Practice Fusion acquires Startup Ringadoc

2014-08-07
Published : Aug-2014

Practice Fusion which is a provider of a free electronic health record service for doctors, acquired Ringadoc, an app developer as it makes its foray into telemedicine.

Telemedicine allows care providers to interact with patients via related technologies and devices. IHS which is a Research firm has predicted that in 2018, the U.S. market will grow to $1.9 billion from $240 million in 2013.

A startup, Ringadoc has developed a web service and mobile application for doctors to manage after-hours patient calls.

According to Ryan Howard, the Chief Executive of Practice Fusion, Ringadoc was an attractive target for the company and it’s a product that every doctor needs.

Howard said with this acquisition of Ringadoc, the company is diversifying their portfolio and added that Practice Fusion is planning to launch a host of services complementary to its best-known product, its health records.

Financial terms of the deal were unveiled.

In recent years, Silicon Valley has made a big bet on Practice Fusion. Practice Fusion which has raised $149 million from Qualcomm, PayPal cofounder Peter Thiel, Kleiner Perkins and others, grew rapidly in the wake of the Health Information Technology for Economic and Clinical Health Act (HITECH), which gave incentives to doctors to move from paper-based to digital systems and covered the cost of adoption of electronic health records.

The start-up says that it has 112,000 active medical professionals using its service each month and a database of more than 81 million patient records.

However, the market is flooded with competitors, among them Allscripts, Epic Systems, GE Healthcare, Cerner and Kareo. Many of these companies now offer additional services and software to physicians, such as claims and billing processing.

The start-up is attempting to differentiate itself by catering to both patients and doctors.

Practice Fusion launched a service called Patient Fusion for consumers to peruse doctor reviews and book appointments online in April 2013. Howard said that Practice Fusion also sees great opportunities for telemedicine.

Currently Ringadoc is available for $69 per month however the company may consider subsidizing this cost. The start- up is able to offer its health record service for free and makes money through advertising.

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