Health IT vendor Clinicient has raised $5 million to expand its rehab revenue cycle management services, according to a Form D document filed with the Securities and Exchange Commision Thursday.
Portland, Ore.-based Clinicient — a software provider for outpatient and physical therapy centers to manage and automate billing processes — said Catalyst Investors in New York provided the funding to support sales and marketing, according to the Portland Business Journal.
"With the company growing nearly 50 percent again in 2015 and expecting the same in 2016 [the funding] gives us some more room to scale," Clinicient CEO Rick Jung told the Portland Business Journal.
The fundraiser is Clinicient's second financial expansion within the year. In January the company secured $7 million in debt funding from Silicon Valley Bank.
Clinicient plans to expand beyond outpatient clinics and take on new markets in 2016, Mr. Jung told the journal.