the company poised to lead the health technology market by enabling strategic acquisitions and priming the company for an eventual IPO.
This has been a year of exponential growth for Practice Fusion. No longer a scrappy startup, this year, the company has:
- Surpassed 300 employees and expanded beyond its San Francisco, Calif. headquarters with offices in Seattle, Wash. and Palo Alto, Calif.
- Facilitated more than 55 million patient visits across the country, primarily in the offices of solo- and small-practice doctors
- Launched Patient Fusion, the largest physician appointment-booking site online, with two million verified patient reviews
- Launched the first-generation version of our data analytics platform, Insight, offering unprecedented access to real-time analysis from the nation's largest clinical dataset
- Grown to the largest hub of connected labs in the country, with 300 lab partners and counting
- Launched an imaging API, with 15 radiology centers already signed and several more on deck
- Launched a billing API to allow our community easier access to preferred billing partners including NueMD, AdvancedMD and CollaborateMD
"Practice Fusion doctors have facilitated six percent of all patient visits in the US this year. This huge reach makes us the front-running health technology company, and we're going to double that reach next year," said Ryan Howard, CEO, Practice Fusion. "From connecting doctors and patients to using sophisticated data decision support to drive better care, we're the health company to watch in the year to come."
"Practice Fusion is bringing a new level of innovation to the healthcare industry," said Jack Young, director for the Qualcomm Life Fund. "Considering the reach and potential of the platform, we're excited to become a part of their long-term vision, especially as healthcare grows more personalized and mobile than ever before."
"Practice Fusion is dramatically improving patient care by delivering critical, quality information and tools at the right time and place," said Gregory Grunberg, M.D., a Managing Director at Longitude Capital. "It is a powerful and simple addition to any clinical practice setting."
The company's momentum will continue in 2014, when Practice Fusion becomes the largest community of 2014 Meaningful Use-certified providers in the country. The company will also announce new tools for doctors to proactively manage patient care with a comprehensive view of their entire patient population, as well as an expanded API to open up new opportunities for developers of health devices.
Reporters interested in additional information on this funding and Practice Fusion's growth may contact Margaret Farrell, firstname.lastname@example.org.
About Practice Fusion
Practice Fusion is the largest and fastest-growing healthcare platform, with a mission of connecting doctors, patients and data to drive better health and save lives. A driving force in modernizing American health care, Practice Fusion is used by a community of 100,000 monthly active medical professionals serving 75 million patients. In April 2013, the company launched its consumer-facing platform, Patient Fusion, where patients can find and book appointments with doctors and access their medical records. The World Economic Forum recognized Practice Fusion as a Technology Pioneer for 2013. www.practicefusion.com
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SOURCE Practice Fusion