Portland health informatics co. raises $10.9M
A Portland-based business analytics company has raised $10.9 million through a Series A minority equity offering.
According to a regulatory filing, iVantage Health Analytics raised that sum from five investors through a partnership with the Maryland-based SC&H Capital Advisors Inc.
The company, which formed through the merger of four other software providers catering to the health care market, aims to use the investment to scale up sales and marketing efforts for its hospital data platform. The program brings a range of hospital data — clinical, financial and administrative — into one platform to show how operations can be run more efficiently.
The company says that challenge to hospitals is brought on, in part, by national health care reform through the Affordable Care Act.
"The big challenge for all providers — but in particular hospitals — is that they're going to get paid less," John Morrow, a co-founder of iVantage, told Mainebiz. "They're going to be required to do more and get paid less and that means you have to be more efficient."
The company reports it has grown at around 50% per year since forming in 2011.
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