Investment will position the company for continued innovation and expansion
NORTHBROOK, Ill. – February 17, 2017 – Intelligent Medical Objects, Inc. (IMO), a market leader in medical terminology solutions for electronic health record (EHR) systems, today announced that Ascension Ventures (AV), a strategic investment firm that invests on behalf of 13 of the nation’s leading health systems, has agreed to make a strategic investment in the company. Terms of the transaction were not disclosed. Alongside a recent growth capital investment from Warburg Pincus, a global private equity firm focused on growth investing, this investment will position the company for continued innovation and expansion.
IMO is the leading provider of medical terminology content and services supporting clinical workflow. The company’s core products allow physicians to easily find and enter medical terminology at the point of care with an EHR system using solutions built on IMO’s proprietary content of over 800,000 clinical concepts and mapping to five million terms and more than 100 code sets. IMO’s core team of clinicians, software engineers and HIM professionals combine computer science and medical expertise to help healthcare providers leverage high quality health information quickly and easily to improve total patient care.
“We are pleased to receive the additional support of Ascension Ventures as a strategic investor at this important time in IMO’s growth,” said Frank Naeymi-Rad, Chief Executive Officer, Chairman of the Board and co-founder of Intelligent Medical Objects, Inc. “In diverse enterprise environments such as those of AV’s partner health systems, IMO’s technology and terminology can provide interoperability of health information without loss of clinical intent. In this way, we not only protect and preserve the patient story, but also provide foundational security to AV to ensure that the data collected by its system will be of the highest quality and useful for years to come.”
“Medical semantics pose one of the most important yet poorly appreciated challenges that healthcare providers face,” said John Kuelper, Principal at Ascension Ventures. “As AV’s health system partners build system architectures that are increasingly complex and interdependent, it has become critically important that the clinical intent of the physician and the integrity of underlying data are preserved, wherever and however that data is ultimately used. IMO’s innovative semantic infrastructure is empowering AV’s partners and their IT vendors to deploy sophisticated automation and analytics functionality that improve the efficiency, quality, and safety of patient care.”
Intelligent Medical Objects, Inc. (IMO), is the developer of the most widely-accepted medical terminology solution for the management of medical vocabularies and software applications at healthcare organizations worldwide. IMO’s terminology is used by more than 3,500 hospitals and 450,000 physicians daily, and this trusted terminology platform supports innovations by provider systems. IMO medical vocabulary and mapping products effectively capture clinical intent and help EMRs preserve and communicate this across the entire spectrum of care. IMO clinical terms are mapped to all standard coding systems including ICD-9, ICD-10, and SNOMED®. The accuracy of IMO’s interface terminology was found to be “nearly perfect” in an independent study published by the US Centers for Disease Control. Read more at www.e-imo.com. Visit IMO at HIMSS17 in Orlando February 20-22, 2017 - Booth 4651!
About Warburg Pincus
Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $40 billion in private equity assets under management. The firm’s active portfolio of more than 130 companies is highly diversified by stage, sector and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 16 private equity funds, which have invested more than $58 billion in over 760 companies in more than 40 countries. Warburg Pincus has been an active investor in the health technology sector, with current investments including DocuTAP, Helix, Specialists On Call, A Place For Mom and Sterigenics.
The firm is headquartered in New York with offices in Amsterdam, Beijing, Hong Kong, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai and Singapore. For more information please visit www.warburgpincus.com.
About Ascension Ventures
Ascension Ventures (www.ascensionventures.org) is a strategic healthcare investment firm with four funds and more than $800 million in capital under management. The firm was launched in 2001 by Ascension, the nation’s largest Catholic and non-profit health system, and today invests on behalf of thirteen of the nation’s leading community health systems. These health system limited partners collectively operate 474 hospitals, have 578,000 employees and generate $88 billion in annual revenue. Ascension Ventures collaborates with these partners to identify, invest in, and grow strategically aligned private companies that are best positioned to transform the healthcare industry and significantly enhance the experience for patients, their families and their caregivers.
Mary Zimmerman / Christopher Beattie
*SNOMED and SNOMED CT are registered trademarks of the International Health Terminology Standards Development Organisation.