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News Archive: 2001 Verinform Completes Successful Initial Financing Portland, Ore. (November 9, 2004) Verinform Systems, Inc., announced today that it successfully completed its initial financing round, raising over $800,000. This financing allows Verinform to continue to capture additional market share with its first commercially-available software product, VerinformRM. Unlike legacy systems used by hospitals to train physicians - systems which are desktop or even paper-based - VerinformRM is a web-based system that gathers and manages digital information such as residents' schedules, procedures performed, evaluations by faculty, and Medicare payments - across all clinical programs and locations within an institution. As a result, teaching hospitals save thousands of hours in administrative time and maximize reimbursement by Medicare for resident training. A recent study, presented at a conference of the American Medical Informatics Association, showed that Verinform's web-based system increased evaluation completion rates by over 50%, easing the path to continued professional accreditation. "We are pleased both by the faith shown in Verinform by our investors and by the recent marketplace opportunities we are seeing for our residency management software," said Kit Johnson, Verinform's Chief Operating Officer. "The RM application is clearly addressing latent demand in a traditionally underserved segment of the healthcare industry." Verinform completed its financing concurrent with beginning implementation of VerinformRM at four teaching hospitals operated by the Los Angeles County Department of Health Services, the country's second largest county public health system. Verinform's system will manage more than 1,600 residents in 100 clinical training programs at four Los Angeles locations. About Verinform |
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