Verisma Announces $12 Million Funding Round
Pueblo, Colo., November 10, 2015 – Verisma, the leader in Release of Information (ROI) Automation Systems for the healthcare industry, today announced it recently closed on a round of financing led by NewSpring Health Capital (“NewSpring”), the dedicated healthcare fund of NewSpring Capital. Blue Heron Capital and Jim Crook, former president of IDX Systems Corporation, joined the financing round. Verisma will use the total proceeds to enhance their existing infrastructure as well as grow their sales, marketing and product development teams. The investment will enable Verisma, which has more than a decade of experience in the health technology and services business, to expand their market reach and continue to address the need for compliant, secure and accurate ROI solutions.
“This investment will enable us to expand our organization in response to the growing demand in the healthcare industry,” said James C. Moore II, president of Verisma. “In our first round, it was extremely important that we partnered with firms such as NewSpring Capital and Blue Heron Capital, as well as a widely known and respected business leader like Jim Crook. Their deep understanding of the healthcare services industry aligned well with our expertise and proven track record. We are excited and confident that our new partnerships will be successful and mutually beneficial for our existing and potential clients.”
Verisma is a health information technology provider focused on delivering patented, cloud-based ROI solutions and services to healthcare organizations across the country. The company is a leader in technology-enabled ROI solutions, providing a compelling platform to aggregate and transfer secure patient data. Verisma’s ROI Automation System combines next-generation technology with highly trained teams of ROI, IT, legal and business experts that allows its clients to automate workflow, improve turnaround times and decrease errors. With the explosion of medical information captured by disparate, unconnected systems within a hospital or health system, the need for an efficient and compliant ROI provider is at an all-time high.
“Our mission is to make ROI simple and minimize risk better than any other solution available in the market today,” said Andrew McManus, senior vice president of Verisma. “We deliver on that promise every day for our clients. Now, with this infusion of capital, we will be able to expand our footprint into new geographic locales, as well as continue to serve the many healthcare organizations that rely on Verisma for its superior ROI Automation.”
With over 30 million new patients entering the healthcare system in the first year of the enactment of the Affordable Care Act alone, hospital administrators, HIM management and medical records departments must consider and implement newer and more robust systems to support the rapidly increasing flow of records.
“Verisma’s patented software solution streamlines release of information while increasing compliance and reducing costs,” said Brian G. Murphy, general partner of NewSpring Capital. “This model is aligned with our thesis of using technology to provide efficient and scalable solutions that help drive down costs for healthcare providers. We are thrilled to add Verisma to our growing portfolio of successful healthcare technology companies.”
“Verisma’s patented software solution improves the release of information by automating a formerly manual process, increasing compliance and patient data security — all while reducing costs,” said Tom Benedetti, co-founder of Blue Heron. “Our firm continues to invest in unique and innovative technology solutions to help reduce the costs of healthcare in America.”
About New Spring Capital
Founded in 1999, NewSpring Capital invests in dynamic companies with the goal of partnering with management teams to develop their businesses into market leaders. This philosophy has been a key tenet of NewSpring Capital’s approach to investing, and the success of our current and former portfolio companies demonstrates our commitment to offer consistent advice and support through any economic cycle.
NewSpring Capital has raised over $1 billion of committed capital supporting more than 100 portfolio companies across our growth equity, healthcare, control buyout and mezzanine debt funds. For more than 15 years, our team of seasoned private equity investors and successful operators have partnered with management teams to provide them the financial resources, strategic guidance and a powerful network to assist them in achieving their goals. Our experience has enabled us to effectively stand by our companies as they launch new products, expand into new areas and ultimately realize their full potential.
About Blue Heron Capital
Blue Heron Capital is an operationally focused lower market private equity firm based in Richmond, Virginia. Blue Heron supports portfolio companies with a team of proven industry experts, including C-level executives and successful entrepreneurs with decades of experience building and managing vibrant businesses. The firm invests in buyout and growth equity opportunities in the healthcare, security, and business services industries.
About Verisma
Verisma is a health information technology provider focused on delivering unparalleled Release of Information (ROI) solutions to the healthcare industry. The company’s flagship ROI Automation System, Verisma® Release Manager (VRM), is utilized by well-known health care organizations nationwide. VRM automates workflow to improve turnaround times, reduce errors, and drive down costs — effectively automating medical records release while delivering comprehensive release audit capabilities. It is the only release technology with integrated HIPAA guidance and compliance review support. For additional information, please visit our website at www.verisma.com, call 866-390-7404, email solutions@verisma.com or follow us on Twitter @verisma
*US Patent Numbers 6,804,787, 7,191,463, and 9,049,314