GetWellNetwork, Inc. Expands Reach with $9 Million in Series B Financing
Provider of Interactive Patient Care Solutions Solidifies Market Leadership
Bethesda, MD (October 23, 2006) – GetWellNetwork, Inc., a leading provider of Interactive Patient Care solutions, announced today that it has closed a $9 million Series B round of financing led by Valhalla Partners. Also participating were first round investors including The Grosvenor Funds, Point Judith Capital, Long River Ventures, Village Ventures, Tall Oaks Capital, and FreshTracks Capital.
GetWellNetwork is a pioneer and continuing innovator in a new class of Interactive Patient Care (IPC) solutions. With the rise of healthcare consumerism, there is an increased market demand for products and services that enable healthcare providers to empower patients. Through IPC, patients become active participants in their healthcare process by using tools directly at the bedside that provide discharge education, medication information, patient safety, pain management and health and wellness information, among others.
By the end of 2006, more than 30% of the 50 largest health systems will be live with an IPC implementation in at least one system facility. The emerging IPC market is estimated to be valued at $1 billion annually.
“Factors such as government compliance standards and potential changes in Medicare reimbursement are driving hospitals to adopt IPC solutions in record numbers,” said Scott Frederick, General Partner of Valhalla Partners. “As an early leader in the growing IPC market, GetWellNetwork is poised to become the global leader in this space, and Valhalla Partners is excited to work with the company as it expands its reach throughout the country and the world.”
Facilities within leading healthcare systems including Catholic Healthcare West, Inova Health System and Sentara Health System use the GetWellNetwork® solution to improve patient satisfaction and healthcare outcomes. The company will use the funding to fuel sales and marketing efforts, execute on its product development roadmap, as well as provide working capital to scale operations.
“With the recent signing of several large healthcare systems, we recognize that the market opportunity for IPC is accelerating quickly,” said Michael O’Neil, Jr., Founder and Chief Executive Officer of GetWellNetwork, Inc. “The new round of funding enables us to continue to provide innovative, best-in-class applications that are financially and clinically relevant to hospitals while improving the lives of patients at the bedside each day.”
The GetWellNetwork PatientLife:)System™ brings education, information, entertainment and communication services directly to patients and families through existing in-room TVs/monitors. By integrating the PatientLife:)System with hospital IT systems, the
GetWellNetwork patent-pending Patient Pathway™ (workflow engine) software can automatically send pertinent information to patients at the point-of-care, documenting quality and service requirements. By deploying Patient Pathways, hospitals can automate many patient care processes including patient education, pain management and patient satisfaction survey collection. These features drive optimal patient outcomes, improve hospital service and quality initiatives, and boost financial performance.
About Valhalla Partners
Valhalla Partners is a leading venture capital firm focused on working closely with entrepreneurs to build world-class technology companies. Valhalla assists entrepreneurs by offering both seasoned advice and best practices which have been developed over the last twenty years. During that time, the Valhalla team has invested in or served as senior executives in over 100 entrepreneurial companies. For more information, visit www.valhallapartners.com.
About GetWellNetwork, Inc.
GetWellNetwork, Inc. is a leading provider of Interactive Patient Care solutions. In partnership with more than 45 thought leading hospitals and healthcare systems, the company delivers innovative software, hardware and related services to help transform healthcare organizations into Interactive Patient Care (IPC) environments to drive optimal patient outcomes. Interactive Patient Care exists where patients are informed, engaged and empowered as active participants in the healthcare process. IPC solutions are patient-centric applications delivered at the point-of-care to ensure the completion of service and quality requirements, while driving new revenue opportunities and operational efficiencies for healthcare providers.
GetWellNetwork, Inc. headquarters are in Bethesda, Maryland. For more information, please call 877.MEET.GWN or visit www.getwellnetwork.com.
Contact:
Rachel Imbriglio
(781) 684-0770
getwellnetwork@schwartz-pr.com
John Plunkett
(703) 795-9805
jplunkett@getwellnetwork.com