While ObamaCare isn’t a boon for many business owners grappling with the new regulations, at least one high-profile entrepreneur says the law is good for business.
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Practice Fusion CEO Ryan Howard, whose electronic health-record startup recently raised an $85 million Series D round, says the current state of flux is great for innovators in the health-care space.
“It’s a huge catalyst on many fronts,” says Howard, adding that the industry is innovating at a level not seen before.
“ObamaCare only guarantees more visits, more patients seeing doctors, so the technology is more viable than ever,” he says.
In addition to providing electronic health records, San Francisco-based Practice Fusion also provides a platform for consumers to search for physicians, read reviews and book appointments. With the latest round of funding, led by Qualcomm Incorporated, Practice Fusion has raised a total of $149 million – and is currently eyeing an IPO.
Facilitating conversations between health practitioners, pharmacies and labs, Howard says Practice Fusion is working with a huge market opportunity. The company was recently valued at $700 million.
“The electronic health-record system is what the doctor uses to make every one of those [health] decisions – and that’s one of the reasons there’s so much value wrapped around the market,” says Howard.