- Medsphere Systems, a leading provider of efficient and interoperable healthcare information technology, announced it raised $40 million
Medsphere Systems Corporation, a leading provider of efficient and interoperable healthcare information technology (IT) software solutions and services, announced it has raised $40 million in funding to support organic growth and pursue opportunistic strategic acquisitions through a preferred equity investment by TPG Sixth Street Partners.
Launched in 2002, Medsphere is an organization of committed clinical and technology professionals working to positively impact patient care by delivering healthcare IT solutions for providers of every size and budget. And Medsphere’s inpatient portfolio includes CareVue, an integrated EHR system that incorporates clinical, financial, and patient accounting solutions. And the company’s RCM Cloud is a complete end-to-end revenue cycle management solution.
“We are pleased to add a new partner to our software solutions-driven campaign for quality, affordable healthcare,” said Medsphere President and CEO Irv Lichtenwald. “Our technology and business model allow all providers to address core needs and we are energized by the support of institutions like TPG Sixth Street Partners.”
In conjunction with the funding round TPG Sixth Street Partners Principal Lee Mooney is joining Medsphere’s Board of Directors.
“Medsphere represents a compelling opportunity to support a differentiated healthcare technology platform,” added Michael McGinn, Partner and Co-Head of TPG Sixth Street Partners’ Capital Solutions division. “Medsphere’s portfolio of highly regarded, complementary products allow it to reach a wide range of inpatient and ambulatory providers, and we are excited to partner with them as they enter their next phase of growth.”
In the past four years, Medsphere has grown subscription revenue by over 400% using a combination of organic growth and accretive acquisitions thus achieving a compounded annual growth rate of over 50%. And Medsphere’s dedication to customer service and support has driven growth by bringing additional clients to the platform and increasing the delivery of incremental products to its existing customer base.
Plus Medsphere’s suite of solutions is available to all inpatient and ambulatory facilities, including behavioral health hospitals, specialty clinics, and multi-facility systems regardless of size and budget.
