InputHealth receives funding from BDC Capital to execute its growth plans which remain unaltered by the COVID-19 pandemic
VANCOUVER, June 11, 2020—InputHealth, a fast-growing provider of cloud-based management software for the health sector, has received funding from BDC Capital’s Growth and Transition Capital division to help it execute its growth plans. The company has not been adversely affected by the COVID-19 situation therefore its growth plans are on track.
Established in 2011 by CEO Dr. Damon Ramsey—who is both a practising general practitioner and an accomplished software developer—and CTO Shawn Jung, InputHealth proposes a solution that centres on a “Collaborative Health Record” which aims to better connect patients and health providers in order to improve patient engagement and automate more aspects of the health practice. The company, headquartered in Vancouver, currently counts as its clients more than 2,000 healthcare providers across Canada, large organizations like the Mayo Clinic in the U.S., Peel Regional Health in Ontario, the Canadian Mental Health Association and the University of British Columbia, and clinics across the U.S., New Zealand and Australia. Early on in the pandemic, InputHealth rapidly developed a COVID-19 screening tool which over 700 healthcare providers are currently using in Ontario to help them efficiently triage, guide and track patients.
The new funds are being used by InputHealth to ramp up its sales and marketing activities, hire new developers and additional integration staff to onboard new clients, and fill key senior management positions. BDC Capital is providing these funds through a financial product it has specifically tailored to high growth SaaS-based technology companies that generate monthly recurring revenues (MRR), like InputHealth. This loan is both patient and flexible, as it postpones principal repayment to maturity while still allowing the company to make early payments if it chooses to do so.
“The invaluable support of BDC Capital’s Growth and Transition Capital division has enabled us to recruit more strong talent to better serve growing international demand for our patient-engagement solutions,” says Dr. Ramsey. “The flexible financing process was extremely refreshing as was the opportunity to bounce ideas off forward-thinking business development experts who embraced our vision of improving health outcomes through beautifully designed tech.”
The financing was arranged by Rob Dennison, Director, Growth & Transition Capital in Vancouver. “The InputHealth team is delivering a modern, secure electronic health record [EHR] solution which answers the sector’s needs,” says Dennison. “They’ve engineered a system that can be easily adapted to the health jurisdiction where it is deployed, which is critical since each has its own requirements and regulations. Thanks to this strong product, InputHealth has been taking big bites of the already large and growing EHR market and should continue to do so.”
InputHealth is charting a new course in healthcare by connecting patients and providers through its award-winning Collaborative Health Record (CHR), an end-to-end, secure, cloud-based digital platform that has transformed the antiquated electronic health record (EHR) into an evolving vehicle for patient engagement and health practice automation. InputHealth’s modern and user-friendly interface and devotion to improving patient-provider engagement is the answer for all health practitioners seeking to streamline and modernize their practices through smart, customizable, and automated patient management and engagement tools. Led by physician-technologists and design-obsessed software engineers, InputHealth’s customers include the University of British Columbia, the Canadian Mental Health Association, and a rapidly growing portfolio of 2,000+ healthcare providers across Canada, the United States, New Zealand, and Australia. Visit www.inputhealth.com.
About BDC Capital
BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.