Health IT company Medversant raising $10M

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Medversant Technologies, a Los Angeles-based health IT company focused on streamlining administrative processes, is raising $10 million, according to a filing with the SEC.

The company, which was founded in 1999 by attorney and healthcare entrepreneur Matthew Haddad, focuses on decreasing administrative waste for hospitals, managed care organizations, outpatient facilities, long-term care, home care and other provider organizations, according to its website.

It has revenues of somewhere between $5 million and $25 million, according to the SEC Form D filing.
It has so far raised $6.35 million through the sale of  debt and securities, with another $3.65 million to go, according to the filing.

The company designs a number of products, among them Encompass PM, Encompass HR and eQuality, along with its recently launched OneSource for providers, which lets providers outsource credentialing and enrollment management for health plans.

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Dan Verel

By Dan Verel MedCity News

Dan Verel writes about how hospitals and health insurance companies are leveraging cutting-edge technologies to transform the industry -- from telemedicine to analytics to healthcare social media. Previously, he was a reporter at the North Bay Business Journal, where he covered healthcare, insurance, HR and employment, law and hospitality and tourism. His byline’s also appeared in the Oakland Tribune and the San Francisco Bay Guardian. He attended San Francisco State University and obtained a BA in journalism. He is based in San Francisco.
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