Phreesia Secures $30 Million in Funding Led by LLR Partners to Continue Expansive Growth and Maintain Market Leadership
Phreesia, the nation's leading healthcare point-of-service platform, has announced the completion of a $30 million investment led by private equity firm LLR Partners. The investment capital will allow Phreesia to continue on its path of rapid growth, accelerate product development and broaden its customer base around the country.
Phreesia's innovative patient self-service solution, which includes electronic payment applications, clinical and administrative data collection, and consent form management, helps healthcare organizations automate front-office workflow and drive tangible bottom-line results. Through strategic partnerships with leading manufacturers of electronic health record and practice management systems, Phreesia brings healthcare organizations a tightly integrated solution that enables the seamless flow of information, while eliminating redundant data entry. Both HIPAA- and PCI-compliant, Phreesia processes over 2 million healthcare transactions each month, saves over 1.5 million paper forms each week and increases cash flow in healthcare organizations by 10-30%.
"Phreesia's innovative solutions help improve delivery of care and boost profitability for practices, setting it in a class of its own in the healthcare technology industry," says Scott Perricelli of LLR Partners. "A high-growth company led by a dynamic management team, Phreesia is singularly focused on disrupting the norm in healthcare by integrating solutions for key areas that drive efficiency, including patient registration, intake, payments, clinical documentation and targeted patient communications."
"We are extremely excited to partner with LLR, and this investment will help Phreesia continue to develop new services that deliver additional value to our customers and their patients," states Phreesia CEO Chaim Indig. "With deep roots in the SaaS, healthcare and payments spaces, LLR's expertise will be invaluable as we continue to extend our lead in the industry and become the de facto brand in healthcare point of service."
LLR Partners is joined by existing investors HLM Venture Partners and Ascension Ventures, who also participated in this round of funding. The company was advised by Goodwin Procter LLP and Robert W. Baird & Co.
About LLR Partners
LLR Partners invests in middle market growth companies with proven business models in a broad range of industries, including business services, consumer and education, financial services, government services, healthcare services and software and IT services. With more than $2 billion raised across four funds, LLR provides capital for growth, recapitalizations and buyouts. For more information about LLR, visit llrpartners.com.
Leading healthcare organizations choose Phreesia to revolutionize their point of service. Regardless of size, specialty or demographics, today's healthcare systems face the same challenges: escalating demands, rising costs and increasing patient responsibility. Compliant with both HIPAA and PCI regulations, Phreesia's innovative point-of-service platform—including patient self-service and mobile applications—resolves these issues by driving efficiency and profitability throughout your organization. Your patients expect a seamless, automated experience from other industries. Why should your front office be any different?