Halfpenny Technologies, Inc., a leading provider of clinical data integration solutions specializing in laboratory, pathology and physician electronic health record (EHR) system interoperability, today announced that it has secured $2.25 million in venture capital funding co-led by Connecticut-based Vital Financial and Philadelphia-based Emerald Stage2 Ventures. Prior investors including Pennsylvania-based Osage Venture Partners, New York-based Milestone Venture Partners, and LORE Associates, a Philadelphia-based angel, also participated in the round.
“We are very pleased to have the backing of investors who share our vision of delivering innovative clinical data integration solutions to hospitals, laboratories, and payors,” said Tim Kowalski, CEO of Halfpenny Technologies. “This round of financing positions the company to provide its Lab Hub platform to a broader range of clients.”
The Lab Hub platform enables computerized order entry (CPOE) and results reporting interfaces between hospitals, laboratories and physician EHR systems. It also fulfills downstream requirements for viewing normalized, LOINC-mapped (Logical Observation Identifiers, Names and Codes) data for chronic disease management and other population health management goals.
For the past twelve years, Halfpenny’s healthcare connectivity and integration solutions have been connecting physician EHR systems with hospitals and laboratories. In just the past two years, the company has connected EHR systems in over 1,500 practices to hospitals and labs. Halfpenny has successfully worked with EHR systems from more than 160 different vendors, enabling computerized physician order entry (CPOE) and structured laboratory results reporting. Additionally, the Company’s solutions satisfy the HEDIS clinical data reporting requirements for health plans. Halfpenny’s products and services are helping physicians and hospitals meet the laboratory related provisions of the HITECH Act’s meaningful use criteria for CPOE, results reporting and quality reporting.
Halfpenny also offers a Web-based portal that enables physicians to order laboratory procedures and review results through a standard Web browser. The company’s mobile results reporting solution is enabling hospitals and labs to provide physicians with critical value alerts and results reporting on mobile platforms including the Apple iPhone, iPad, Android and Blackberry.
“Halfpenny’s proven cloud-based technology platform, deep domain knowledge, and real-world value proposition position the company for success in meeting the needs of the evolving healthcare market,” said Craig Asher, partner at Vital Financial.
“We are excited to partner with Halfpenny as it extends its reach in the evolving healthcare market. Halfpenny’s capability to facilitate information sharing among disparate clinical systems will improve efficiency, enhance care delivery and reduce healthcare costs,” added Saul Richter, managing partner at Emerald Stage2.
Falcon Capital Partners served as venture financing advisors to Halfpenny Technologies.
About Halfpenny Technologies, Inc.
Halfpenny Technologies is a leading provider of healthcare connectivity and integration solutions for Health Information Exchange. The Company utilizes its depth of knowledge and real world clinical experience to meet the increasing demand for connectivity to physician electronic health record (EHR) systems. Through its proprietary Integration Technology Framework™ (ITF-Hub), Halfpenny Technologies delivers clinical data integration and connectivity solutions that enable hospitals and laboratories to receive, process and respond to physician-initiated requests for ancillary services. Halfpenny’s targeted solutions cover the full spectrum of health information exchange to provide reliable, secure and efficient exchange of clinical information while also facilitating the flow of patient, financial and administrative data between physician practices, laboratories, hospitals and health plans. The Company has established a national reputation for delivering innovative integration and connectivity technology solutions for its clients. For more information, please visit www.halfpenny.com.
About Vital Fin
Vital Financial is an active early-stage venture investor in business-to-business SaaS software and in medical diagnostics and device companies throughout North America. We highly enjoy building long-term relationships with dynamic management teams. We aim to support the management teams with our operational and financial experience. For more information, please visit www.vitalfin.com.
About Emerald Stage 2 Ventures
Emerald Stage2 is a Philadelphia-based venture fund that invests in small financing rounds of early stage information technology companies that utilize emerging technologies to create compelling business opportunities. The Fund invests across the information technology spectrum but has a special focus on the healthcare information technology arena. The Fund’s other verticals of interest include pharmaceutical information technology, financial services information technology and outsourced business services. For more information, please visit www.s2vc.com
About Osage Venture Partners
Osage Venture Partners, located near Philadelphia, PA, is a leading provider of venture capital to early stage technology and healthcare IT companies in the Mid-Atlantic region. Additional information is available at www.osagepartners.com
About Milestone Venture Partners
Milestone Venture Partners, located in New York City, is an early-stage venture capital fund with $70 million under management. Milestone invests in early stage, capital-efficient Digital Health and information services businesses.