Rev1 Ventures Announces PreSeed Fund Repayment with Updox
Rev1 Ventures Announces PreSeed Fund Repayment with Updox
Rev1 Ventures receives cash and preferred stock;
Updox launches relationship management solution for independent physicians.
Columbus, OH (December 17, 2013) Rev1 Ventures announces that Updox, a Dublin-based firm that provides leading Physician Connectivity Platform and Customer Relationship Management (CRM) solutions for independent physicians, has successfully repaid Rev1 Ventures’ PreSeed Fund investment plus interest in cash and preferred stock.
“Updox is a success story for investors and for the Central Ohio region,” said Tom Walker, Rev1 Ventures CEO. “We encourage startups to be capital efficient with their businesses and to break even with limited outside investment. Updox has accomplished exactly that. Their recurring revenue business model and consistent focus on delivering functionality that independent physicians want and need is driving their strong growth. We are delighted with their success.”
Through key distribution partnerships with leaders in electronic health records (EHR) systems, Updox has rapidly signed up thousands of physicians, growing, in less than twelve months, from 500 to 4,000 subscribers serving millions of patients.
“We have achieved a leadership position in helping independent physicians better manage their relationships with patients and other physicians,” said Michael Morgan, Updox CEO. “[Rev1 Ventures’] early investment in Updox was instrumental in helping get our business started, and they’ve continued as good advisors ever since. We appreciate [Rev1 Ventures’] support and expertise, and we are pleased that they have chosen to further invest in our future success.”
Although considerable progress has been made in automating electronic health records inside hospitals and medical practices, before Updox little had been done to improve the exchange of information between independent practices and their patients or between those practices and other healthcare providers. Nor were there any easy-to-implement and easy-to-use tools to manage those external relationships to help increase practice revenue.
“Updox was the first in the industry to leverage direct messaging into a system that manages both patient and physician communications and integrates them into the practice’s existing electronic health records,” said Mr. Morgan. “Now, we’re leading the way again by implementing customer relationship solutions into our Updox platform.”
The Updox platform manages all types of communication, including fax, secure messages, patient messages, and other information, into one universal inbox. This helps the practice save time and resources and provides the doctors, nurses, and authorized staff immediate, convenient, and secure access to that information. This improves practice’s relationships with patients and with the other providers involved in the care process.
Updox’s secure patient portal also allows physicians to share messages and documents with patients, including registration, refill requests, appointment requests, and online bill payment. Updox Customer Relationship Management (CRM) also supports referral management and patient marketing.
“What we offer gives power back to independent physicians,” says Mr. Morgan. “We provide cost-efficient, easy-to-implement tools and resources that allow them to manage their practices better and run more profitable businesses.”
Besides providing a much-needed service to physicians and their practices, Updox is a job creator for Ohio. The company grew from five to seventeen employees in just eighteen months, has open jobs that range from development to customer service and sales, and anticipates adding another fifteen positions within the next year.
For more information, contact Kristy Campbell at kristy@rev1ventures.com.
About TechColumbus
TechColumbus, Columbus, OH, helps build and accelerate great companies by providing expert advice, access to capital, and business growth connections. We help grow the entrepreneurial ecosystem of Central Ohio by connecting entrepreneurs, advisors, resource providers, public sector entities, academia, and corporations who share startup passion. Rev1 Ventures manages a continuum of investment funds made possible by the participation of Ohio Third Frontier and other strategic partners. Hundreds of technology entrepreneurs and startup companies come to Rev1 Ventures each year to receive the services and funding they need to grow into sustainable, profitable businesses. www.rev1ventures.com
About Updox
Updox, Dublin, OH, is the industry leading Physician Connectivity Platform. Through Customer Relationship Management (CRM) solutions, independent medical practices can easily manage communications from one inbox, streamline physician relationships, drive collaboration with partners and engage patients—all integrated with the practice’s existing EHR. Practices benefit through improved relationships with patients and other providers, increased revenues, reduced costs, and enhanced business efficiencies. Updox.com/
