PatientSafe Solutions, formerly known as IntelliDot, raised $13.3 million in venture funding, according to a regulatory filing from earlier this month. According to the document the company is looking to raise about $12 million more, or about $25 million in total.
In February 2012 the company launched the latest version of its PatientTouch offering, which is an iPod touch-based mobile clinical app that leverages real-time data capture at the point-of-care to enhance patient safety, optimize EMR investment, and increase clinician efficiency and satisfaction, according to the company. Workflow and documentation applications offered by the company include barcode positive patient identification (PPID), patient centric care interventions, clinical communications, and collaboration.
In mid-2011 PatientSafe announced the appointment of Joseph Condurso as President and CFO. Condurso was previously VP of strategy, innovation and business development at CareFusion Corp, and before that in senior operational and entrepreneurial roles at companies that eventually became Cardinal Health. At that time PatientSafe was still headed up by James Sweeney, who founded one of the few public, pure-play wireless health companies, CardioNet. Condurso stepped in as CEO when Sweeney left in April 2012 to start a new venture, called TangramCare.
In late 2010 PatientSafe Solutions first unveiled its PatientTouch offering, which it created exclusively for Apple’s WiFi-enabled iPod touch. The initial iPod touch-based offering focused on medication management workflow including bedside medication verification and electronic medication admission records, but even back then the company planned to move into other aspects of nursing workflow, pre-admission testing, admission, discharge and home care.
Following the 2011 mHealth Summit, venture capital firm Psilos Group founding partner Lisa Suennen wrote about how few of the companies in the same at that time had achieved $10 million or more in annual revenue. Suennen mentioned that one of her firm’s portfolio companies, PatientSafe Solutions was making twice that in annual revenue at the time.
“That doesn’t mean that the others won’t get there, however,” Suennen wrote at the time. “There is no doubt in my mind that mHealth will become a major part of the healthcare system. The question is when.”