Sept.27, 2006: Anodyne Health Secures $5.6 Million in Growth Financing
Atlanta, GA September 27, 2006 – Anodyne Health, a leading provider of revenue cycle management solutions for healthcare providers, announces today it has received a $5.6 million growth capital investment. Brook Venture Partners, Frontier Capital, Brooke Private Equity Advisors and the Small Enterprise Growth Fund participated in the financing. Anodyne provides business intelligence (“BI”) software and outsourced billing services to large provider groups and hospital-based physician practices.
Founded in 2003, Anodyne was previously angel financed and has been profitable since early 2005. Michael Funk, Anodyne’s CEO, indicated that the company sought this round of funding to accelerate improvements in each of its revenue cycle solutions. “We plan to put these new funds to work to rapidly enhance our existing products while building a world-class service infrastructure to improve the experience we create for our customers.”
Anodyne’s new investors were drawn to the company by its experienced management team and the demonstrated results of the company’s offerings. “We have great respect for Anodyne’s management and the achievements they have made since founding the company,” said Walter Beinecke, Partner, Brook Venture Partners. “We believe that the Anodyne team can utilize these additional resources to drive the company to a prominent position in the industry.” Added Michael Ramich, Partner, Frontier Capital, “our diligence indicated that Anodyne’s BI product has uniquely positioned the company as a billing service provider with superior diagnostic capabilities. Anodyne’s customers enthusiastically claim improved billing, accounts receivable and cash collection results.”
Anodyne was founded to meet the substantial and growing need for physician practices and hospitals to actively manage their billing and collections to recapture revenue which has been lost to increased regulatory pressures and declining reimbursement rates. The company’s BI offering gives provider organizations a powerful analytics tool that is very easy-to-use, extremely fast and has been tailored to support the specific needs of nearly all types of healthcare business professionals. Anodyne’s product is delivered through a “software-as-a-service” model whereby customers access their information over the internet and pay a monthly subscription fee. According to Funk, “our BI product is filling a void within most large group practices by putting the information they need for generating improved results at the fingertips of their people”.
About Brook Venture Partners
Brook Venture Partners provides expansion stage capital through Brook Venture Fund I & II to information technology and medical technology companies located in the Northeastern United States. The firm focuses on investments of $1-5 million and seeks companies located within underserved geographic markets. Brook is headquartered outside Boston in Wakefield, MA. For information call 781-295-4000 or visit www.brookventure.com.
About Frontier Capital
Frontier Capital is a private equity investment firm that provides expansion capital to high growth business services companies. These companies typically utilize technology, an innovative business process, or a unique expertise to deliver a differentiated service to their customers. They have a proven solution in the marketplace and need capital to accelerate growth. The firm is based in Charlotte, NC and invests throughout the Southeast and Mid-Atlantic regions. For additional information visit the Frontier Capital website at www.frontierfunds.com.
About Anodyne Health, Inc.
Anodyne Health, Inc. (www.anodynehealth.com) delivers revenue cycle solutions to healthcare provider organizations including physician billing, medical coding and business intelligence (“BI”) software. The company’s billing solution helps practices drive greater revenues, minimize compliance risk and gain a deep understanding of the business side of their practice. Our unique, easy-to-use web-based business intelligence (“BI”) software revolutionizes access to your revenue cycle information and data that was once thought difficult, or even impossible, to obtain.
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