Greenway Medical Technologies Inc., a veteran vendor of integrated physician practice management/electronic health records software, has filed for a $100 million initial public offering of stock.

In registration papers and a prospectus filed with the Securities and Exchange Commission, the Carrollton, Ga.-based company estimates the market for its products at $33 billion. Of that, the market for its integrated EHR/practice management system is $9 billion, with markets of $14 billion for revenue cycle management services, $3.5 billion for health information exchange and $2 billion for speech recognition. The company also sells provider and patient Web portals and apps for mobile devices. More than 33,000 providers use the products.

Greenway in the prospectus touts its achievements, viability and potential for continued growth. "Our integrated EHR/PM solution is consistently rated among the best in the industry. Since 2004, PrimeSuite has received 11 'Best in KLAS' awards in ambulatory EHR and PM categories. We have achieved a customer retention rate of approximately 95% in a market where, according to KLAS, 35% of providers who have adopted EHR technologies are considering replacing their current vendors."

Greenway's financial performance in recent years includes a $926,000 loss on $38.8 million in revenue in fiscal 2008, net income of $955,000 on $48.7 million in revenue in 2009 and nearly $2.9 million in net income on $64.6 in revenue in 2010.

Investment firms handling the IPO are J.P. Morgan Securities LLC, Morgan Stanley & Co. and William Blair & Company. The prospectus is available here.


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