Phreesia Experiences Strong Growth in 2010
Successful Product Enhancements, Increased Investor Interest and Strategic Partnerships Illustrate Market Need for Leading Patient Check-In Solution
NEW YORK, NY.—Feb. 8, 2011—Phreesia, the leader in patient check-in solutions, saw significant corporate developments on many fronts this past year, including substantial interest from the investment community, strategic partnerships with key organizations and important enhancements to the PhreesiaPad, the company’s flagship product.
Payment Capabilities Empower Patients, Improve Practice Revenue
Used by physician practices in all 50 states, the PhreesiaPad is an easy-to-use wireless touchscreen tablet that replaces the clipboard. Patient self-pay capabilities were added in January 2010, allowing patients to conveniently pay their co-pays or make payments against outstanding balances using an integrated card swipe. Since adding this capability, clients using payment services have seen a 10 percent average increase in collections. As a result, Phreesia has helped collect nearly $5 million for clients using the Phreesia Payment Services.
Further strengthening its payments offering, Phreesia struck a five-year strategic alliance with Elavon, a leading global payments provider, who is now Phreesia’s exclusive payments processing provider. Additionally, Elavon now offers Phreesia’s automated patient check-in solution to its healthcare customers across the United States, further expending Phreesia’s footprint.
In Q4 2010, Phreesia achieved certification status as a Level 1 Service Provider compliant with the Payment Card Industry Data Security Standard (PCI DSS). PCI compliance is critical for ensuring that service providers working with financial institutions, credit card issuers and merchants, including physician practices, maintain full integrity and security over customer data. According to the PCI Data Security Standard, service providers must demonstrate the controls, procedures and technology covering the 12 PCI DSS requirements, including categories related to building and maintaining a secure network, protecting cardholder data, maintaining a vulnerability management program and upholding an information security policy. The standard applies to all organizations that hold, process or exchange cardholder information from the major card brands.
With its ability to collect and update critical patient information, verify patient insurance and collect payments automatically during the check-in process, the PhreesiaPad was recognized as one of the “Coolest Products of 2010” by Health Management Technology.
PhreesiaPad Bridges Waiting Room with Exam Room
While the PhreesiaPad is designed as a standalone solution, it also integrates with a wide range of electronic health record (EHR) and practice management (PM) systems for even greater practice and clinical efficiencies. In 2010, the patient check-in solution was tuned to seamlessly work with several major PM solutions, including Allscripts® Professional PM, GE Healthcare’s Centricity® Physician Office PM and NextGen® EPM. Integration with PM and EHR systems continues in 2011 to support Phreesia’s commitment to practice satisfaction and ease of use.
VCs See Need for Patient Check-In Technology
Phreesia saw strong commitment by the venture capital community in 2010, with $20 million dollars invested in the company. The Series D investment round, led by Ascension Health Ventures, included investors BlueCross BlueShield Venture Partners, Sandbox Industries, Polaris Venture Partners, HLM Venture Partners, Long River Ventures and VantagePoint Venture Partners. As part of their investment, Ascension Health Ventures’ Investment Manager Victor Kats joined Phreesia’s board of directors.
“As healthcare IT initiatives continue, Phreesia is well-positioned to benefit from the industry-wide interest in using technology to enhance the quality of clinical care, increase practice revenue and improve office productivity,” said Chaim Indig, Phreesia’s CEO and co-founder. “We look forward to an even more successful 2011, with continued technology innovation and making further in-roads towards our goal of replacing the clipboard with the PhreesiaPad in every physician practice in the U.S.”
Phreesia is the nationally recognized leader in simplifying the patient check-in experience for medical practices and their patients. By automating patient intake, the PhreesiaPad allows practices to effortlessly collect patient information, verify insurance and collect payments at the point of care. Phreesia delivers fully interactive content direct to patients, and is designed to interface with clinicians’ existing and future technology. Phreesia is committed to enhancing the patient experience and enabling clinicians to stay at the forefront of patient care. For more information, visit www.phreesia.com.
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