CEO Bill Brown
Updated 12 April 2017: NextGen Healthcare (QSI) acquired Entrada for north of $30MM cash, release here. I reported the companies' strategic relationship in 2013 via Forbes for FTG Mergermarket here. 28 Oct. 2015: Crunchbase reports Entrada has received $6.8MM in outside capital, with investors including Claritas Capital, FCA Venture Partners, Clayton Associates and London-based Pantheon Ventures. Our Aug. 2011 story follows. -Ed.
Entrada Inc., the early-stage Brentwood clinical documentation and data interchange venture, is raising more capital and has hired Chase Pattison as marketing director, CEO Bill Brown confirmed.
Brown said new investments in EHR-linked Entrada will be used for sales, marketing and further development of Entrada's desktop and mobile technology and services.
Early-stage Entrada projects profitability in 2012, by which time the company's current 15-person workforce may double; its topline revenue is currently growing 20 percent or more each month, Brown said. Entrada recently created a wholly owned subsidiary, Entrada Edit, to house its editors who do service work, Brown confirmed.
Entrada recently announced that it expects during 2H 2011 to secure a total $2 million from Clayton Associates and $1 million from other investors in its B-round, now underway.
When asked about recent SEC filings that indicate Entrada has established authorization for still more fundraising, Brown acknowledged the authorization exists, but said it is unlikely to be exercised in the very near term. Prior to the current B-round, Entrada received a total $3.5 million in outside investment, he said. Debt financing via Silicon Valley Bank is not included in the figures, Brown noted. Earlier investors have included FCA Venture Partners, the VC arm of Clayton Associates; and, Claritas Capital.
Brown has previously acknowledge Entrada attracts frequent interest from potential investors, and has confirmed executing a partnership with NextGen Healthcare InformationSystems. (Yesterday, NextGen announced a pact with Dell, calling for the companies to market jointly into the healthcare sector.)
Brown said Entrada is also near a partnership agreement with McKesson. Entrada has previously been invited to present to a Microsoft user conference, according to its website.
Newly hired Pattison, age 28, previously served in a series of startup marketing jobs, internships and coaching roles with Uloop, the online classifieds platform; FiledBy, the authors community; Echomusic; Bohan Agency; and, the Vanderbilt Summer Business Institute. Pattison earned his MBA at the Owen Graduate School of Management in 2009 and his bachelor's in business at the University of Tennessee in 2005, the year in which Entrada was founded.
Brown confirmed he has also recently obtained some marketing and related project assistance from April Wortham, previously a reporter for Nashville Business Journal.
The timing of six-year-old Entrada's marketing push is no accident: Entrada has previously cited a Frost & Sullivan estimate that the EHR market will hit $2.6 billion within the next 18 months, double what it was in 2009.
"EHRs are being much more aggressively adopted now, with federal stimulus dollars subsidizing them. The problem is these systems can reduce physician productivity by up to 10-20%. Entrada offers an overlay application that makes doctors faster on EHRs, not slower. It works like doctors work," said FCA Managing Partner Matt King, in an earlier Entrada release.
In May, the company announced release of its updated electronic health records (EHR) platform. The Entrada lineup includes the MyEntrada portal; ExpressNote, which allows physicians to enter data into an EHR without being logged into the EHR; ExpressCapture, which allows users to dictate at each point in an EHR via an embedded recording tool; and ExpressShare, which enables clinics, hospitals and surgery centers to share newly created documents, thereby improving care coordination and accelerating revenue collection. VNC