A digital health company that has developed an integrated technology framework for pathology, laboratories and physician practices’ electronic health records has secured more than $2 million in venture capital backing in its latest financing round.
The round was led by Philadelphia-based Emerald Stage2 Ventures and Vital Financial in Connecticut. Pennsylvania-based Osage Venture Partners, New York-based Milestone Venture Partners and LORE Associates, a Philadelphia-based angel, added to their previous investments, according to a statement from the Blue Bell, Pennsylvania-based Halfpenny Technologies.
The healthcare IT company’s Lab Hub platform allows physician practices to order laboratory tests and receive results through a computerized order entry system between hospitals, laboratories and physician EHR systems.
The platform also will be able to provide data for chronic disease management and other population health management goals, the statement said.
In the past two years, Halfpenny has connected EHR systems in more than 1,500 practices to hospitals and labs, according to the company statement. Through its laboratory clients it serves physician practices ranging in size from one to more than 1,000 and has a presence in 30 states.
In an emailed response to questions, Halfpenny CEO Tim Kowalski said the company is beginning to work with payers to help them improve their disease management capabilities to earn better Healthcare Effectiveness Data and Information Set (HEDIS) ratings from the government. If payers improve their HEDIS ratings, they can lower administrative costs and increase their reimbursements for Medicare.
Kowalski added: “We are in active discussions with many HIE’s [healthcare information exchanges] and REC’s [regional extension centers] around the country to provide our hub-based infrastructure solution, which does include a portal component. We are already part of the Georgia and South Carolina exchanges.”
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
