MyHealthDIRECT, a web-based system that allows patients to schedule healthcare appointments, has closed its Series B investment round with $4 million. Ann Arbor, Mich.-based Arboretum Ventures and Louisville, Kentucky-based Chrysalis Ventures provided the funding, which will be used to expand sales, client services and technical resources, the company said. MyHealthDIRECT was formed in 2005 and is based in Brookfield, Wisc.
MyHealthDIRECT today announced that it has closed its Series B investment round with $4 million in funding from two of America’s leading healthcare venture capital firms, Arboretum Ventures and Chrysalis Ventures. Chrysalis participated in the company’s previous round. Reflecting the growing demand of MyHealthDIRECT among leading healthcare organizations and agencies, the investments will be used to fund the company’s continued national growth through expansion of its sales, client services and technical resources.
Founded in 2005, MyHealthDIRECT is a web-based access management system that broadly and seamlessly connects patients to healthcare appointments throughout a community or network. Using a simple Web browser, healthcare organizations can use MyHealthDIRECT to scan and query over 95% of the most popular, commercially-available practice management systems to find and book open and available healthcare appointments in the community.
“We’re excited to continue to achieve important milestones at MyHealthDIRECT,” said Jay Mason, CEO and founder of MyHealthDIRECT. “These investments come at a time of major growth for our company where we expect to double our headcount and quadruple our sales in 2011. We look forward to working closely with both Arboretum and Chrysalis to take MyHealthDIRECT to its next level of achievement.”
“Arboretum is very pleased to lead the Series B round of funding for MyHealthDIRECT. The company’s products help more efficiently connect healthcare providers and patients so the right care can be provided to the right patient at the right place and time,” stated Tim Petersen, Managing Director, Arboretum Ventures. “MyHealthDIRECT is rapidly establishing itself as the ‘Open Table’ of healthcare, and we are very pleased to provide it with additional growth capital.”
“As demonstrated by our additional investment, we are excited about the important impact that MyHealthDIRECT is having in healthcare,” stated David Jones, Jr., Chairman and Managing Director, Chrysalis Ventures. “The company has a strong management team, clear vision, and motivated people. We believe MyHealthDIRECT is making a real difference in improving access to healthcare services and raising the overall quality of medical care.”
For more information, visit www.myhealthdirect.com.
About Arboretum Ventures
Arboretum Ventures is an early-stage venture capital firm specializing in the healthcare sector. Arboretum invests through the United States, but with a special interest in the Midwest. Arboretum aims to transform young companies into mature and thriving businesses that are improving patient outcomes and lowering the cost of care, thereby generating superior returns for entrepreneurs and our investors. Founded in 2002 and headquartered in Ann Arbor, Michigan, Arboretum currently manages $170 million in capital. Arboretum has made 18 company investments over the past seven years, including investments in HealthMedia (acquired in 2008 by Johnson & Johnson) and HandyLab (acquired in 2009 by Becton Dickinson).
About Chrysalis Ventures
Chrysalis Ventures manages one of Mid-America’s largest funds for early-stage and growth investments with approximately $400 million under management. Since 1993, the firm has invested in over 65 companies, primarily in the healthcare and technology sectors. With headquarters in Louisville, Kentucky, Chrysalis has offices in Cleveland, Pittsburgh, Ann Arbor and Houston. The firm seeks to partner with entrepreneurs to build enduring businesses in industries undergoing significant transformation. For more information, please visit www.chrysalisventures.com.
MyHealthDIRECT is a national health services solutions company that connects hospitals, care management organizations, public agencies and community collaboratives for the purpose of scheduling and booking timely and appropriate healthcare appointments on behalf of individuals. Founded in 2005, MyHealthDIRECT offers a web-based solution that organizes and books open and available healthcare appointments in the community into a searchable and schedulable inventory of healthcare services. The MyHealthDIRECT solution promotes continuity of care, reduces unnecessary cost and utilization and ensures that patients are matched with appointments that best fit their needs and preferences. For more information on MyHealthDIRECT please visit www.myhealthdirect.com.