Medsphere Systems Corporation, a provider of affordable and interoperable healthcare information technology (IT) solutions and services, today announced it has raised $32 million in funding from Morgan Stanley Expansion Capital and East West Bank. The Carlsbad, CA-based company plans to use the capital infusion to address the growing demand for its comprehensive suite of healthcare IT solutions and services, and support future strategic acquisitions.
Founded in 2002, Medsphere’s suite of SaaS solutions are available to all inpatient and ambulatory facilities, including behavioral health hospitals, specialty clinics, and multi-facility systems, regardless of size and budget. Medsphere’s suite of solutions and services includes:
· Medsphere’s CareVue electronic health record (EHR) for inpatient facilities
· ChartLogic solution for clinics, and RCM Cloud system for revenue and back office ensures complete electronic support for clinicians and staff across the spectrum of care.
· Medsphere’s Phoenix Health Systems division delivers superior, vendor-independent healthcare IT consulting, service desk support and infrastructure outsourcing services to a wide range of clients nationwide.
By making CareVue, RCM Cloud and ChartLogic available in the cloud and combining them with a subscription service, Medsphere has dramatically reduced the financial and technological burdens that have historically fallen on healthcare organizations themselves, thus allowing customers to achieve their ultimate goals of lowering costs and delivering the highest quality care to patients.
Recent Traction & Growth
Over the past two years, Medsphere has benefited from steadily increasing interest among healthcare organizations in a subscription approach to healthcare IT acquisition. The company’s subscription revenue grew 46 percent in 2017 and is on track to grow significantly again this year.
“We are very pleased to have Morgan Stanley Expansion Capital’s support for our growing organization,” said company President and CEO Irv Lichtenwald. “Both Morgan Stanley Expansion Capital and East West Bank have a clear understanding of our unique and disruptive business model and approach and recognize the potential of Medsphere to bring real change to healthcare IT.”