IMO Announces Strategic Investment from Ascension Ventures
NORTHBROOK, Illinois, February 17, 2017
Intelligent Medical Objects, Inc. (IMO), a market leader in medical terminology solutions for electronic health record (EHR) systems, today announced that Ascension Ventures (AV), a strategic investment firm that invests on behalf of 13 of the nation’s leading health systems, has agreed to make a strategic investment in the company. Terms of the transaction were not disclosed. Alongside a recent growth capital investment from Warburg Pincus, a global private equity firm focused on growth investing, this investment will position the company for continued innovation and expansion.
IMO is the leading provider of medical terminology content and services supporting clinical workflow. The company’s core products allow physicians to easily find and enter medical terminology at the point of care with an EHR system using solutions built on IMO’s proprietary content of over 800,000 clinical concepts and mapping to five million terms and more than 100 code sets. IMO’s core team of clinicians, software engineers and HIM professionals combine computer science and medical expertise to help healthcare providers leverage high quality health information quickly and easily to improve total patient care.
“We are pleased to receive the additional support of Ascension Ventures as a strategic investor at this important time in IMO’s growth,” said Frank Naeymi-Rad, Chief Executive Officer, Chairman of the Board and co-founder of Intelligent Medical Objects, Inc. “In diverse enterprise environments such as those of AV’s partner health systems, IMO’s technology and terminology can provide interoperability of health information without loss of clinical intent. In this way, we not only protect and preserve the patient story, but also provide foundational security to AV to ensure that the data collected by its system will be of the highest quality and useful for years to come.”
“Medical semantics pose one of the most important yet poorly appreciated challenges that healthcare providers face,” said John Kuelper, Principal at Ascension Ventures. “As AV’s health system partners build system architectures that are increasingly complex and interdependent, it has become critically important that the clinical intent of the physician and the integrity of underlying data are preserved, wherever and however that data is ultimately used. IMO’s innovative semantic infrastructure is empowering AV’s partners and their IT vendors to deploy sophisticated automation and analytics functionality that improve the efficiency, quality, and safety of patient care.”
Intelligent Medical Objects, Inc. (IMO), is the developer of the most widely-accepted medical terminology solution for the management of medical vocabularies and software applications at healthcare organizations worldwide.