Anodyne Health
EHR and Practice Management Services | athenahealth.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor investor investor investor | €0.0 | round | |
N/A | Acquisition | ||
| Total Funding | 000k | ||
Anodyne Health Partners, Inc. was a specialized enterprise software company focused on the healthcare sector, founded in 2003. The firm was established to provide business intelligence (BI) solutions and revenue cycle management (RCM) services tailored for healthcare providers, particularly large and enterprise group practices as well as hospital-based physicians.
The company's core offering was a web-based, software-as-a-service (SaaS) platform, Anodyne Practice IntelligenceTM. This product delivered comprehensive analytics on billing, receivables, and overall revenue cycle performance, enabling business administrators to optimize collections from various payors. By providing on-demand access to critical financial data, Anodyne Health aimed to help healthcare organizations recapture revenue often lost due to regulatory complexities and declining reimbursement rates. In addition to its BI software, the company also provided outsourced billing services. The business model was primarily subscription-based, with clients paying a monthly fee for access to the platform.
In September 2006, Anodyne Health secured $5.6 million in a Series A funding round. The investment was led by Frontier Capital and included participation from BPEA Private Equity, Maine Venture Fund, and 424 Capital. This capital was intended to fuel the company's expansion and solidify its position in the healthcare technology market. A notable milestone in its growth was the acquisition of Piedmont Healthcare Management Group in February 2008.
Ultimately, Anodyne Health Partners was acquired by athenahealth on October 5, 2009, for a cash payment of $22.3 million, with potential for an additional $7.7 million based on performance milestones. Following the acquisition, Anodyne was set to operate as a separate unit within athenahealth, with plans to integrate its business intelligence capabilities into athenahealth's athenaCollector platform.
Keywords: revenue cycle management, healthcare business intelligence, healthcare analytics, medical billing software, physician practice management, healthcare financial management, SaaS, enterprise software, athenahealth acquisition, Frontier Capital, medical collections, healthcare SaaS, hospital financial services, Anodyne Practice Intelligence, healthcare enterprise software, practice analytics, receivables management, healthcare BI solutions, large group practice services, revenue optimization