StrataPT, a billing practice management software provider, has secured $25 million in financing in a round led by Council Capital.

In a statement, the company said that the funding comes at a time when it is seeing growing demand for its SaaS-based platform that integrates electronic medical records (EMR), revenue cycle management (RCM), billing and collections into one solution.

Council Capital partner Kevin Fahey and healthcare IT industry veteran Gregory Anderson have been appointed to the StrataPT board of directors. 

WHAT IT DOES

The StrataPT billing-aware practice management platform for outpatient therapy clinics acts as a billing partner for physical, occupational and speech therapy practices by unifying therapy documentation and billing into a single full-service platform.

The funds will be used to help expand EMR and RCM business for outpatient therapy clinics. 

“We are on the precipice of real change as it relates to accountability and awareness in healthcare billing,” Paul Singh, CEO of StrataPT, said in a statement. 

“Our goal is to crack open the complexities of reimbursement and streamline clinical processes with a platform that provides true transparency for the first time ever. We value our partnerships with the physical, occupational, and speech therapists we serve, and the trust they have in us enables immediate benefits and long-term impact. Council is an expert in healthcare innovation, and their support helps us extend our reach and capabilities so we can help even more clinics.”

MARKET SNAPSHOT

Other companies offering RCM and EMR services include NextGen Healthcare, which announced on Oct. 1, that its AI-driven ambient listening solution NextGen Ambient, is available to ophthalmologists and optometrists. 

NextGen Ambient Assist transcribes patient-provider conversations in real time as well as leverages AI to sum up patient encounters within 60 seconds of a patient visit. 

In July, multispecialty medical group PrimeHealthcare chose Athenahealth’s EHR, RCM and patient engagement solution, switching from their previous vendor, to the next generation of the organization’s evolution.