Prematics Inc., a Bethesda, Md.-based provider of electronic prescribing services, has raised an undisclosed amount of Series B funding led by Health Evolution Partners Innovation Network.
Health Evolution Partners, a manager of health care investment funds, today announced that the Health Evolution Partners Innovation Network (HEPIN) has invested in Prematics, Inc., an innovative provider of electronic prescribing services. HEPIN led the Series B round in Prematics, investing an undisclosed sum in the company. As part of the investment, David J. Brailer, MD, PhD, Chairman of Health Evolution Partners, will join the Prematics board of directors.
“The time is right for investing in electronic prescribing,“ said David J. Brailer, MD, PhD, Chairman of Health Evolution Partners. “We looked at numerous ways for Health Evolution Partners to enter this market, and Prematics was by far the best choice. We have committed the financial resources and expertise that Prematics needs to be the nation‘s leading electronic prescribing company.“ Health Evolution Partners will provide capital to Prematics in future rounds through the Health Evolution Partners Growth Fund.
Prematics provides a turn-key, fully-managed electronic prescribing service that removes the common barriers to mainstream physician adoption and utilization. Use of Prematics‘ electronic prescribing service improves patient safety, reduces physician work and lowers drug costs.
Separately, Health Evolution Partners released today its Health Evolution Partners Outlook entitled, “Safety and Value in Electronic Drug Prescribing.“ Outlook reports are prepared as tools to inform health care policy, business and consumer leaders on emerging trends in healthcare, and to guide Health Evolution Partners‘ own investment strategy. The report observed that shifting consumer and physician attitudes, new regulations, improved automation in the prescribing process and increasing payer commitment will broaden physician adoption of electronic prescribing. These factors include:
- The overall cost and utilization of prescription medications continues to rise, especially with Medicare Part D.
- Consumers value prescription drugs and are increasingly burdened by out-of-pocket medications costs. Consumers believe electronic prescribing addresses these issues and expect their physicians to use electronic tools.
- Physicians appreciate the potential value of electronic prescribing, and more physicians are adopting electronic prescribing with support from large payers. Recent regulatory and legislative changes significantly improve the value of electronic prescribing for physicians — and payers are responding.
- Automation of all necessary “back end“ processes for electronic prescribing is well along, making the physician office the most crucial next step in automation.
“The conditions are now right for widespread adoption of electronic prescribing by physicians,“ said Jeffrey Rideout, MD, Chief Medical Officer of Health Evolution Partners. “Without electronic tools, physicians can‘t keep up with the information they need to prescribe safely and effectively.“
Health Evolution Partners
Health Evolution Partners is a health care investment manager founded in 2007. Health Evolution Partners invests across the health care industry, from early stage to buyouts and from services to technologies. It is seeking companies that can lead and become valuable in the new era of value-based, cost-effective and consumer-driven health care. To learn more about Health Evolution Partners, visit www.healthevolutionpartners.com.
Prematics is an innovative health care information technology service provider committed to providing solutions for physicians that improve the safety, quality and efficiency of health care delivery. The company offers ScriptToneSM, the nation’s first easy-to-use, fully managed electronic prescribing service designed for busy practicing physicians. This reliable and comprehensive service-centered solution is delivered over the company’s proprietary end-to-end network. ScriptTone empowers physicians to make the most clinically appropriate and cost-effective prescriptions at the point of care. More information about Prematics can be found at www.prematics.com.