MedSynergies Receives $24 Million in Funding from FTVentures
Financing enables market leader to increase sales and enhance services to help healthcare providers manage and improve their financial performance.
Wednesday, August 4, 2004
Irving, TX - MedSynergies, Inc., a leading provider of integrated healthcare technology, claims and payment processing, and business analytics solutions for healthcare providers, announced today it has secured $24 million in funding from San Francisco and New York-based FTVentures. This is the first institutional round of funding for MedSynergies and will be used to grow its business and expand its geographic markets and services for healthcare providers, primarily physician groups, hospitals and corporate providers in the United States.
MedSynergies, founded in 1996 by a group of visionary physicians, now serves more than 400 healthcare providers in 17 states. The company's suite of services and products helps medical professionals optimize their revenues and accelerate cash flow while reducing costs. MedSynergies offers solutions for full outsourcing of the revenue cycle, access to the latest practice management technology and business analytics to improve practice performance.
MedSynergies is the exclusive provider of outsourcing services for the Groupcast Practice Management Division of IDX Systems Corporation (NASDAQ: IDXC). IDX is a leading provider of information technology solutions to healthcare organizations. Since its founding, MedSynergies has delivered and enhanced several generations of technology and developed a state-of-the-art approach to the business of healthcare.
FTVentures is a private equity firm providing venture through late-stage growth capital to software and business-services companies. The firm says it has been actively seeking a platform investment in healthcare payments and processing due to intensified demand among healthcare providers for efficient, fully integrated business management solutions that optimize revenues, improve cash flow and enhance practice performance.
"MedSynergies provides best-in-class outsourcing services for optimizing the revenue cycle and delivering operational efficiencies to healthcare providers," said Brad Bernstein, partner at FTVentures and new board member at MedSynergies. "With decades of collective experience in payments processing as well as outsourcing expertise, we quickly recognized the substantive benefits MedSynergies' services and technologies provide to the healthcare industry," said Bernstein.
"FTVentures' investment in our company validates the soundness of our business model, the superior quality of our solutions and the significant growth opportunities in our industry," said J.R. Thomas, president and chief executive officer of MedSynergies. Bernstein added, "With an exceptional management team and industry-leading solutions, MedSynergies is poised to advance its leadership position and successfully reach new markets."
Morton Meyerson, an advisor to FTVentures, also invested in MedSynergies and brings a wealth of experience in health care payments and processing. Meyerson is the former President of Electronic Data Systems (EDS) and CEO of Perot Systems (PSC), both of which are leading providers of technology-based business solutions to multiple industries, including healthcare.
MedSynergies (http://www.medsynergies.com) provides revenue and performance management solutions to healthcare providers. The Company integrates leading technologies and processes into the financial operations of physician groups, hospitals, and corporate healthcare providers in order to improve the financial performance of those businesses. Based in Irving, TX it has offices in Orlando, FL, Philadelphia, PA and Little Rock, AR and employs more than 100 people.
FTVentures (www.ftventures.com) is a private equity firm providing venture through late stage growth capital to software and business services companies. The firm's unmatched global financial services partner network-including nine of the top ten U.S. banks-provides FTVentures with a unique vantage point into the business-driven IT and operating challenges of global enterprises. FTVentures leverages insights from these connections as it identifies, analyzes and invests in software and business services companies. Founded in 1998, FTVentures currently has $623 million under management and is an active equity investor in privately held software and services companies focused on organic growth, as well as in companies pursuing build-outs, recapitalizations and spin-out ventures. The firm has offices in San Francisco and New York.
MedSynergies is a registered trademark of MedSynergies, Inc. IDX and Groupcast are registered trademarks or trademarks of IDX Investment Corporation.
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