Health Evolution Partners, the investment management firm founded by the nation's former national healthcare information technology chief, has made its first investment - an undisclosed amount - in e-prescribing company Prematics.
As a result of the funding, David J. Brailer, MD, will join Prematics board of directors.
Brailer, founded Health Evolution Partners in 2007 after he resigned from his post as national coordinator for healthcare information technology, appointed by President Bush.
Health Evolution Partners Innovation Network (HEPIN) led the Series B round of funding.
"The time is right for investing in electronic prescribing," Brailer said. "We looked at numerous ways for Health Evolution Partners to enter this market, and Prematics was by far the best choice. We have committed the financial resources and expertise that Prematics needs to be the nation's leading electronic prescribing company."
Health Evolution Partners will provide capital to Prematics in future rounds through the Health Evolution Partners Growth Fund.
Prematics' founding investors, Foundation Capital and General Catalyst Partners joined Health Evolution in the Series B round of financing.
Kevin Hutchinson, founding president and CEO of SureScripts from 2002 - 2008, is Prematics president and CEO. Hutchinson is widely credited for his leadership in establishing a national network for electronic prescribing and health information exchange while at SureScripts.
"This substantial commitment led by one of the nation's most respected leaders in healthcare technology demonstrates recognition for the effectiveness of Prematics' service-based deployment of clinical IT services," said Hutchinson.
Brailer said Prematics provides a turnkey, fully managed electronic prescribing service that removes the common barriers to mainstream physician adoption and utilization. Use of Prematics' electronic prescribing service, he said, improves patient safety, reduces physician work and lowers drug costs.
Bethesda, Md. -based Prematics calls its offering ScriptTone. The service is delivered via Prematics' proprietary network.
Health Evolution Partners released Monday its Health Evolution
Partners Outlook report titled, "Safety and Value in Electronic Drug Prescribing."
Shifting consumer and physician attitudes, new regulations, improved automation in the prescribing process and increasing payer commitment will broaden physician adoption of electronic prescribing, the report asserts.
Outlook reports are prepared as tools to inform healthcare policy, business and consumer leaders on emerging trends in healthcare, Brailer said, and to guide Health Evolution Partners own investment strategy.