A health IT company helping primary care physicians convert to electronic digital health records and generate more revenue has raised $11.5 million.
The financing round was led by First Generation Capital. New York-based Hello Health said in a company statement that it will use the money to support the expansion of its platform and to develop strategic partnerships. Among the company’s service offerings are digitizing medical records and providing a patient portal. Earlier this year, Hello Health inked a deal with 5’Oclock Records, a graduate of New York accelerator Blueprint Health’s inaugural class, to help physician practices increase revenue by charging for medical record requests.
The system can shift requests for medical records to an online portal where the companies log in, make their requests, upload authorizations and make payments. Then the physician transmits the patient’s medical record from the Hello Health platform to 5 O’clock Records, which uploads it to the website and shares it electronically with the requester.
Hello Health’s service is aimed at helping primary care physician practices at a time when they are seeing a lot of industry upheaval. Small, independent practices are getting consolidated by hospitals because many cannot afford to function on their own. But practices are also shifting their business models — in some cases to a subscription-based payment model. Some are delegating more duties to nurses and physician assistants to help deal with the needs of 30 million people expected to become newly insured under the Affordable Care Act.