New York City-based Phreesia, which offers a tablet-based patient check-in and payment service to healthcare providers, has raised $30 million in funding led by private equity firm LLR Partners. The company says it plans to use the investment to accelerate product development and broaden its customer base around the US. Return backers HLM Venture Partners and Ascension Ventures also contributed to the round. Phreesia's other previous investors include BlueCross BlueShield Venture Partners, Long River Ventures, Sandbox Industries, VantagePoint Venture Partners and Polaris Partners. The latest investment round takes Phreesia's total, publicly-disclosed funding up to about $60 million.
When patients visit a practice that uses Phreesia's technology they are handed a tablet device enclosed in a bright orange case. Patients then use this tablet to check-in, pay co-pays or other outstanding balances, fill out surveys from their provider, and sign consent forms. The company has EHR and practice management integrations with offerings from companies including athenahealth, GE Healthcare, Allscripts, and NextGen Healthcare.
"Phreesia's innovative solutions help improve delivery of care and boost profitability for practices, setting it in a class of its own in the healthcare technology industry," Scott Perricelli of LLR Partners said in a statement. "A high-growth company led by a dynamic management team, Phreesia is singularly focused on disrupting the norm in healthcare by integrating solutions for key areas that drive efficiency, including patient registration, intake, payments, clinical documentation and targeted patient communications."
The company's tablet device, called PhreesiaPad, features a 10-inch touch screen, three to five hours of battery life, and a credit card reader. The software on the device is limited to Phreesia's and the device itself doesn't store any patient data.
Despite the rise in popularity of tablet devices Phreesia has continued to offer its own ruggedized, dedicated tablet devices to its customers. When a reporter asked Phreesia CEO Chaim Indig if he'd consider making his company's wares available via devices like the iPad, he said:
“We would certainly be happy to exit the hardware side of the business if the iPad (or anything like it) became able to sustain drops from three feet onto concrete, had an antibacterial coating, and credit card reader built in.”