ATLANTA, GA. — Anodyne Health Partners, a provider of business intelligence software for revenue cycle management solutions in the healthcare industry, has landed $5.6 million in venture capital.
Anodyne had been angel-financed since its founding in 2003 and is already profitable.
Charlotte-based Frontier Capital joined Brook Venture Partners, Brooke Private Equity Advisors and the small Enterprise Growth Fund in the financing.
Anodyne customers include healthcare providers and hospital-based physician practices.
“Our diligence indicated that Anodyne’s BI product has uniquely positioned the company as a billing service provider with superior diagnostic capabilities. Anodyne’s customers enthusiastically claim improved billing, accounts receivable and cash collection results,” said Michael Ramich, a partner with Frontier Capital,
The funds will be used for product and infrastructure improvements.
“We plan to put these new funds to work to rapidly enhance our existing products while building a world-class service infrastructure to improve the experience we create for our customers,” said Michael Funk, chief executive officer of Anodyne.
Anodyne’s solutions are designed to help providers and physicians manage billing and collections. Anodyne operates under a software-as-a-service model with customers paying subscription fees to access the firm’s applications online.
Frontier Capital: www.frontierfunds.com