Monday, September 26, 2011

PatientKeeper packs away a $1.5M debt round

By Rodney H. Brown

PatientKeeper Inc. has landed $1.5 million of a planned $3 million debt financing round, federal documents show. The Waltham-based provider of physician health care information systems has now raised nearly $90 million in funding since it was founded in 1996.

There are nine backers in this new debt funding round, according to the filing with the U.S. Securities and Exchange Commission, but they are not identified. Listed as a related person is board member Chip Hazard of previous investor Flybridge Capital Partners.

Also listed in the SEC document are directors Ralph Sabin of Pacific Venture Group, Robert More of Frazier Healthcare, Ryan Drant of New Enterprise Associates and Larry Miller of Mediphase Venture Partners, among others.

In a $13 million financing announcement in December of 2009, PatientKeeper identified Flybridge Capital Partners, New Enterprise Associates and Whitney & Co. as leading the equity portion of the round, while Lighthouse Capital Partners supported the venture debt.

PatientKeeper pulled in a Series F funding round of $7.5 million in August 2008, backed by Frazier, New Enterprise and Whitney & Co. The company’s applications allow physicians to access their patients’ electronic records, write prescriptions, enter charges for services, and send messages to other medical professionals. It is used by hospitals and medical centers as a single point of care system, allowing the management of clinical and financial information from systems.

Co-founder and former Patientkeeper CEO Stephen Hau left the company in 2009 to co-found Shareable Ink, a company that has been stealthily developing software to convert doctor’s scribbled notes into electronic documents.