PORTLAND, Ore., Jan. 27, 2015 /PRNewswire/ -- Clinicient Inc., a leader in outpatient rehabilitation business solutions, today announced that it secured $7 million in total debt facilities from Silicon Valley Bank. As Clinicient proudly funds its own working capital with earned revenue, the Silicon Valley Bank's funding will be used exclusively for capital expenditures that enhance its integrated software and revenue cycle management services.
"Silicon Valley Bank's partnership comes at an exciting and pivotal time for innovation at Clinicient. Our team is poised to disrupt the status quo for outpatient rehabilitation providers who have been struggling to stay afloat in the reformed healthcare delivery market," said Rick Jung, chairman and CEO of Clinicient. "Clinicient's integrated software and revenue cycle management expertise places outpatient rehabilitation therapists and practice owners on track to increase revenue, decrease operating expenses and minimize time to collect payment."
Today's Silicon Valley Bank funding announcement is the most recent endorsement by the financial community in the Company's future growth. In March 2014, growth equity firm Catalyst Investors awarded Clinicient $15 million in Series C funding. Soon after, Clinicient recruited top executive talent, including Rick Jung as CEO and chairman, and celebrated the opening of its state-of-the-art headquarters in downtown Portland. Today's news continues the Company's momentum as the revenue cycle management leader in the outpatient rehabilitation industry and as an employer of choice in Portland's vibrant start-up economy.
"It is our pleasure to work with Clinicient as they reach new levels of success and deliver high quality revenue cycle management to the outpatient rehabilitation industry," said Ron Sherman, managing director, Silicon Valley Bank in Portland. "Our goal is to support Clinicient to grow its business confidently with the right financing and connections. Clinicient is at an exciting point of growth as it scales to meet market demand with industry-leading technology and support services."
Revenue cycle management is rapidly emerging as a critical business priority for all therapy providers coping with compounding regulatory requirements and new outcomes-based reimbursement policies. Founded in 2004, Clinicient supports thousands of therapists in 45 states across the United States and facilitates the collection of nearly $1 billion in payments annually.
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. With nearly $1 billion in payments under management, 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.
About Silicon Valley Bank
Banking the world's most innovative companies and exclusive wineries, SVB offers diverse financial services, knowledge, global networks, and world-class service to increase our clients' probability of success. With $36 billion in assets and more than 1,800 employees, we provide commercial, international and private banking through our locations around the world. Forbes Magazine ranks us among America's Best Banks (2015) and Fortune named SVB one of the best places to work (2012). (Nasdaq: SIVB) www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System.
SOURCE Clinicient Inc.