Halfpenny Technologies has secured USD2.25 million in venture capital funding co-led by Connecticut-based Vital Financial and Philadelphia-based Emerald Stage2 Ventures. Existing investors including Pennsylvania-based Osage Venture Partners, New York-based Milestone Venture Partners, and LORE Associates, a Philadelphia-based angel, also participated in the round.
"We are very pleased to have the backing of investors who share our vision of delivering innovative clinical data integration solutions to hospitals, laboratories, and payors," says Tim Kowalski, CEO of Halfpenny Technologies. "This round of financing positions the company to provide its Lab Hub platform to a broader range of clients."
The Lab Hub platform enables computerised order entry (CPOE) and results reporting interfaces between hospitals, laboratories and physician EHR systems. It also fulfils downstream requirements for viewing normalised, LOINC-mapped (Logical Observation Identifiers, Names and Codes) data for chronic disease management and other population health management goals.
For the past twelve years, Halfpenny’s healthcare connectivity and integration solutions have been connecting physician EHR systems with hospitals and laboratories. In just the past two years, the company has connected EHR systems in over 1,500 practices to hospitals and labs. Halfpenny has successfully worked with EHR systems from more than 160 different vendors, enabling computerised physician order entry (CPOE) and structured laboratory results reporting. Additionally, the Company’s solutions satisfy the HEDIS clinical data reporting requirements for health plans. Halfpenny’s products and services are helping physicians and hospitals meet the laboratory related provisions of the HITECH Act’s meaningful use criteria for CPOE, results reporting and quality reporting.
Halfpenny also offers a Web-based portal that enables physicians to order laboratory procedures and review results through a standard Web browser. The company’s mobile results reporting solution is enabling hospitals and labs to provide physicians with critical value alerts and results reporting on mobile platforms including the Apple iPhone, iPad, Android and Blackberry.
"Halfpenny’s proven cloud-based technology platform, deep domain knowledge, and real-world value proposition position the company for success in meeting the needs of the evolving healthcare market," says Craig Asher, partner at Vital Financial.
"We are excited to partner with Halfpenny as it extends its reach in the evolving healthcare market. Halfpenny’s capability to facilitate information sharing among disparate clinical systems will improve efficiency, enhance care delivery and reduce healthcare costs," says Saul Richter, managing partner at Emerald Stage2.
