Last week clinical communications services provider PerfectServe announce that it had raised $10.9 million in its third round of funding. PJC Capital, the PE arm of Piper Jaffray led the round, which also included participation from new investors National Healthcare Services and CHV Capital. Return backers River Cities Capital Funds, Village Ventures, and Spring Mill Venture Partners also participated. CHV Capital is the strategic investment arm of the Indiana University Health System and National Healthcare Services is the strategic investment arm of the MemorialCare Health System.
PerfectServe's offering is a communications system that routes calls and messages to the right doctor from anywhere inside the hospital but also between physicians who happen to be outside the hospital. The offering enables physicians to determine how they should be contacted at any given moment during the day: mobile, text message, office phone, home phone, pager, or email. Perfect also offers native apps for iPhone and Android. The iPhone app enables physicians to contact colleagues directly, call patients while protecting their caller ID, change their call schedules and control how they are reached for various clinical situations. PerfectServe for Android devices also enables physicians to contact colleagues directly, call patients while protecting their caller ID, and view a history of all calls, pages, voice and text messages, according to the company.
Knoxville, Tennessee-based PerfectServe already claims to process more than 30 million transactions each year by connecting more than 20,000 physicians in health systems and medical practices across the United States. Two of its most recent customer additions include Advocate Christ Medical Center and St. Joseph's Medical Center in San Joaquin County.
Advocate Christ Medical Center, a 695-bed Magnet hospital in Oak Lawn, Illinois that is part of Advocate Health Care, recently tapped PerfectServe to standardize communications between physicians and nursing, pharmacy and ancillary teams to improve patient care coordination. The 359-bed St. Joseph's Medical Center in San Joaquin County equipped some of its 2,400 employees with PerfectServe after a three month period of installation, testing, and training. A local news report implied that the deployment at St. Joseph's cost about $250,000.
"Our old hospital communication systems were inadequate, relying heavily on overhead pages, hand offs to third-party answering services and manual processes that required nursing staff to maintain and refer to numerous lists and faxed call schedules," Dr. Susan McDonald, St. Joseph's vice president of medical affairs, told RecordNet.com.
More details on the third round funding in the press release below:
PRESS RELEASE: Knoxville, Tenn. February 02, 2012 -- PerfectServe, the leading provider of clinical communication services, today announced that it closed $10.9 million in an over-subscribed Series C financing round.
The round was led by PJC Capital LLC, the private equity arm of Minneapolis-based investment banking firm, Piper Jaffray. Additional participants include National Healthcare Services, the strategic investment arm of the MemorialCare Health System and CHV Capital, the strategic investment arm of the Indiana University Health System. Existing investors River Cities Capital Funds, Village Ventures and Spring Mill Venture Partners also participated.
"As we move toward accountable health care in this country, communication between clinicians is essential in coordinating care across the continuum," said Bob Rinek, of PJC Capital LLC. "There is no other platform in the industry that can meet the need of health systems to standardize their communication processes and provide highly customizable information delivery workflows for physicians."
The investment will be used to support the company's growth and innovation. The alignment of these strategic investors provides PerfectServe with the resources and partnerships to leverage its clinical communication platform to improve care coordination, patient experience and outcomes.
"This is another milestone in validating PerfectServe's position as the market leader for clinical communication services," said Terry Edwards, president and CEO of PerfectServe. "This financing round gives us the opportunity to expand our national network of services and connect more physicians to the health systems where they practice. This will allow us to invest in innovations to securely connect clinicians and improve care coordination across the continuum."
Advancing care coordination across the continuum, PerfectServe's clinical communication platform makes it easy to connect clinicians - and push relevant clinical information - to the right physician at the right time, in the precise way each physician wishes to be reached. Based in Knoxville, Tenn., PerfectServe processes more than 30 million transactions annually, connecting more than 20,000 physicians in health systems and medical practices across 154 markets in the United States. For more information go to www.perfectserve.com, visit Twitter, or call 877-844-7728.