Franklin-based health care software company Relatient announced Tuesday it has received its first round of venture capital funding. The investment was led by Jim Sohr, the former president of AIM Healthcare, and also included an investment from Nashville serial entrepreneur Joe Storey, most recently of WedMedx. The money will enable Relatient to expand its sales force and build out its messaging product lineup. Relatient co-founder and CEO Sam Johnson said in a release the company plans to expand its regional reach into a national footprint.
Local investment firm Relevance Capital has teamed with Grotech Ventures out Virginia to put $6 million into PassportParking, which markets software for parking companies and consumers who can use their mobile phones to pay. PassportParking, which is based in Charlotte, was founded in 2010 and fits right into Relevance's cloud-based software sweet spot.
Nashville-based medical technology solutions provider Lincor Solutions Inc. has launched a portfolio of products for delivering its patient engagement technology to hospitals and health systems.
Powered by technology that provides access to clinical, administrative and entertainment systems within a single platform, Lincor’s LINC product portfolio offers solutions for increasing patient satisfaction scores, improving clinical outcomes, reducing unnecessary readmissions and facilitating electronic health record (EHR) adoption, the company said in a release.
The introduction of LINC, which replaces MEDIVista, follows the company’s June hiring of two key officials (read more here) and its March announcement it had moved its headquarters to Nashville (read more here).
New links between hospitals’ Medicare reimbursement and their performance on patient satisfaction surveys, readmission rates and the Meaningful Use of EHRs have made patient engagement a financial imperative, according to Lincor CEO Richard Cooke (pictured). In the first year of the Hospital Readmissions Reduction Program, for example, the Centers for Medicare and Medicaid Services charged 2,213 hospitals about $280 million for excess readmissions.
“Lincor is dedicated to empowering patients by giving them the tools and technology to become engaged in and informed about their care. Given the new reimbursement environment, we understand there’s a lot at stake for hospitals,” Cooke said in the release. “Our new products provide a range of user-friendly solutions that can be adopted individually, or combined, to meet hospitals’ unique goals around HCAHPS scores, readmission reduction, and technology adoption.”
Advisory Board Co. has acquired Care Team Connect, an Illinois-based developer of population health management tools that was backed early on by a trio of local investors. Way back in 2010, Martin Companies teamed up with Heritage Group and the Nashville Capital Network as well as some other firms to pump $2.7 million into Care Team Connect, whose software helps providers coordinate their care plans.
“This is a very successful exit for Nashville Capital Network, NCN Angel Fund I, and our angel partners. Our Nashville-led investment syndicate included some of the leading health care entrepreneurial investors in our community. Ultimately, some of the relationships within our group led to the connection with The Advisory Board,” said Sid Chambless, Executive Director of Nashville Capital Network.
The leaders of local legal software developer Cicayda are raising more capital for the two-year-old company, which put a bow on its second raise this summer. As then, CEO Roe Frazer and his downtown-based crew have their eyes on $1 million.
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