Portland Business Journal: Clinicient secures another round of funding
Health care software firm nabs $5M in debt funding
By Malia Spencer
Fast-growing health care software maker Clinicient has secured another round of funding, according to a regulatory document filed Thursday.
According to the filing with the Securities and Exchange Commission, the company secured $5 million in debt, options or warrants.
There are no new investors in the round, said CEO Rick Jung in an email. Catalyst Investors, one of the company’s existing backers, supplied expansion capital for sales and marketing, he said.
“With the company growing nearly 50 percent again in 2015 and expecting the same in 2016 it gives us some more room to scale,” Jung said
Clinicient makes software used by outpatient and rehabilitation centers to manage billing and other processes. By automating parts of the billing and other management processes, Clinicient’s clients can focus on providing care while the business end of running the clinic becomes more efficient.
The company was founded in 2004 and has more than 25,000 total users nationwide. Its software manages $1 billion in client collections.
In January, the company raised $7 million in debt funding from Silicon Valley Bank. In 2014, it raised a $15 million series C round from venture investors. At the time of the series C, it also named Jung CEO.
So far, the company has focused on out-patient clinics. However, in October, Jung said the company is gearing up to take on new markets, including in-patient facilities.