Net Health Systems, a provider of clinical information systems in the field of wound care, announced today it has received an investment from Spectrum Equity. With Spectrum Equity’s backing, Net Health will aim to build on its wound care technology and extend and diversify its electronic health record product offerings into adjacent segments.
Net Health’s WoundExpert platform is an electronic health record system utilized by over 20,000 physicians across over 1,000 facilities throughout the United States. WoundExpert allows providers to assess wounds and document care planning; schedule, receive and track insurance authorization; record and track coding and billing; benchmark facility performance, and provide telemedicine services. The company’s products are used by outpatient wound clinics, long-term care and home health facilities, traveling physicians and other healthcare providers. The company is based in Pittsburgh, PA (www.woundexpert.com).
In connection with the transaction, the management team of Chief Executive Officer Anthony Sanzo, President Patrick Colletti and Chief Technology Officer Christopher Hayes will continue in their executive roles and have co-invested alongside Spectrum Equity.
“Wound care is a large and growing market in healthcare. As the population ages and as obesity and diabetes continue to affect a large portion of Americans, chronic wounds are becoming more prevalent. Net Health’s technology improves patient care and outcomes while minimizing costs associated with the treatment of chronic wounds. WoundExpert is the dominant product used by hospital-based outpatient wound care clinics, and we are seeing increased adoption of our products within other wound care treatment settings throughout the care continuum,” said Patrick Colletti, President of Net Health.
Spectrum Equity invests in growth companies in the information industry with particular interest in internet and digital media; communications, media and entertainment; and software and information. Spectrum Equity has raised $4.7 billion in capital across six funds. The firm was founded in 1994 and has offices in Boston and Menlo Park (www.spectrumequity.com).
“We are very pleased to partner with Anthony, Patrick and Chris. We believe that market demand for the company’s web-based EHR platform will continue to grow as more physicians, clinicians and healthcare professionals across the wound care continuum seek to improve patient care and facility performance. As the market leader with a long track record of profitable growth, Net Health is a great fit for Spectrum Equity and our portfolio of healthcare IT businesses,” said Jim Quagliaroli, Managing Director of Spectrum Equity.