October 26, 2021
The extension of a $50 million credit facility enables Medsphere to further expand availability of affordable healthcare IT products and services
Salt Lake City, UT – October 26, 2021—Medsphere Systems Corporation, the leading provider of affordable and interoperable healthcare IT platform solutions, today announced that Wells Fargo has extended a $50 million credit facility that will enable Medsphere to continue its current growth trajectory. Medsphere is continuing to develop 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.
“We are pleased to provide Medsphere additional capital to support its growth strategy,” said Michael Ackad, head of Wells Fargo Capital Finance’s Technology Finance Group. “Medsphere’s platform helps meet the needs of acute, inpatient, ambulatory, and behavioral health practices and we are excited by their mission to provide expanded access to modern healthcare IT solutions.”
Philosophically, Medsphere makes it a priority to provide support beyond software applications to hospitals, clinics, and health systems that would otherwise be left behind by factors such as limited budgets, rural locations, and inconsistent patient demand. The Medsphere platform incorporates support for clinical, financial, security, supply chain, physician recruitment, and data migration and archiving objectives. Bundled IT tools and cross-trained implementation teams enable Medsphere to offer nimble, efficient solutions for complex healthcare challenges.
“Medsphere’s rate of growth in recent months and years has made clear the appeal of our products and services, and it has also illuminated that hospitals and clinics need much more than just software applications and consultants,” said Medsphere CEO Irv Lichtenwald. “The credit facility extended by Wells Fargo will enable us to continue a healthcare IT platform approach that providers are asking for and that our board strongly endorses. Medsphere appreciates that Wells Fargo understands our business and offers financial products that support our company mission.”
With many rural hospitals closing each year and many more bordering on insolvency, Medsphere also employs a subscription service with no upfront payments to meet clients where they are and empower financial stability through technology-driven efficiencies. The company believes the strategy is generating awareness and dividends, as evidenced by an average of 20 percent growth in contracted annual recurring revenue over recent years.