Philly firm invests $35M in medical-records company
Wisconsin-based IOD is the latest in a string of computer medical-records companies to raise millions in private capital
LLR Partners, a $1.4 billion-asset Philadelphia-based investment firm backed by investor Ira Lubert and his partners and funded partly by the state pension system, says it's invested more than $35 million in IOD Inc., Green Bay, Wisconsi, "a leading provider of release of information, scanning and imaging, EMR conversion, and other critical information services to hospitals and medical clinics." IOD chief executive Mike Wickman and other investors have also put in more money and will continue to be the controlling owners.
IOD claims over 1,800 hospitals and clinics as customers, selling "end-to-end" scanning, imaging, storage, release, and conversion information technology systems to hospital and doctor health-information management departments. LLR partner Scott Perricelli handled the deal. IOD is the latest in a string of medical record companies that have attracted investments since the federal expanded health insurance program passed last Spring.