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Qualifacts Strengthens Market Leadership with Majority Investment from Great Hill Partners
|By Business Wire
|July 29, 2014 12:50 PM EDT
Qualifacts Systems, Inc., the largest Software-as-a-Service electronic
health record (EHR) provider for the behavioral health and human
services industries, today announced that it has secured a majority
investment from Great
Hill Partners, a Boston-based private equity firm with more than $3
billion under management. The recapitalization, which was led by Great
Hill Partners and existing Qualifacts management, will allow the company
to accelerate product development and expand sales and marketing
efforts. The investment and partnership will also help the company
identify strategic partnership and acquisition opportunities.
“Qualifacts has emerged as a recognized leader in behavioral health
software, but there’s more we want to do to ensure that our customers
are successful for the long-term,” said David Klements, President & CEO
of Qualifacts. “To help us maximize our full potential, Qualifacts
management wanted a financial partner with the right experience and
resources. Great Hill was a perfect fit and we’ve already hit the ground
Qualifacts is a leader in cloud-based healthcare technology providing
integrated clinical, financial and administrative software solutions to
the behavioral health market. In the past five years, the company has
grown its customer base by 1,000% and workforce by 650%, repeatedly
earning Qualifacts a place among the Inc. 5000 as one of the fastest
growing private companies in America. The company’s single platform EHR,
CareLogic Enterprise, supports more than 50,000 behavioral health
professionals in 30 states and has supported the delivery of more than
20 million services to one million consumers within the past year.
“We are delighted to partner with David and the entire Qualifacts team,”
said Mark Taber, a Managing Partner with Great Hill Partners.
“Qualifacts offers a unique and powerful platform for behavioral health
organizations to drive operational efficiencies, improve access to
patient information, and quickly adapt to changing billing and
The investment will accelerate existing product initiatives which
support the healthcare reform needs of behavioral healthcare providers.
These include demonstrating clinical outcomes, coordinating care with
other healthcare systems, delivering integrated primary care services
alongside behavioral healthcare and efficiently handling new payment
Rafael Cofiño, a Principal with Great Hill Partners, added, “We believe
Qualifacts has tremendous growth potential as behavioral health
providers seek ways to manage increasing patient volume along with
highly dynamic state and federal funding requirements.” Great Hill
Partner’s prior healthcare technology investments include bswift,
Passport Health Communications and SterilMed.
Financial terms of the transaction were not disclosed. Great Hill
Partners was advised by Goodwin Procter LLP. Qualifacts was advised by
Raymond James Health Care Investment Banking Group and Baker Donelson
About Qualifacts Systems, Inc.
Qualifacts is the largest cloud-based provider of EHR and billing
systems for behavioral health and human services providers. It serves
more than 50,000 behavioral health professionals across the country and
has one of the most active user communities in the industry. The
company’s web-based, certified Complete EHR, CareLogic Enterprise,
includes comprehensive, integrated clinical, financial, reporting and
administrative information-management capabilities, which improve
clinical workflow, revenue-cycle management and operational transparency.
For more information visit www.qualifacts.com.
About Great Hill Partners
Great Hill Partners is a Boston-based private equity firm that manages
more than $3 billion in capital to finance the expansion,
recapitalization or acquisition of growth companies in a wide range of
sectors within the business and consumer services, healthcare, media,
communications and software industries. Great Hill targets investments
of $25 million to $150 million.
For more information, please see www.greathillpartners.com.
If you would like to schedule an interview with David Klements, CEO &
President of Qualifacts Systems, Inc., please contact Yoshiko Hill,
Media Relations Manager, at [email protected]
or (615) 386-6755 x 5220. Please include your name, media affiliation
and contact information.
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