"I have sucessfully been using NoteSwift for the past month and it has saved a lot of time and frustration" says MD Jon Peacock, Managing Partner, Cardiovascular Associates
Atlanta, GA (PRWEB) November 06, 2012
NoteSwift, a developer of solutions that bridges the gap between speech recognition and EHR systems by enabling automatic input of structured information has secured first round, Series A funding from Bluestem Capital for a majority share of the company. Up until now, NoteSwift’s market success has been privately funded by securing over 300 customers with its first product, NoteSwift for Allscripts Pro. This round of funding follows the release of its second product, NoteSwift for Allscripts MyWay and with additional EHR support coming soon.
“We have performed significant market research and due diligence in understanding the gaps and market needs of speech and EHR systems within the medical field” says Steve Kirby, founding partner of Bluestem Capital. “In addition to the customer feedback, we strongly believe the company is poised for growth and with our investment, we will assist in realizing the opportunity”
NoteSwift integrates speech recognition using Dragon Medical Practice Edition with electronic health records systems (EHRs). The recent US Government stimulus plan encourages physicians to adopt EHRs by offering up to $44,000 per physician over the next five years if they show "meaningful use" of an EHR in their practice.
Dragon Medical Practice Edition gives physicians the ability to dictate narrative block text into EHR’s. The challenge for the physician is the need to manually manipulate the block text into structured fields of the EHR to qualify for “meaningful use” funding. Physicians can spend more than an hour a day documenting patient visits. Adding burdens during this process creates frustration and ultimately negatively impacts adoption. NoteSwift solves this problem ensuring proper input of structured information with minimal mouse clicking and typing by the physician resulting in more than a 30 minute per day time savings*.
NoteSwift provides the ability to document the entire patient visit, including structured data, increasing the power of Dragon Medical Practice Edition from Nuance. Benefits include less time documenting the patient visit - affording the medical provider more time to spend with patients, improved documentation accuracy for billing compliance, and facility in meeting requirements for the stimulus payments.
The investment will be used to expand the number of EHR platforms supported by NoteSwift, increase personnel, build larger channels of distribution and increase the awareness and visibility in the market.
“We are very excited to be teaming with Bluestem to afford us the opportunity to significantly grow our business” says Dr Chris Russell, founder of NoteSwift and a Neurologist. “I clearly saw the market need for EHR and speech system automation through my own practice and know that all of my physician colleagues will benefit as they migrate to automated electronic health record solutions”
Bluestem is a Midwest private equity firm with over $300 million of cumulative committed capital. Bluestem’s 30 investment projects and funds have invested in 90 companies nationwide since its beginning over 20 years ago. With over 450 investors, Bluestem strives to provide attractive returns to investors while helping talented management teams grow their companies and build significant value. Learn more about Bluestem at http://www.bluestemcapital.com.
About NoteSwift LLC
NoteSwift is dedicated to improving physician workflow with innovative technology solutions. The company was founded by Dr. Chris Russell, a physician-turned-software engineer who recognized that speech recognition was an unfulfilled technology in medicine with great promise. NoteSwift currently offers speech recognition enhancement solutions for the Allscripts Professional and Allscripts MyWay electronic health record platforms. The company is based in Atlanta, GA.
*Industry research show that on average, physicians spend more than one hour per day on patient visit documentation. NoteSwift-conducted timing test have shown that when NoteSwift is used in conjunction with Dragon Medical Practice Edition and Allscripts, the time required to document patient visits can be reduced by 30 minutes.
NoteSwift and the NoteSwift logo are trademarks or registered trademarks of NoteSwift LLC, Inc. in the United States of America and/or other countries. All other company names or product names may be the trademarks of their respective owners.