The deal brings SourceMedical a fresh source of new capital, says CEO Larry McTavish. Hilary Grove, a partner with ABRY Partners, says the firm will invest in enhancing the vendor’s core platform and development of new products.
Birmingham, Ala.-based SourceMedical in 2009 was one of the first vendors to guarantee that its EHR would comply with forthcoming meaningful use requirements as vendors sought to position themselves to take advantage of the potentially billions of federal dollars being spent to incentivize providers to automate their records. The company also made available $10 million in financing, as many banks remained reluctant to make business loans.
Other health care software vendors in ABRY’s portfolio include HealthPort (health information management) and Orion HealthCorp. (physician billing & practice management). Previous holdings included Gateway EDI (clearinghouse) and HealthTrans (pharmacy benefit management.)