How does Practice Fusion make money?

Steven Loeb · March 7, 2015 · Short URL: https://vator.tv/n/3c6e

It makes money through partnerships with enterprise clients on treatment support programs

Doctors, as you probably have noticed, are pretty busy. On average, they only spent 18 seconds (!) with a patient before they start doing their thing. You try explaining all of your symptoms, and everything else you need to tell your doctor in that amount of time!

That is where electronic health record (EHR) service Practice Fusion comes in. Its mission is to connect doctors, patients and data to drive better health and save lives. It gives patients free access to their personal health record, viewing lab results, securely messaging their doctor, scheduling appointments and more. 

So the company makes its money through partnerships with enterprise clients on treatment 
support programs in collaboration with our physicians and by driving more efficient  care coordination through our connectivity services.  Practice Fusion also offers clinical data insights and promotional messaging.

Partners can support programs in collaboration with physicians, including population health management tools, education and adherence programs, digital care management and clinical briefings.

Practice Fusion facilitates electronic connections between providers and their pharmacies, labs, imaging centers, billers and health plans. These enterprise healthcare partners pay Practice Fusion for the connection to its streamlined electronic infrastructure. 

It also offers Insight, a tool built by its data scientists to visualize health trends from aggregated, de-identified data. A free version is available to physicians, researchers and the public as part of its mission to connect doctors, patients and data to drive better health and save lives. A premium paid version of Insight is available for more in-depth data and analysis. 

The company does not disclose how much it charges for its features, nor its total revenue numbers. 

Founded in 2005, Practice Fusion has connections to over 70,000 pharmacies, has 420 hospital and independent diagnostic laboratory partners,  130 hospital and independent radiology chains, 10 billing software and billing service partners and it work with the top 25 life-science pharmaceutical manufacturers and over 175 prescription brand

It facilitates over 1 million lab transactions per month, over 3 million e-prescriptions sent per month and over 5 million patient visits a month.

Practice Fusion has raised $149 million to date from investors that included SharesPost Investment Management, Citizen.VC, Qualcomm Ventures, ARTIS Ventures, Longitude Capital, Band of Angels, Industry Ventures and Kleiner Perkins Caufield & Byers.

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Practice Fusion provides a free, web-based EMR  system to physicians. With medical charting, scheduling, e-prescribing (eRx), lab integrations, referral letters, Meaningful Use certification, unlimited support and a Personal Health Record for patients, Practice Fusion's EMR the complex needs of today's healthcare providers and disrupts the health IT status quo. Practice Fusion is the fastest growing Electronic Medical Record community in the country with more than 150,000 users serving 40 million patients. The company closed a $23 million Series B round of financing led by Founders Fund in 2011. For more information about Practice Fusion, please visit www.practicefusion.com