Waltham, Mass.-based Forerun Inc., a developer of electronic charting technology for physicians, has raised $2 million in Series C financing. Massachusetts Technology Development Corp. led the round. Other investors’ names were not released. Forerun will use the new capital to bolster its technology development and to fund the commercial deployment of its FlexChart product.
Forerun, Inc. (www.forerunsystems.com), an innovator in electronic charting solutions for the emergency department (ED), today announced that it has closed a $2 million Series C financing led by Massachusetts Technology Development Corporation (MTDC), with additional investor commitments.
Forerun’s FlexChart™ is a fast, innovative and elegant physician charting solution for the ED that combines the efficiency of paper templates with the quality of electronic charting. Offering smart interfaces and speech recognition, FlexChart supports both the physician’s need for speed and the hospital’s requirements for capturing clinical documentation data electronically. Clinicians use Forerun’s Digital Pen Technology to collect data at the bedside. That information, as well as other clinical data, is automatically imported into the electronic chart, eliminating redundant data entry and dramatically improving physician productivity.
The FlexChart physician documentation solution was designed in cooperation with ED clinicians from Harvard-affiliated Beth Israel Deaconess Medical Center. FlexChart is currently being deployed at select hospitals across the U.S. where C-level executives have found it to be an easy-to-implement charting solution that enables ED physicians to improve care delivery while also increasing overall productivity.
MTDC was the lead investor in the Series C funding, which also included previous investors and several new investors. Forerun will use the capital from this round to deliver product and technology enhancements and to fund the commercial deployment of FlexChart. “Forerun has clearly demonstrated that it is addressing a true market need for a physician documentation solution that meets the specific requirements of speed and quality for emergency medicine,” said MTDC Senior Vice President Jerry Bird. “Most medical electronic documentation systems slow down the productivity of the physician. Hospitals recognize that they can ill afford to increase patients’ length of stay within their busy EDs by requiring physicians to use electronic charting tools that were not built to meet the special needs of emergency medicine. Forerun is poised to change the way EDs operate by providing safe, reliable and affordable systems that capture, integrate and manage essential patient and hospital data.”
One of the new individual investors in the financing round, Michael B. Kaufman, Managing Partner of KBT Partners, explained, “In today’s fast paced, overburdened ED, physicians need productivity tools to assist in the preparation of their patient charts. Forerun’s FlexChart delivers an innovative design that significantly reduces the burden of charting electronically and, as a result, actually accelerates the adoption of electronic medical records by ED doctors.”
“The Forerun FlexChart solution offers a lightweight deployment without the need for complex integration. Forerun makes its software widely available in the U.S., utilizing its scalable Software as a Service (SaaS) delivery model that enables hospitals to adopt transformational technology while minimizing incremental IT support costs,” said Ken Wolfe, Forerun President and CEO. “We appreciate MTDC’s and other shareholders’ votes of confidence in Forerun’s mission.”
Forerun, Inc. is the leading innovator in physician charting and documentation systems for the hospital emergency department. Forerun’s FlexChart™ was developed by physicians, for physicians, to enable emergency department caregivers to accelerate the documentation of patient care during the busiest of times, while enhancing patient safety and the quality of care. Core functionality includes electronic physician documentation, discharge processing and quality and business intelligence reporting. Founders include leading emergency medicine practitioners and IT experts associated with Beth Israel Deaconess Medical Center and Harvard Medical School. Forerun is headquartered in Waltham, Massachusetts. Visit http://www.forerunsystems.com for additional information.
The Massachusetts Technology Development Corporation is a leading-edge venture capital firm that invests in start-up and early-stage technology companies operating in the Commonwealth of Massachusetts. MTDC has invested in many of Massachusetts’ most promising new technology-based companies. For more information, visit http://www.mtdc.com