One Medical Passport Lands $4M
WILLINGTON, CT, One Medical Passport announced today that it has closed a $4 million Series A investment from FCA Venture Partners, a Nashville-based venture capital firm focused on healthcare IT.
One Medical Passport's online software is used by over two million patients and 700 medical facilities annually throughout the U.S., and its customers include many of the top healthcare management companies. The solution enhances the involvement of patients in their own care before, during and after surgery and medical procedures and improves the communication and collaboration between patients, doctors, and medical facilities. The funds will be used to fuel the company's aggressive growth plans as it continues to build out its cutting-edge software suite and finishes development of its comprehensive patient engagement solution.
'I am excited by the opportunities that this infusion of capital brings to One Medical Passport,' said Dr. Punzak, CEO of One Medical Passport. 'Being self-funded until this point was a good discipline for us; it taught us to live within our means, prioritize what we were doing, and focus on flawless execution. However, during this past year, we sensed that the market and our company were at a very unique inflection point and that a small amount of outside capital would have a dramatic effect on our company and on our ability to bring our solutions to a much broader market. After discussions with several VC firms, FCA was the clear choice for us. We liked the fact that FCA was really in tune with the healthcare IT market, that the principals were hands-on, and that they truly understood the potential for our software and our company.'
'This was a very unique investment opportunity for us,' said John Burch, managing partner of FCA. 'What Steve and his team have accomplished is really quite remarkable. In this age of sky-high valuations for companies with no revenue and no clear path to profitability, they have built a company the old-fashioned way: recognizing an opportunity to improve the way things are done, and then delivering a solution that exceeds expectations. In addition, their management team is very strong and has worked together for years; they have a very clear vision of where they want to take this company.'
'What really excites us is their opportunity for growth,' added Matt King, managing partner at FCA. 'The patient engagement solution that they are building has been shown to several key healthcare executives and clinicians. The overwhelming response has been that this is going to transform how patients prepare for and recover from surgery.'
Formerly known as Medical Web Technologies, LLC, One Medical Passport pioneered the concept that the internet could be used to improve inefficient healthcare processes that were still largely performed by phone calls, faxes, and pen and paper. Founded in 2000 by Stephen Punzak, MD, an anesthesiologist who also holds a degree in finance from Boston College's School of Management, the company initially focused on the pre-admission process. The core software was designed as a patient-friendly, cloud-based solution that guides patients through the process of providing their own pre-admission health histories as well as insurance and demographic information. In 2011 the company was awarded a patent for its software by the US Patent Office. Over the ensuing years, the company continued to build out its suite of cloud-based software and partnered with leading medical information system companies to integrate its software into their applications. In 2015 the company announced that it was beginning development on a comprehensive patient engagement solution that will significantly enhance the capabilities of its core One Medical Passport software. This new solution will change the way patients prepare for and recover from surgery by greatly improving communication amongst patients, medical facilities, and physicians and by delivering interactive care plans that are individualized for each specific patient.
About One Medical Passport, Inc.
One Medical Passport helps ASCs, hospitals and physician offices work more efficiently while simultaneously improving patient care and increasing patient satisfaction. The suite of products significantly streamlines processes from pre-op through post-op, with one cloud-based, easy-to-use, affordable system. The result is more accurate information, happier and more productive staff and a better, safer patient experience. One Medical Passport works with a facility's current workflows and enhances the capabilities of existing information systems while generating an immediate and significant ROI.
About FCA Venture Partners
FCA Venture Partners, the venture capital manager of Clayton Associates, was founded in 1996 by R. Clayton McWhorter, founder of HealthTrust, Inc. and former chairman of Hospital Corporation of America (HCA), and Stuart C. McWhorter, President and Chairman, to serve as a platform for investing in transformational healthcare and technology related strategies. FCA Venture Partners is focused on healthcare services and information technology businesses in early to growth stages with disruptive, scalable business models, led by strong management teams with sector specific expertise. FCA is led by Managing Partners, Matthew A. King and John R. Burch, Jr. FCA and its affiliates have invested $175 million in over 90 companies to date, resulting in more than $7 billion in annualized revenue.
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