BURLINGTON, Mass., April 22 HealthEdge, the leadingprovider of next-generation claims and benefit administration, businessintelligence and portal software products for healthcare payors, todayannounced that it has secured a $13 million investment commitment from PsilosGroup, a leading healthcare venture capital and private equity firm.
"We believe that HealthEdge's HealthRules is the only software platformthat meets the needs of today's healthcare marketplace," said Dr. AlbertWaxman, senior managing member of Psilos Group. "The legacy systems currentlyin use at most health plans cannot respond to the evolving consumer-focusedhealthcare economy which demands support for personalized benefits and complexfinancial transaction management. HealthEdge is uniquely positioned to providepayor organizations of all sizes the ability to quickly offer the kinds ofinnovative products that the market demands and to make long overduereductions in administrative overhead. Psilos is excited to extend oursupport of HealthEdge as it continues to expand its products and services."
"We are seeing unprecedented demand for our products," remarked RobGillette, CEO of HealthEdge. "The healthcare payor community has now realizedthat a contemporary software platform, built with the next generation ofhealthcare in mind, is no longer a luxury, but a necessity. We are extremelypleased to have Psilos Group as our investment partner."
HealthEdge will use the funds to increase the size of its business and tocontinue to invest in advanced product capabilities.
HealthEdge provides health plans, TPAs, PPOs and insurers of all sizesunique software products that enable them to compete in the new healthcaremarket. Payor organizations are able to pursue innovative, new strategiesfocused on increasing revenue, decreasing costs and improving the quality ofhealthcare. HealthEdge provides HealthRules(R), a next-generation, patentedsoftware platform for core administrative processes, business intelligence,and web self-service. The company is headquartered in Burlington,Massachusetts.
About Psilos Group
Psilos Group has been a successful healthcare venture capital and privateequity firm since its founding in 1998. With over $500MM under management,Psilos focuses its investments across the healthcare services, healthcareinformation technology, and medical technology sectors. Psilos investsnationwide in businesses that are poised to create enduring market value byfundamentally improving the U.S. healthcare system. Our portfolio companiesare sustainable and high-value businesses that have a demonstrated ability toreduce the costs of healthcare delivery, improve clinical quality and advancethe alignment of payer, patient and provider incentives. Psilos has officesin New York, the San Francisco Bay Area and Santa Fe, New Mexico.For more information, contact: Maria Malavenda SVP, Marketing HealthEdge 781-419-6134 [email protected]