Rockville, Maryland-based DrFirst Structures is the nation’s leading provider of e-prescribing, price transparency, and medication management solutions announced it has structured a new $17 million commercial financing facility from SunTrust Banks. The financing will extend DrFirst’s strategic relationship with SunTrust Banks — which is a partnership that initially started in 2015.
“We value our strong, ongoing relationship with SunTrust, who continues to be an excellent partner in terms of providing attractive financing alternatives and giving us access to a wealth of expertise on the health IT market through their extensive resource network,” said DrFirst president Cameron Deemer in a statement. “Since first partnering with SunTrust in 2015, we’ve experienced significant growth and been able to pay down our prior obligations. DrFirst was able to structure a new commercial financing facility with SunTrust Bank on attractive terms — we viewed this as a favorable time to refuel our cash reserves to support our growth and strategic initiatives in new vertical markets.”
With this new funding round, it will support the expansion of DrFirst’s operational and development efforts for initiatives targeting the pharmaceutical and consumer sectors.
Over 220,000 healthcare professionals, 75,000 prescribers, and hundreds of electronic health record (EHR) vendors utilize DrFirst’s innovative software solutions for improving clinical workflows and expediting secure collaboration across a patient’s care team.
Founded by CEO and chairman James Chen in January 2000, DrFirst was the first to offer e-prescribing for controlled substances (EPCS) and it is considered the industry standard for providers nationwide.
“We are truly thrilled about our continued relationship with DrFirst,” added Greg Brouillette — SVP of the Maryland Commercial Banking Team at SunTrust Banks. “We believe in the company and all it is doing as leaders in healthcare IT. Since we began working together in 2015, DrFirst has always been a great business that has continued to grow in terms of product set and market share. This transaction will strengthen our relationship further. As a top leading bank, we are proud of the long-term relationship we have with DrFirst and look forward to supporting its continued growth and positive impact on the market.”
