Sheridan Capital Partners announced it has completed an investment in ICANotes, a behavioral health-focused practice management and electronic health records software provider, as demand for mental health services rises and documentation and compliance requirements continue to expand. Financial terms were not disclosed.
ICANotes, founded in 1999 and now headquartered in Baltimore, provides a cloud-based EHR platform built specifically for mental health professionals, including psychiatrists, therapists, counselors, social workers, and nurse practitioners. The company’s platform is designed around behavioral health workflows, aiming to help clinicians streamline documentation, strengthen compliance, and simplify practice management.
The company said its AI-enhanced system supports clinical workflows and includes time-saving and compliance-oriented features intended to support patient care. ICANotes serves behavioral health organizations across outpatient, inpatient, and residential settings, supporting use cases that include medication management, psychotherapy, substance use disorder treatment, trauma-focused care, couples and family therapy, case management, and psychosocial rehabilitation.
ICANotes CEO Jamie Morganstern said the company selected Sheridan as a strategic capital partner to help scale the business, while continuing to invest in its core practice management and EHR products and expanding platform capabilities to improve efficiency for clinicians. Sheridan Partner Jeff Foote said the firm views ICANotes as a trusted platform that enables providers to manage an entire practice within a single secure system, and plans to work with management to broaden the product’s capabilities and reach.
Sheridan described itself as an established healthcare investor with experience in behavioral health, technology, and tech-enabled services, citing prior investments that include SimiTree, Tarrytown Expocare, and National Care Systems.
Support: The transaction was led by Jeff Foote, Sean Dempsey, Matt Collins, and Aman Singla at Sheridan Capital Partners. McDermott Will & Schulte served as legal counsel and Harris Williams served as financial advisor to Sheridan.
KEY QUOTES:
“As we searched for a strategic capital partner who could help us meaningfully scale, it became clear that the Sheridan team was the ideal choice given our strong cultural alignment and their relevant experience building healthcare technology businesses. We are excited to partner with Sheridan as we continue to invest in our core PM and EHR solutions, while expanding platform capabilities to drive greater efficiency for our clinician customers.”
Jamie Morganstern, CEO, ICANotes
“We believe ICANotes is an outstanding business that has earned the trust of a wide variety of behavioral health providers by enabling management of an entire practice with one secure system. We are proud to partner with the ICANotes team to build on that success and we look forward to collaborating with Jamie and his team to expand the platform’s capabilities and reach more providers nationwide.”
Jeff Foote, Partner, Sheridan Capital Partners
