WAKEFIELD, R.I.– (August 29, 2012) — ChartWise Medical Systems, Inc., the creator of a first-to-market Computer-Assisted Clinical Documentation Improvement (CACDI) software system designed to improve precision in quality clinical documentation to support revenue optimization, is pleased to announce a recent financing from Nashville, Tennessee based FCA Venture Partners. FCA is the venture capital management arm of Clayton Associates, a holding company established in 1996 by healthcare entrepreneur R. Clayton McWhorter.
ChartWise’s web-based software program is easy for medical professionals to understand and use. Featuring built-in expertise, a flexible workflow, robust on-demand multi-level reporting, and industry-leading data security, ChartWise helps to mitigate risk, optimize reimbursement, and gain insight into their documentation improvement efforts. The expert system at the heart of the ChartWise:CDI system provides an encyclopedic knowledge of diagnoses, codes, medications and lab results, and derives suggestions and reference material for enhanced documentation and coding. It also improves communication with physicians through a comprehensive library of queries, and helps prepare the documentation needed to support RAC audits. The solution is designed for a single hospital or an entire hospital system. ChartWise’s market includes the 4,600 acute care in-patient hospitals accepting Medicare payments.
Experienced industry veterans Jon Elion, MD, and Mary Cooper lead the company. With over 40 years of experience in computing and more than 25 years of experience in medical computing and information standards, Dr. Elion has committed his career to innovations in high value services and healthcare delivery to maximize efficiency and cost effectiveness. Dr. Elion is a practicing, board-certified cardiologist in Providence, RI and an Associate Professor of Medicine at Brown University. “We are thrilled to be establishing this partnership with FCA, whose experience and expertise in healthcare information technology is a great fit for ChartWise, our products and our growth plans”. In 1994, Dr. Elion founded Heartlab, Inc., the world’s leading designer and supplier of digital image and information networks for cardiology. The company grew successfully to over 200 people and was sold to Agfa Healthcare in 2005.
Larry Kloess, Senior Advisor to Clayton Associates and FCA Venture Partners and former executive of Hospital Corporation of America, and John Burch of FCA Venture Partners will serve on the ChartWise board of directors. This is the most recent investment from FCA Venture Partners V, the firm’s fifth fund, which is focused on healthcare and digital media companies. “ChartWise addresses the need for hospitals to dramatically improve their clinical documentation efforts, which are becoming increasingly scrutinized by RAC audits as well as facing pressure due to healthcare reform,” said Mr. Burch. “Additionally, we are very excited to be investing in an experienced management team with a proven track record of successfully founding and building industry-changing companies.
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