– Medsphere raises $40M in preferred equity investment to fund the expansion of efficient, flexible, subscription-based software solutions.
– Medsphere has grown subscription revenue by over 400% using a combination of organic growth and accretive acquisitions, achieving a compounded annual growth rate of over 50%.
Medsphere Systems Corporation, the leading provider of efficient and interoperable healthcare information technology (IT) software solutions, and services, today announced new $40 million funding to support organic growth and pursue opportunistic strategic acquisitions through a preferred equity investment by TPG Sixth Street Partners.
SasS Health IT Solutions for Providers of Every Size and Budget
Founded in 2002 and based in Carlsbad, Calif., Medsphere Systems Corporation is an organization of committed clinical and technology professionals working to positively impact patient care by delivering award-winning healthcare IT solutions for providers of every size and budget. Medsphere’s inpatient portfolio includes CareVue, an integrated EHR system that incorporates clinical, financial, and patient accounting solutions, and RCM Cloud, a complete end-to-end revenue cycle management solution.
Medsphere’s ChartLogic division offers a complete ambulatory suite including EHR, Practice Management, Revenue Cycle Management, and Patient Portal. Using a vendor-independent approach to helping hospitals solve critical challenges, the Phoenix Health Systems division provides a host of healthcare IT services, including systems implementation, project management, remote service desk, end-user device management, application management, and IT leadership. Medsphere’s Government Services Division also applies legacy EHR expertise to development and testing projects for both the Department of Veterans Affairs and Indian Health Service.
Recent Traction & Growth
Over the past four years, Medsphere has grown subscription revenue by over 400 percent using a combination of organic growth and accretive acquisitions, achieving a compounded annual growth rate of over 50 percent. Medsphere’s dedication to highly responsive customer service and support has driven growth by bringing new clients to the platform and increasing the delivery of incremental products to its existing customer base. Medsphere’s suite of solutions is available to all inpatient and ambulatory facilities, including behavioral health hospitals, specialty clinics, and multi-facility systems, regardless of size and budget.
“We are pleased to add a new partner to our software solutions-driven campaign for quality, affordable healthcare,” said Medsphere President and CEO Irv Lichtenwald. “Our technology and business model allow all providers to address core needs and we are energized by the support of institutions like TPG Sixth Street Partners.”