Funding stake comes as momentum in personal health industry continues to accelerate
VANCOUVER, and ROCKVILLE, MD, Aug. 27, 2013 /CNW/ - TELUS Ventures is making a significant investment in Get Real Health, a global patient engagement software company based in Rockville, Maryland in the United States. Get Real Health specializes in personal health record (PHR) technology, powered by their award-winning software platform InstantPHR. The funding stake spotlights the potential both organizations see in the fast-moving personal health IT space - a rapidly growing industry expected to grow to $250 billion by 2015, according to the World Bank.
The TELUS Ventures funding will allow Get Real Health to achieve several objectives, including:
- Accelerate the development of new features and functionality of Get Real Health's software product, InstantPHR
- Build its customer support capability and offer customers more tools to help them be successful with its software
- Expand its marketing and sales efforts
- Form new strategic alliances to gain increased market access
- Enhance the company's ability to provide more integrated comprehensive solutions to potential clients in conjunction with partners.
"We at Get Real Health are very excited to deepen our excellent relationship with TELUS through this investment," said Mark Heaney, Get Real Health CEO and founding partner. Heaney said the two companies' history of positive collaboration provided an important level of trust. "Thanks to our longstanding relationship with TELUS Health, TELUS Ventures had a front-row seat to our rapid growth and our proven track record as a health IT innovator," said Heaney. "The personal health market is hot—and getting hotter—which makes the timing of this investment a prescient move for TELUS and a game-changing opportunity for us at Get Real Health."Since January 2011, TELUS Health has been the exclusive InstantPHR partner for Canada. Get Real Health's InstantPHR software is the technology platform that drives TELUS' PHR solutions giving patients a way to manage their own health information. Get Real Health and TELUS Health have also collaborated on numerous large-scale solutions including the Mental Health Engagement Network (MHEN) research pilot project, led by Lawson Health Research Institute, which assesses the effectiveness of the app called the Lawson SMART record (Supportive Mental Assessment Rehabilitation and Treatment). The Lawson SMART record is an innovative online tool that gives Canadians with mental illnesses an intuitive and secure way to manage their personal health information. "TELUS Health is committed to changing the way Canadians look at healthcare through the use of innovative health technology," says Paul Lepage, President, TELUS Health. "We share a common vision with Get Real Health to effectively engage patients and motivate them to take a more proactive approach to their health. We are pleased to continue to grow our long-standing relationship with this latest investment." Get Real Health's origins are in custom software development and systems integration services. Having completed the transition to a successful software company, Get Real Health realized that pursuing the tremendous opportunities it saw in the personal health IT and connected care market would require greater resources. So in early 2013, the founding partners decided to take the logical next step and seek outside funding—for the first time in the company's history—to help grow the business.