Clinicient, medical software company hit hard by recession, rebounds with $15 million in funding [The Oregonian, Portland, Ore. :: ]
(Oregonian (Portland, OR) Via Acquire Media NewsEdge) March 04--Clinicient, a Portland medical software company that struggled through the Great Recession, said Tuesday that it has come back strongly -- and plans to grow beyond 100 employees this year, led by a new chief executive and $15 million in additional funding.
Longtime health care executive Rick Jung, who spent six years on Clinicient's board, takes over as chief executive. Jim Plymale, who had been CEO, is now president and chief growth officer.
Founded in 1998, Clinicient provides management and billing software to physical therapists. The company expanded rapidly in the years before the recession and then stumbled badly, closing an office in Tennessee and reducing its headcount from 72 to 30.
The company had raised at least $5 million before recapitalizing with $2.8 million in funding invested over 2009 and 2010. Company President Jim Plymale said Clinicient rebuilt the business by focusing on helping its clients deal with the complexity of health care records.
"That's the biggest problem people are having right now, is managing change," Plymale said. "And we got in front of it."
Tuesday's $15 million funding round comes from a new backer, New York-based Catalyst Investors. Prior investors had included Massachusetts-based Village Ventures, Highway 12 Ventures of Idaho and Portland-based Capybara Ventures.
Clinicient has been quietly rebuilding, expanding its work force to 78. Plymale said Tuesday's funding enables the company to invest more in sales and marketing, in adding features to its software and educating clients about how to use it.
Revenue grew by more than 50 percent last year, Plymale said, and Clinicient forecasts growth of more than 70 percent this year.
"When you take great care of something, people give you more," he said. "Through that difficult time we just really focused on the needs of our customers."
-- Mike Rogoway; twitter: @rogoway; phone: 503-294-7699
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