Hello Health Raises $11.5 Million to Expand Electronic Health Records
Hello Health, which has an unusual model for offering electronic health records systems to doctors, said today that it raised $11.5 million in additional financing, with First Generation Capital as its lead investor. That brings the total amount raised by the New York-based subsidiary of Montreal’s Myca Health to $21.5 million in the past two years.
As Xconomy’s Arlene Weintraub explained in March, Hello Health provides doctors with electronic health records systems for free. It’s the patient who pays, a fee that averages about a $36 a year. Even better for the doctors, Hello Health pays them back about a third of their patients’ fees. For their money, the patients can schedule appointments on line, keep track of their prescriptions and ask questions of their doctors via email. The physicians get an electronic records system without shelling out the thousands of dollars, or tens of thousands of dollars, that customized systems can cost.
In February 2011 Hello Health raised $10 million in venture funding from a group of private investors and Sandbox Industries, a venture fund sponsored by BlueCross and BlueShield. Hello Health said in its press release that it will use these new funds to support the expansion of its platform and develop strategic partnerships.