Medsphere Team

Medsphere Recognizes 37% Annual Growth

January 25, 2022

Healthcare Industry, Press Releases 2 Minute Read

Despite the impact of the pandemic on healthcare purchasing and contracts, affordable healthcare IT provider looks back on sizeable year-over year growth and other significant milestones

Medsphere Systems Corporation, the leading provider of affordable and interoperable healthcare IT platform solutions and services, is reporting significant revenue growth for 2021 in spite of the many challenges created during the year by the continuing COVID-19 global pandemic. For the year, Medsphere is reporting a 37 percent increase in subscription and services revenue across the company.

Other highlights of the year recently ended include the extension of a $50 million credit facility by Wells Fargo Bank. The available funds enable Medsphere to continue developing a comprehensive health platform that incorporates existing technology platforms and service lines while also exploring additional software tools and services that meet the needs of the company’s core customer base. Medsphere also acquired Systeem Medical Information Systems, a provider of ambulatory healthcare IT consulting and services, and received a patent for the company’s MDTP patient care coordination application for inpatient behavioral health settings.

The year started with the announcement that Medsphere had acquired Marketware, Inc., a leading developer of robust software tools focused on managing healthcare relationships and analyzing a wide variety of data to augment existing competitive advantage. 

“It’s a dramatic understatement to say that 2021 has been a rough one for hospitals, clinics, and private practices, and unfortunately those challenges will continue into the near future,” said President and CEO Irv Lichtenwald. “Our tremendous respect and gratitude go out to the medical community in recognition of their undaunted professionalism and concern for patient health. We feel fortunate to contribute to those efforts in any way possible, and we also feel grateful that Medsphere has been able to grow and move forward during such a troubled time.”

In 2022, Medsphere is continuing to expand both individual product functionality and the company’s product and services platform. With the expectation of continuing growth in the healthcare IT sector, the company looks forward to nurturing client relationships and demonstrating the many ways to enhance patient care through IT without having to sacrifice other necessary initiatives.

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