ATLANTA, March 28, 2011 /PRNewswire/ -- Ingenious Med Inc., the leading practice performance management and charge capture platform, has announced that it has received $3.25 million in funding from Council Ventures of Nashville, TN. Council Ventures joins existing investor Buckhead Investment Partners of Atlanta, GA. A portion of the investment will be used to fund Ingenious Med's continued growth and a portion of the proceeds will be used to re-capitalize existing shareholders. Ingenious Med has nearly doubled in terms of revenue, clients and personnel each of the past two years.
"With Council Ventures we strengthen our strategic leadership, not only from their four general and four operating partners, but also benefit from the knowledge and networks of the 17 members of the Council Ventures CEO Council, including some of the leading serial entrepreneurs and CEOs in healthcare," said Hart Williford, CEO of Ingenious Med.
"We have been impressed with the evolution of Ingenious Med," said Grant Jackson, General Partner at Council Ventures. "Now more than ever, hospital systems are realizing the benefits of using technology to assist the clinician at the point of care in order to improve quality, more effectively manage business, enhance revenue and improve compliance capabilities. We are pleased to partner with Ingenious Med in accelerating the company's already strong and consistent growth trajectory."
Council Ventures' CEO Council Member, Tom Givens, has joined Grant Jackson on the Ingenious Med board. Givens co-founded Healthcare Management Systems, Inc. (HMS) a leading community hospital information system vendor with more than 680 hospital facilities in its customer base. He served as its Chairman and CEO from 1984 until 2007.
About Ingenious Med, Inc.
Founded in 1999 by a group of practicing physicians, Ingenious Med is an award-winning mobile platform that automates the activities of physicians when they are away from their office, whether they are rounding at a hospital, an outpatient clinic, a nursing home or even at home. Ingenious Med automates the revenue and charge capture processes for over 9,000 users in more than 800 healthcare facilities across the United States.
Ingenious Med's all-inclusive software solution is a handheld and Internet-based application that enables physicians to capture charges, enhance documentation, coding and compliance, improve quality of care, increase revenue and communicate digitally. In addition, the program aggregates management data separately from the hospital information system, so individual physician and total department performance can be accurately evaluated. For more information, visit www.ingeniousmed.com or call 404.815.0826.
About Council Ventures
Council Ventures is a healthcare-focused private equity firm that makes growth and early-growth investments in healthcare services and healthcare information technology companies that improve the quality and delivery of care, while reducing costs in the healthcare system. Portfolio company management teams can expect our team of 25 experienced investors and company builders to be actively engaged partners. The team at Council brings a deep track record of operating experience in scaling companies, and includes individuals who have built over $15 billion of realized shareholder value as President and CEO. For more information, visit www.councilventures.com or call 615.255.3707.
SOURCE Ingenious Med