Funds to support product development and international expansion
August 6, 2014
DrFirst, a leading provider of healthcare IT solutions designed to improve clinical outcomes for patients, today announced it has secured $10 million in debt financing from Silicon Valley Bank. This financing is an expansion of the existing relationship between DrFirst and Silicon Valley Bank.
“We have a long-standing relationship with DrFirst that we’re pleased to expand on to support the company’s growth objectives” said Alicia Fuller, of Silicon Valley Bank in Northern Virginia. “DrFirst continues to grow revenues and its client base, while planning for future product development domestically and abroad. This new financing will give the DrFirst team added flexibility to pursue its goals as a healthcare innovator.”
DrFirst will use the new capital to expand its development resources for both existing and new products, and in preparation for anticipated international expansion in the coming year.
“Since our founding in 2000 as a company focused on e-prescribing, we’ve significantly expanded our offerings to include software and services in medication management, medication adherence, and care coordination,” said G. Cameron Deemer, president of DrFirst. “Today, DrFirst solutions in the areas of medication reconciliation, legend drug and controlled substance e-prescribing, drug therapy adherence and patient support, and care team communication and collaboration are used daily in medical practices, hospitals and post-acute care facilities nationwide, and also integrated within more than one-third of EMR, EHR and HIS systems used in the U.S. Our valued relationship with Silicon Valley Bank helps us continually develop new, innovative HIT solutions to bring to market.”
DrFirst pioneers technology solutions that inform the doctor-patient point of encounter, optimizing provider access to patient information, enhancing the doctor’s clinical view of the patient, and improving care delivery and clinical outcomes. Our growth is driven by a commitment to innovation, security, and reliability across a wide array of services, including Medication Management, Medication Adherence, and Secure Communication and Collaboration. We are proud of our track record of service to more than 45,000 providers, 300 EMR/EHR vendors, and 650 hospitals, which serve a patient population of more than 20 million.
About Silicon Valley Bank
Banking the world’s most innovative companies and exclusive wineries, SVB offers diverse financial services, knowledge, global networks, and world class service to increase our clients’ probability of success. With more than $29 billion in assets and more than 1,700 employees, we provide commercial, international and private banking through our locations around the world. Forbes Magazine ranks us among America’s Best Banks and Fortune named SVB one of the best places to work. (Nasdaq: SIVB) www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System.