St. Petersburg, FL
CareMedic Systems, Inc., a leading provider of revenue cycle automation solutions for healthcare facilities, today announced a $19.85 million investment in a Series E Preferred stock financing led by Oak Investment Partners XI, Limited Partnership. Also participating in the financing were existing investors, CB Health Ventures, LLC, PreCor Venture Holdings, LLC and certain members of CareMedic's management. As a result of this investment, Ann H. Lamont, a General Partner of Oak Investments Partners will join the CareMedic Board of Directors.
CareMedic is well positioned to build upon its market leadership in the growing revenue cycle management industry. Revenue Cycle Management, according to IDC, will increase to $4.4 billion by 2008 growing at a CAGR of 13%. Oak and the existing investors plan to support the company as it pursues multiple acquisitions within the industry over the next few years.
CareMedic Chairperson and CEO Sheila Schweitzer noted, "We are committed to building the most complete product and service offering in the industry from revenue cycle management through the cash collection process. To do this, it is imperative to draw on our strengths and seek complementary product lines with organizations who share our vision."
Ann H. Lamont, General Partner of Oak Investment Partners, recognized the valuable investment opportunity that CareMedic offered. "Healthcare financial leaders demand greater return on their investment. CareMedic has demonstrated a superior ability to develop or acquire the most comprehensive and effective IT solutions and services targeted to healthcare facilities."
About Oak Investment Partners
Oak Investment Partners is a multi-stage venture capital firm with a total of $5.8 billion in committed capital. Investments are primarily focused on growth opportunities in enterprise application and infrastructure software, Internet services, telecommunications equipment and services, data storage, financial services technology, outsourced services, healthcare services and retail. Over a 25-year history, Oak has achieved a strong track record as a stage-independent investor funding more than 350 companies at key points in their lifecycle. Oak has been involved in the formation of companies, funded spinouts of operating divisions and technology assets, and provided growth equity to mid- and late-stage private businesses and to public companies through PIPE investments. For additional information, visit www.oakvc.com.
About CareMedic Systems
CareMedic Systems is a healthcare information technology provider that designs, implements, and supports innovative revenue management and regulatory compliance solutions. The company, which also provides extended billing office services to hospitals and other healthcare facilities, has developed a unique "one view" work list for its range of products and services, offering customers a single-view of their LMRP compliance edits, EDI edits, and a real-time, virtual claim review by their Medicare Fiscal Intermediary, all prior to claim submission. CareMedic Systems is based in St. Petersburg, Florida. For additional information, visit www.caremedic.com.