A venture capital firm with a focus on health care IT is pumping $9.5 million into an Irish company that markets archiving, medical records and communications services to hospitals and patients worldwide and will soon relocate its home office to Nashville.
Officials at Edison Ventures say they plan to grow Lincor Solutions’s U.S. client list, which includes HCA Holdings’ Aventura Hospital and Medical Center in Florida and the 9,000-employee MultiCare nonprofit system in Washington state. The company already runs one of its two U.S. offices at American Center on West End Avenue and also has outposts in Canada, France and Austria in addition to its current HQ in Ireland. The 10-year-old company’s MEDIVista platform is being used in more than 110 hospitals.
“Lincor is an ambitious company with a unique technology at the center of healthcare IT,” said CEO Richard Cooke. “The healthcare industry is experiencing tremendous cost and care delivery challenges particularly in the United States. This financing will enable us to aggressively expand our market presence in the U.S. and accelerate our product development.”
Lincor’s research, development and sales offices in Cork, Ireland, will stay there. New Jersey-based Edison officials say their money will support product development in addition to buying out existing shareholders. A report in an Irish publication says Edison's investment sets the stage for the addition of 30 jobs in the United States and Ireland.
“Lincor’s technology acts as the primary point of information integration and distribution for patients,” said Lenard Marcus, a principal at Edison. “Hospitals utilizing the technology have demonstrated increased physician-patient interactions, lower patient re-admissions, and an improvement in clinical outcomes. Several U.S. customers have increased their HCAP scores since implementing the product.”
Marcus has joined the board of Lincor along with Dick Cook, a member of Edison’s director network. Edison last year wrapped up its seventh fund by raising $249 million.