hc1.com, inventor of the world's leading healthcare relationship management platform, announced it has raised $13.2 million in new growth capital led by existing hc1.com investors. The company plans to deploy this capital to support expansion through both direct sales and the development of strategic partnerships, further extending its leadership position in the healthcare CRM market.
In addition to the growth equity investment, this capital financing includes a new $5 million revolving line of credit from Greenwich-based SCM Specialty Finance Opportunities Fund, L.P., an affiliate of CNH Finance, L.P.
The company's healthcare cloud technology has been adopted in six countries by more than 700 health system, laboratory, and post acute care locations including the Cleveland Clinic, Alere, Sonic Healthcare, and Nationwide Children's Hospital. The organization plans to double the size of its sales team over the next year.
hc1.com achieved record sales growth last quarter, fueled by new client additions and its best in class annually recurring revenue (ARR) renewal rate of 129 percent. This robust organic ARR expansion validates the significant value that healthcare entities realize from the hc1 Healthcare Relationship Cloud®.
The company's healthcare cloud technology has received accolades from respected industry groups in 2015, including Gartner Research in its 2015 Hype Cycle Report for Healthcare Provider Applications, Analytics, and Systems and its 2015 Hype Cycle Report for Consumer Engagement with Healthcare and Wellness; Frost & Sullivan, which named hc1 "Best Healthcare CRM for Diagnostic Laboratories" and as a 2015 Business Intelligence Group Stratus Award finalist.
"hc1.com focuses exclusively on making healthcare organizations more successful by personalizing the healthcare experience for consumers and providers. Faced with the rise of consumerism and shift to quality-based care, this additional investment positions hc1 to enable progressive healthcare leaders to compete and win in this new paradigm," said Brad Bostic, CEO of hc1.com.
The hc1® Healthcare Relationship Cloud enables health systems and diagnostic labs to personalize the healthcare experience for patients and providers throughout the entire care journey. Designed to meet the specific clinical and business relationship needs of healthcare entities, the hc1 Healthcare Relationship Cloud has been adopted across more than 700 locations around the globe and has processed over 1.5 billion diagnostic transactions to date. hc1.com works with industry leaders such as Cleveland Clinic, Alere, Sonic Healthcare, and AmeriPath.
CNH Finance, L.P. is an independent non-bank lender that provides asset based loans from $2 million to $20 million to small and mid-sized businesses across all industries. They specialize in providing innovative and creative solutions for companies that require more flexibility and proceeds than traditional banks can provide. Their primary loans are supported by accounts receivables, inventory, machinery and equipment, real estate and will also provide senior stretch credit facilities in certain situations.