Anodyne Health Partners Secures $5.6 Million Growth Financing

Anodyne Health Partners (?Anodyne?), a leading provider of revenue cycle management solutions for healthcare providers, announces today it has received a $5.6 million growth capital investment. Brook Venture Partners, Frontier Capital, Brooke Private Equity Advisors and the Small Enterprise Growth Fund participated in the financing. Anodyne provides business intelligence (?BI?) software and outsourced billing services to large provider groups and hospital-based physician practices.

Founded in 2003, Anodyne was previously angel financed and has been profitable since early 2005. Michael Funk, Anodyne?s CEO, indicated that the company sought this round of funding to accelerate improvements in each of its revenue cycle solutions. ?We plan to put these new funds to work to rapidly enhance our existing products while building a world-class service infrastructure to improve the experience we create for our customers.?

Anodyne?s new investors were drawn to the company by its experienced management team and the demonstrated results of the company?s offerings. ?We have great respect for Anodyne?s management and the achievements they have made since founding the company,? said Walter Beinecke, Partner, Brook Venture Partners. ?We believe that the Anodyne team can utilize these additional resources to drive the company to a prominent position in the industry.? Added Michael Ramich, Partner, Frontier Capital, ?our diligence indicated that Anodyne?s BI product has uniquely positioned the company as a billing service provider with superior diagnostic capabilities. Anodyne?s customers enthusiastically claim improved billing, accounts receivable and cash collection results.?

Anodyne was founded to meet the substantial and growing need for physician practices and hospitals to actively manage their billing and collections to recapture revenue which has been lost to increased regulatory pressures and declining reimbursement rates. The company?s BI offering gives provider organizations a powerful analytics tool that is very easy-to-use, extremely fast and has been tailored to support the specific needs of nearly all types of healthcare business professionals. Anodyne?s product is delivered through a ?software-as-a-service? model whereby customers access their information over the internet and pay a monthly subscription fee. According to Funk, ?our BI product is filling a void within most large group practices by putting the information they need for generating improved results at the fingertips of their people?.