REACH Health Secures $7.4 Million in Funding

REACH Health, Inc., the leading provider of telemedicine software solutions, announced today that it has secured $7.4 million in funding. The investment firms of Buckhead Investment Partners, Council Capital and C&B Capital participated in a $4.4 million equity financing. In addition, REACH Health secured up to an additional $3 million in debt from Silicon Valley Bank.

The funding from these nationally recognized healthcare investors will enable REACH to maximize growth opportunities as more health systems implement REACH’s comprehensive telemedicine solutions to improve outcomes and reduce costs. The capital will also support the company’s continued rollout of the REACH Access platform for specialties such as neurology, cardiology, pulmonology, psychiatry and stroke.

Clinically driven REACH Health telemedicine solutions integrate real-time audio/video technology with vital patient information, images, workflow and documentation. The company’s multidiscipline workflows meet the needs of a wide range of specialties while allowing healthcare systems to invest in a single technology platform.

“We are pleased to complete this round of funding and believe that the commitment of our financial partners further validates the significant growth opportunities ahead for REACH Health,” said Richard Otto, President and CEO of REACH Health. “Telemedicine is playing an increasingly important role for healthcare systems, hospitals and accountable care organizations that need to deliver timely, quality care to their patients in a cost-effective manner.”

REACH Health was a pioneer of telestroke, and today remains at the forefront of the industry, with technology solutions that help health systems achieve measurable improvements in their clinical, operational and financial performance. By providing better access to physicians and specialists – regardless of location or time – health systems can increase patient satisfaction and quality of life while significantly impacting outcomes.

About REACH Health
REACH Health technology powers many of the nation’s largest, fastest growing and most successful telemedicine networks, helping health systems and accountable care organizations achieve measurable improvements in their clinical, operational and financial performance. REACH Health best-in-class software solutions combine real-time audio/video technology with vital patient data, clinical workflow and documentation to overcome the traditional obstacles of time and distance. By securely connecting physicians anytime, anywhere, REACH Health technology enables remote consultations, connects patients with specialists, and supports collaboration by clinical care teams. Physicians and clinicians embrace the ease of use of a single, intuitive platform tailored to multiple specialties. REACH Health pioneered one of the nation’s first telestroke programs and remains the innovation leader, providing the most advanced clinical solutions to improve population health and address today’s demanding healthcare mandates. For more information, visit www.reachhealth.com.

DiaTech Oncology Receives New York State Clinical Laboratory Permit

DiaTech Oncology, a life sciences and clinical pathology laboratory company based in Nashville, Tenn., today announced that the company has received a Clinical Laboratory Permit from the New York State Department of Health (NYS DOH). DiaTech’s  predictive assay test — which  guides the treating oncologist to the most effective chemotherapy for inducing cell death in the malignant cells of a particular cancer patient — is  now available to patients and physicians in all 50 states.

In clinical trials and published research, use of DiaTech Oncology’s test — the MiCK® assay or Correct Chemo® — has consistently shown an increase in complete or partial response rates, longer time to relapse and a trend to longer survival times for more than 50 types of cancers, including lung, breast, colorectal, stomach, prostate, liver, ovarian, esophageal, bladder, non-Hodgkin lymphoma, leukemia and other cancers.
“New York State has the most stringent requirements for laboratory test approval in the United States,” says Garry Latimer, DiaTech CEO. “Receiving this permit is great news for cancer patients. It affirms that our CAP-accredited, CLIA-certified laboratory meets the highest standards for accurate and reliable clinical laboratory services.”
”DiaTech’s predictive assay — the only test on the market that guides the treating oncologist to the most effective chemotherapy for inducing apoptotic cell death in the malignant cells of a particular cancer patient — is now available to more cancer patients and oncologists than ever before,” states Dr. Cary Presant, DiaTech Chief Medical Officer. “Our clinical studies consistently reveal that patients treated with MiCK assay-guided chemotherapy demonstrate longer survival times and lower costs, and our studies are continuing to produce unexpected new leads for innovative therapeutic strategies.”
DiaTech’s patented MiCK assay measures apoptosis, or cell death, in the cancer cells of chemotherapy patients. Tumor cells are exposed to multiple doses of several chemotherapeutic drugs, either as single drugs or combinations. An algorithm monitors and computes the amount of cell death and determines a drug sensitivity “score” of the patients’ tumor cells.
 
About DiaTech Oncology
DiaTech Oncology, based in Nashville, Tenn., is a life sciences and clinical pathology laboratory company that offers patient-specific chemotherapy testing to help oncologists determine the best cancer treatment plans for their patients. DiaTech utilizes a patented technology called the Microculture Kinetic (MiCK) assay, which measures apoptosis (cell death) induced in a specific patient’s cancer cells by chemotherapy. The only test on the market that evaluates the chemotherapeutic drug effect for a specific patient and can tell which chemotherapy drugs are most effective, the MiCK assay has successfully tested all types of cancer. The MiCK assay is also used to determine the effectiveness of new drugs in preclinical trials for the pharmaceutical industry. Online: www.diatech-oncology.com

DiaTech Oncology Announces Capital Raise of $18 Million

DiaTech Oncology, a privately held life sciences and clinical pathology laboratory company offering patient-specific cancer testing, announced today that it has completed an $18 million equity capital raise.

DiaTech Oncology’s predictive test – the MiCK® assay or Correct Chemo™ – reveals which chemotherapy agent, or combination of agents, will kill the cancer cells of a specific, individual patient prior to treatment. DiaTech’s test helps oncologists determine the best treatment plans for their patients and has shown significantly positive results and improved survival for more than 50 different types of cancer.

The proceeds of the offering will primarily be used to develop additional laboratories to support DiaTech’s rapid growth, as well as to expand relationships with payors and research programs with institutional and academic partners.

“We are excited to announce this funding and pleased with the investor response to our offering,” says Andy Miller, DiaTech Chairman. “This capital provides us the opportunity to accelerate our efforts in serving patients and physicians on the front line in the fight against cancer.”

The patented MiCK assay measures apoptosis, or cell death, in the cancer cells of chemotherapy patients. Tumor cells are exposed to multiple doses of several chemotherapeutic drugs, either as single drugs or combinations. An algorithm monitors and computes the amount of cell death and determines a drug effectiveness “score” for each drug and combination against the patients’ own tumor cells. The oncologist then recommends the drugs or combinations that are most effective in killing the cancer.

“DiaTech’s test is the only test on the market that reveals to the treating oncologist the most effective chemotherapy for inducing cell death in the malignant cells of a particular cancer patient. As our clinical studies show, DiaTech’s test can guide therapy in individual patients, leading to longer survival times and lower cost,” says Cary Presant, M.D., DiaTech Chief Medical Officer.

About DiaTech Oncology
DiaTech Oncology, based in Nashville, Tenn., is a life sciences and clinical pathology laboratory company that offers patient-specific chemotherapy testing to help oncologists determine the best cancer treatment plans for their patients. DiaTech utilizes a patented technology called the Microculture Kinetic (MiCK) assay, which measures apoptosis (cell death) induced in a specific patient’s cancer cells by chemotherapy. The only test on the market that evaluates the chemotherapeutic drug effect for a specific patient and can tell which chemotherapy drugs are most effective, the MiCK assay has successfully tested all types of cancer. The MiCK assay is also used to determine the effectiveness of new drugs in preclinical trials for the pharmaceutical industry. Online: www.diatech-oncology.com

REACH Health Powers Telemedicine Stroke Program at Premier Health

Premier Health has launched its new Telemedicine Stroke Network using REACH Health telemedicine technology solutions. The first two hospitals in the stroke network initiated remote stroke consultations in early April, with other hospital and emergency center locations being added throughout the year.

Telemedicine enables physicians specifically trained in acute stroke care to be electronically transported to the patient’s bedside instantly. Such timely interactions with the family, ER physician and most importantly, the patient, allow for a thorough and rapid patient evaluation.
“We are delighted that Premier Health chose REACH Health as the platform for their telemedicine stroke network,” said Richard Otto, President and CEO of REACH Health. “A clinically driven telemedicine solution is much more than a piece of equipment – it streamlines the provision of specialty care and eliminates the traditional barriers of time and distance, so health systems can leverage their resources to deliver quality health care when and where it is needed.”

REACH Health’s telemedicine solutions integrate real-time audio/video technology with vital patient information, images, workflow and documentation. The company’s multidiscipline workflows meet the needs of a wide range of specialties while allowing healthcare systems to invest in a single technology platform.
 
About Premier Health
Based in Dayton, Ohio, Premier Health (www.premierhealth.com) provides services to patients throughout a nine-county region, and its mission is to build healthier communities.  The health system operates four hospitals, Miami Valley Hospital, Good Samaritan Hospital, Atrium Medical Center and Upper Valley Medical Center. In addition, the health system offers a large primary and specialty care network, along with home health services.  With over 14,000 employees and 2,300 physicians, the health system is the second largest employer in the region and is the largest health care system in Southwest Ohio.

About REACH Health
REACH Health technology powers many of the nation’s largest, fastest growing and most successful telemedicine networks, helping health systems and accountable care organizations achieve measurable improvements in their clinical, operational and financial performance. REACH Health best-in-class software solutions combine real-time audio/video technology with vital patient data, clinical workflow and documentation to overcome the traditional obstacles of time and distance. By securely connecting physicians anytime, anywhere, REACH Health technology enables remote consultations, connects patients with specialists, and supports collaboration by clinical care teams. Physicians and clinicians embrace the ease of a single, intuitive platform tailored to multiple specialties. REACH Health pioneered one of the nation’s first telestroke programs and remains the innovation leader, providing the most advanced clinical solutions to improve population health and address today’s demanding healthcare mandates. For more information, visit www.reachhealth.com.

REACH Health Announces Strategic Partnership with Rubbermaid Healthcare

REACH Health, Inc., the leading provider of telemedicine software solutions, and Rubbermaid Healthcare, the premier provider of telemedicine carts for healthcare facilities, have entered into a strategic partnership to offer an all-encompassing workflow management system to the telemedicine marketplace.

Clinically driven REACH Health telemedicine technology software solutions combine real-time audio/video technology with vital patient information, images, workflow and critical documentation. Mobile telemedicine devices connect the point-of-care to consulting physicians so they can examine patients remotely and view clinical information.

“We are delighted to partner with Rubbermaid Healthcare and offer their telemedicine endpoints and other capabilities to support health systems and ACOs in improving their clinical, operational and financial performance,” said Richard Otto, President and CEO of REACH Health. “The Rubbermaid and REACH Health brands are synonymous with quality, reliability and exceeding customer expectations.”

Rubbermaid’s best-in-class mobile telemedicine carts optimize the benefits of REACH Health’s cutting edge software solutions. In addition, Rubbermaid’s extensive network of service technicians will provide support. Rubbermaid telemedicine endpoints are engineered to Rubbermaid Healthcare’s highest quality standards with ease of use and interoperability.

“We very much believe that for telemedicine to transform how we deliver healthcare and fulfill the promises of virtual care, we must collaborate. This partnership will help to accelerate the creation of relevant telemedicine solutions by providing health systems with the highest quality mobile carts that have been seamlessly integrated with the leading software technology,” said David Pirkle, President of Rubbermaid Healthcare.

The combined focus of both companies on the future of telemedicine will help to provide healthcare systems with the advanced technologies they need as they progress on the pathway of the continuum of care.

About REACH Health
REACH Health technology powers many of the nation’s largest, fastest growing and most successful telemedicine networks, helping health systems and accountable care organizations achieve measurable improvements in their clinical, operational and financial performance. REACH Health best-in-class software solutions combine real-time audio/video technology with vital patient data, clinical workflow and documentation to overcome the traditional obstacles of time and distance. By securely connecting physicians anytime, anywhere, REACH Health technology enables remote consultations, connects patients with specialists, and supports collaboration by clinical care teams. Physicians and clinicians embrace the ease of use of a single, intuitive platform tailored to multiple specialties. REACH Health pioneered one of the nation’s first telestroke programs and remains the innovation leader, providing the most advanced clinical solutions to improve population health and address today’s demanding healthcare mandates. For more information, visit www.reachhealth.com.

About Rubbermaid Healthcare
Rubbermaid Healthcare is the premier provider of medication carts, wall-mounted workstations, mobile computing solutions and telemedicine carts for healthcare facilities striving to enhance patient care, safety and staff productivity. Product development focuses on providing caregiver workflow advantages and improving the integration and acceptance of technology into the patient care process. www.rubbermaidhealthcare.com

W Squared Honored by Inc. Magazine’s Hire Power Awards for Tennessee Job Creation Over the Past Three Years

Brentwood, Tenn.-based W Squared is featured in the inaugural ranking of Inc.’s Hire Power Awards, recognizing the private businesses that have generated the most jobs in the past three years.

W Squared generated 64 jobs in the three-year period from the end of 2008 to 2011, placing it among the top 10 private business job creators within the state of Tennessee. The company, which provides business process outsourcing solutions including finance and accounting, technology, human resources and payroll, and healthcare implementation, was number 5 on the statewide list.  Earlier this year, W Squared was named to the Inc. 500|5000, Inc. Magazine’s annual list of America’s fastest-growing companies.

“We are thrilled to be recognized by Inc. Magazine and to become part of this enterprising group of job generators,” says Shannon Farrington, W Squared President and CEO. “As pleased as we are of our fast-growth, we are every bit as proud to be bringing jobs to Middle Tennessee during a time when the state and country needs them.  We plan to continue to grow and add jobs.”

“Since day one, our employees have worked tirelessly, making the growth and success of W Squared possible,” Farrington adds. “This recognition validates their hard work and diligence.”

Inc. is the only major business media brand aimed solely at CEOs of fast-growing private companies. The Hire Power Awards will appear in Inc.’s December/January issue, as well as the brand’s web site, www.inc.com.

“The top 100 companies on the list have created 73,032 American jobs in the three-year period from 2008 to 2011 – an amazing feat, given that much of that job growth came during the heart of the recession,” explains Inc. editor-in-chief Eric Schurenberg. “And it isn’t just the big guys that are adding jobs. Companies with less than $50 million in annual revenue make up nearly one-third of the Hire Power list.”

The inaugural Inc. Hire Power Awards are sponsored by Bank of America Merrill Lynch, which is proud to recognize American companies that have greatly increased their workforces. Inc.’s Hire Power Awards celebrate private companies on the forefront of American job creation, giving these businesses the recognition they deserve.

About W Squared
W Squared provides business process outsourcing solutions including finance and accounting, technology, human resources and payroll, and healthcare implementation. Integrated as a comprehensive suite of services, W Squared offers an affordable solution for companies that desire a more sophisticated corporate back office support system that will scale alongside the expansion of their operations. W Squared enables its clients to focus on their core competencies while offering the administrative systems, personnel and processes that enhance the client’s potential for future success. A step beyond traditional business process outsourcing, W Squared provides not only process expertise, but also business expertise creating a business process partner relationship with its clients. For more information, visit http://www.wsquared.com.

About Inc.
Founded in 1979 and acquired in 2005 by Mansueto Ventures, Inc. is the only major brand dedicated exclusively to owners and managers of growing private companies, with the aim to deliver real solutions for today’s innovative company builders.  Total monthly audience reach for the brand has grown significantly from 2,000,000 in 2010 to over 6,000,000 today.  For more information, visit www.inc.com. 

About Bank of America Merrill Lynch
Bank of America Merrill Lynch is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with approximately 5,700 retail banking offices and approximately 17,250 ATMs and award-winning online banking with 30 million active users. Bank of America Merrill Lynch is among the world’s leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America Merrill Lynch offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services.

PatientFocus, Formerly Known as PatientCredit, Announces Name Change and New Corporate Offices

Medical billing company PatientCredit has changed its name to PatientFocus, to better reflect its mission of “putting the patient first” and its exclusive focus on patient-pay. PatientFocus has tripled clients in 2012 and now serves more than 50 client sites in seven states. To respond to its rapidly growing client base, the company’s employee roster has grown three-fold, and the company has moved to new office space in downtown Nashville, doubling its square footage.

Serving as an outsourced extension of the health care billing office, PatientFocus provides full-service patient-pay account management (payments due after insurance and before bad debt) to hospitals, physician groups and other providers. PatientFocus offers every patient flexible, interest-free payment options without a credit check, and manages all patient communications: statements, inbound/outbound telephone follow-up and online payment options. Current clients include leading national healthcare corporations Anesthesia Medical Group, e+CancerCare and Optimal Radiology.

High-deductible health plans, higher co-pays, and coinsurance are the new normal, and most providers must now collect a greater percentage of revenue from patients (vs. relying solely on insurance). This trend shows no sign of slowing. Patient balances typically comprise 20 percent of the total bill, yet can be five times as difficult to manage and collect, creating a paradox of value for the billing office. This is where PatientFocus comes in.

“Healthcare providers appreciate PatientFocus because we bring the capacity and focus necessary to maximize the value of patient-pay receivables while freeing up time for the billing office to focus on larger insurance claims. Patients also appreciate the PatientFocus approach, which always features outreach from a financial counselor sympathetic to their concerns, knowledgeable about their bills, and willing to be flexible with payment plans that fit within their means,” explained David E. Frederiksen, PatientFocus founder and CEO.

PatientFocus alleviates the burden of managing patient-pay from the billing office, and provides a simple platform that not only answers patient questions in a way that reduces stress and confusion, but also increases patient satisfaction and enhances patient-pay revenues. The platform works seamlessly with any billing or EHR system.

“When PatientFocus handles all patient statements and communications, providers still maintain control of patient accounts but reduce the workload for the business office,” continued Frederiksen.

Leveraging technology to reach patients via text, email and post, patient outreach begins with client-branded statements that offer payment options in a clear and concise way and direct patients to a payment portal. Patients can select payment plans online via their smartphone or computer, and can always pay over time, interest-free, in any way they choose, including check, credit card, bank draft, Health Savings Account, and even PayPal.

Patients can also contact PatientFocus’ multi-lingual financial counselors via phone, text or online with any questions. Working directly from PatientFocus’ downtown headquarters, every counselor has insurance billing experience and is specially trained to treat patients with respect and understanding.

Funded with $1 million from veteran healthcare investors, PatientFocus is profitable, with the company’s revenues tripling since the beginning of 2012. Frederiksen launched the company in 2010 with Evan Austill, PatientFocus COO, fellow Vanderbilt University MBA graduate and co-founder.

The PatientFocus board comprises well-known healthcare executives and medical experts, including: Jim Lackey, founder and former CEO of Passport Health Communications and current CEO of EnableComp; Luke Simons, former managing partner of J.C. Bradford & Co.; and Dr. Rand Frederiksen, a cardiologist with more than 40 years of experience as a health care provider and managing partner for his physician practice group.

About PatientFocus
Located in Nashville, PatientFocus is a medical billing company focused exclusively on self-pay and patient-pay accounts after insurance and before bad debt collections. PatientFocus functions as an outsourced extension of its clients’ billing office, providing every patient flexible, interest-free payment options without a credit check. PatientFocus manages 100 percent of patient communications, including statements, inbound and outbound telephone follow-up, and online payment options. Online: www.patientfocus.com