Phreesia to Accelerate Growth with $16 Million Investment Led by Ascension Health Ventures
Strategic investment increases presence of self-service solutions enabling clinicians to conveniently collect patient information and payments
New York, NY – May 25, 2010 - Phreesia, the leading patient check-in company, announced today the close of a $16 million Series D investment. Ascension Health Ventures (AHV) led the round, joining existing investors BlueCross BlueShield Venture Partners, L.P., Sandbox Industries, Polaris Venture Partners, HLM Venture Partners, and Long River Ventures. As part of the investment, Victor Kats, Investment Manager at Ascension Health Ventures, will be joining Phreesia's board of directors.
"We're excited to have AHV leading this round. AHV is a strategic venture fund investing on behalf of four of the largest not-for-profit health systems in the country. Working with a fund like AHV that shares our mission to provide patient-centered care is important for Phreesia," said Phreesia's CEO and co-founder, Chaim Indig. "This investment will enable Phreesia to continue to expand its presence in the healthcare market so as to provide additional clinical value and increase revenue for clinicians across all 50 states."
Phreesia's technology platform automates the patient check-in process in thousands of physician offices and urgent care centers in the U.S. Its wireless touchscreen pads are used by patients to verify and update demographic and insurance information and provide valuable clinical information that seamlessly integrates into existing practice management and electronic health record systems. Physicians and other stakeholders are able to communicate and engage with patients at the time of care based on the medical condition(s) reported during the check-in process.
Victor Kats at AHV said, "This investment reinforces our belief that Phreesia is addressing a significant need for improved capture of clinical and demographic information at the point of care. By giving providers access to clinical tools that help meet emerging "meaningful use" requirements and that share vital patient information across venues of care, Phreesia is adding value for multiple stakeholders. We're proud to partner with an innovative and fast-growing healthcare company such as Phreesia."
Established in 2001 by Ascension Health, AHV closed a second fund in 2007 with $200 million in commitments from Ascension Health, Catholic Health East, Catholic Health Initiatives and Catholic Healthcare West. These health systems serve their communities through over 200 acute care hospitals and hundreds of outpatient facilities across 38 states and the District of Columbia.
About Ascension Health Ventures
Ascension Health Ventures was launched in 2001 as a wholly-owned subsidiary of Ascension Health. AHV’s role has been to construct and manage a strategic portfolio of investments that deliver a venture investment return, have the potential to transform the healthcare industry and significantly enhance the quality of patient care. CHV II, LP, a limited partnership between Ascension Health, Catholic Health Initiatives, Catholic Health East and Catholic Healthcare West, has been formed to expand this strategic investment initiative to other Catholic healthcare systems. AHV is the general partner of CHV II, LP.
Phreesia is the national leader in patient check-in. By automating patient intake, Phreesia allows medical practices to conveniently collect patient information and payments. 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.