A Medical Device Daily

MobileMD (MMD; Warminster, Pennsylvania), a provider of managed service health information exchange (HIE) solutions, said it has completed its first round of institutional financing. MMD says its HIE enables the real time, highly secure exchange of administrative and clinical information between hospitals, physicians, and the greater healthcare community via a Software as Service platform, with no additional hardware or software required. The growth capital will support rapid sales growth, broader market penetration and continued technological innovation, the company said.

MobileMD's new partner, Health Enterprise Partners (HEP; New York), a growth equity firm, led the financing and is providing healthcare market expertise to support the company's go-to-market efforts. MMD said it would use the growth capital to fuel a more rapid national expansion and enhance the service offering.

"MobileMD's management team brings decades of first-hand experience and technical expertise to the healthcare provider marketplace," said Dave Tamburri, a partner at HEP. "We were very impressed from the start with the company's managed service offering, the team's ability to execute and tremendous customer satisfaction."

MMD's managed service offering delivers information seamlessly from a healthcare provider into any electronic medical record (EMR) system, according to the company. For those physicians who don't have an EMR, MMD offers a full-featured, highly secure, Internet-enabled capability to electronically view and share administrative and clinical information.

"Moving forward, providers are going to be reimbursed based on value and outcomes and that's why securely sharing critical patient information among providers will be central to delivering quality care. We believe MMD is well positioned to seize on significant developments in healthcare reform including the federal government's ARRA HITECH Act, which financially incents healthcare providers to adopt electronic medical records," said Todd Fisher, CEO/founder of MobileMD. "MobileMD is very fortunate to have a partner like HEP. Their deep healthcare experience and market access creates additional business opportunities for MobileMD by providing access to some of the leading health information technology thinkers in the nation."

In other financing activity, American HomePatient (Brentwood, Tennessee) said it has entered into a fifth forbearance agreement with NexBank, SSB, the agent for its senior debt, and the holders in interest of a majority of the senior debt.

About $226 million was due to be repaid in full on the maturity date of Aug. 1, 2009 pursuant to the terms of the company's secured promissory note to the agent. The parties to the forbearance agreement have agreed to not exercise, prior to Dec. 16, any of their rights or remedies for the company's failure to repay the debt in full on the maturity date. The company, the agent, and the forbearance holders continue to work toward a resolution of the debt maturity issue. However, there can be no assurance a resolution will be reached with favorable terms to the company and its stockholders or at all, the company said.