Clinicient Secures $5 Million in Venture Capital Funding
Funding to support next generation revenue cycle management for outpatient rehabilitation market
PORTLAND, ORE. – November 27, 2007 – Clinicient, Inc., a leader in software-enabled revenue cycle management solutions for outpatient rehabilitation clinics, announced today that it has closed $5 million in funding from Village Ventures and Highway 12 Ventures.
Clinicient partners with outpatient rehabilitation clinics to provide a unique and comprehensive service that takes a new approach to helping clinics grow revenue by combining software, services, and industry-specific knowledge to reduce errors and improve efficiency. The investment will be used to build the next generation of software-enabled revenue cycle management, specific to the outpatient rehabilitation market, which includes extending a proprietary knowledge base and rules engine, expanding an expert-level billing service and growing the company to meet the increasing demand for their solution.
“Traditionally, outpatient rehabilitation clinics have had the option of purchasing software and managing a billing staff or outsourcing billing. These methods have failed to produce results, causing the business model to change in the market”, states Jim Plymale, CEO of Clinicient, Inc. “We’ve taken a unique approach to solving this problem, and are positioned to provide our customers with a level of service not previously possible, so they can focus on patient care.”
Clinicient’s product, Insight, is the only solution for outpatient rehabilitation clinics that combines intuitive web-based software, a payer knowledge base and rules engine, and expert billing and collections services. “Our business is providing great care – not staying on top of changing payer rules or the latest coding practices,” says customer Steve Messenio, a Physical Therapist, Co-owner and Executive Director of All-Access Physical Therapy. “By working with Clinicient, we are tapping into expertise that has been developed over years, across many different clients, payers, and geographies. Even if we hired our own experts, we wouldn’t be able to match Clinicient’s knowledge base, and we certainly wouldn’t be able to keep it up-to-date. With Clinicient, our cash-flow quickly went back to normal and collections per month rose 12%.”
“As outpatient rehabilitation providers look for ways to grow revenues, bring better visibility to their cash flow and gain greater control over their business, we see a considerable opportunity and Clinicient has demonstrated their ability to develop proven solutions to fill this gap,” said Matt Warta, partner at Village Ventures. Mark Solon, managing partner at Highway 12 Ventures, adds “With this funding, Clinicient can advance their infrastructure and continue to develop the best platform in the market, as well as grow the company to meet market demand.”
About Clinicient, Inc.Clinicient is focused exclusively on the success of outpatient rehabilitation businesses. With our unique software-enabled Revenue Cycle Management service, owners and managers will see increased cash flow and revenue per therapist. Clinicient combines web-based clinical and billing management software, a constantly expanding knowledge base and rules engine, and expert-level billing services to deliver unprecedented improvement, visibility and control of your business.
About Village VenturesVillage Ventures is a seed and early stage venture capital firm focusing on three primary sectors: consumer media and retail, health care and financial services. Our strategy is to partner with leading entrepreneurs creating innovative products and solving complicated problems in those industries. Visit villageventures.com for more information.
About Highway 12 VenturesHighway 12 Ventures is a leading early-stage venture firm investing in high-growth, entrepreneurial companies in the Intermountain West states of Idaho, Utah, Montana and Colorado. With over $100 million under management, it is Idaho’s largest venture capital firm. Highway 12 Ventures is part of the Village Ventures nationwide network of venture capital funds. For more information call (208) 345-8383 or visit highway12ventures.com
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