Medaxion goes mobile to capture medical charges
By Milt Capps Updated 25 July 2016
Updated, May 2018: Medaxion filed for $497K raise. 25 July 2016: $950K Form D filing today here, taking total past $7MM since inception. Dec. 29, 2015: CrunchBase: Filing for nearly $1MM raise here. Oct. 8, 2015: NBJ reported Medaxion has raised at least $5MM, to date. Its latest filing was in June, for $1.3MM. Sept. 7, 2012: Medaxion reported to the SEC in August 2012 that it raised another $800K. Our Dec. 14, 2009 story follows. - Ed.
McLaren told VNC in an interview Thursday that Brentwood-based Medaxion "has an opportunity" to become the first-to-market provider of "a charge-capture and practice-communications solution" for anesthesia practices that have heretofore proven resistant to adopting devices for streamlining business processes.
McLaren said he and six friends-and-family investors have bankrolled the work of the past 20 months to bring the company through the "startup in development" phase.
According to McLaren, previous attempts to win technology adoption among anesthesiologists have been thwarted by the unwieldiness of laptops in the hands of the nomadic specialists, who are continually shifting from hospital to hospital and from one operating suite to another.
McLaren said he believes the extraordinary popularity and penetration of the iPhone translates into ready adoption by anesthesiologists and their practice teams, many of whom are already personal iPhone users.
McLaren, 43, currently wears all the C-level hats at Medaxion. At the moment, he said he relies on some in-state contractors for support, with all Medaxion's tech-development work thus far outsourced entirely to Terralien Inc., a six-year-old open-source applications-development company in Raleigh, N.C.
Medaxion's offering is designed to improve the provider's efficiency and productivity, while reducing anesthesiologists' spending on billing operations. McLaren indicated he believes such gains can contribute to improving clinical activities, in part by providing "a real-time status capability to the entire provider team."
McLaren is best known in Nashville for having joined Bobby Frist 19 years ago in co-founding HealthStream, the Nasdaq-listed healthcare education and research company based here. It was during McLaren's ten years with HealthStream as president and chief product officer that the company executed its $55 million initial public offering. He remains a member of HealthStream's board of directors.
Not long ago, McLaren also spent four years leading Tennessee-based Safer Sleep LLC, which acquired New Zealand-based Safer Sleep Ltd. The acquired company provided anesthesia safety and record-keeping for hospitals in New Zealand and in the United Kingdom; and, managed the U.S. entry and regulatory navigation for the company's suite of online services. McLaren said he led Safer Sleep in recruiting investment totaling $5.1 million, during three rounds of capital-raising.
Among other pursuits, McLaren works with startup companies through his consultancy, Southern Genesis LLC. McLaren earned his bachelor's in business and philosophy at Trinity University.