ORIX Growth Capital announced today that it has completed an investment in Practice Fusion, the leading cloud-based electronic health record (EHR) platform for doctors and patients in the U.S. The capital will be used in part to support the continued expansion of Practice Fusion’s industry leading product suite and data solutions business.
“As the largest cloud-based EHR platform, Practice Fusion is well-positioned to expand its capabilities, capture additional market share and continue to innovate across its offerings,” said David Orlandella, Managing Director and healthcare lead for ORIX Growth Capital. “We are impressed with the Practice Fusion team and believe they can capitalize on both the growing need for a flexible, fully compliant EHR platform, and the expanding role of big data in the healthcare industry.”
Headquartered in San Francisco and founded in 2005, Practice Fusion serves more than 30,000 practices across 50 states through its cloud-based EHR platform. In 2015, the company reached significant growth milestones that included adding over 5,000 new active medical practices and dozens of life sciences partners, and realizing accelerated year-over-year revenue growth of more than 70 percent. The company is also on track to meet or exceed its key growth targets for 2016.
“We look forward to using portions of the capital investment from ORIX to help fund initiatives that will allow us to better serve our physician and patient community,” said Tom Langan, CEO of Practice Fusion. “These include initiatives that will help accelerate increased connectivity among disparate parts of the healthcare ecosystem through advancing the interoperability capabilities of our EHR platform.”