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Thursday, January 22, 2009
Athenahealth lands biggest client so far
In their own words: Thomas Summit, founder, Genotrope Corp.
Streaming Video: Mass High Tech All-Stars Thought Leadership Roundtable
In their own words: Tod Woolf, CEO, RXi Pharmaceuticals Corp.
Web-based provider of business services for doctors, Athenahealth Inc., says it has signed a contract with its largest client to date, University Hospitals (UH) in Cleveland, to provide the community-based health system with on-demand revenue cycle management services.
Specifically, Athenahealth’s services will be used by University Hospitals Medical Practices (UHMP) and University Hospitals Management Services Organization (UHMSO) practices, which consists of nearly 450 medical providers, as well as five Urgent Care Centers and other programs.
No financial details of the deal were disclosed.
In November, Watertown-based Athenahealth (Nasdaq: ATHN) posted $35.4 million in third-quarter sales, a 35 percent gain over the same period in 2007. Athenahealth’s net income for the third quarter was $3.7 million, compared to $500,000 in the same period last year, according to the company.
In September, Athenahealth bought the physician services website MedicalMessaging.net from Crest Line Technologies LLC for $7.7 million in cash and future milestone payments. In February, Athenahealth purchased a former MBNA Corp. facility in Belfast, Maine, for $6.1 million. At the time, the company said the Maine facility would employ an additional 100 workers within about a year of the final purchase.
And last year, Athenahealth raised $81 million in an initial public offering, one of the most successful IPOs of 2007. Investors included Westport, Conn.-based Oak Investment Partners and California-based GGV Capital, formerly Granite Global Ventures. Athenahealth reported a 2007 net loss of $3.5 million, on revenue of $100.7 million.
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