Plantation, FL & Greenwich, CT, Nov. 13, 2013 (GLOBE NEWSWIRE) -- Health Revenue Assurance Holdings Inc. ("HRAA" or "The Company") (OTCQB: HRAA) today announced that it closed a strategic $5.4 million investment round through Great Point Partners, LLC (GPP) with Ascendiant Capital acting as financial advisor to fuel the expansion of its Medical Coding and ICD-10 Transition Solutions. HRAA is extending its proven services from individual hospitals and small chains to large integrated health systems. This round of funding also brings deep relationships through GPP's portfolio of healthcare companies and as part of their investment, Great Point Managing Director David Kroin will join HRAA's Board of Directors. Mitchell Kaye, former Founder and Chief Executive Officer of MedClaims Liason and current Managing Director at BVF Partners, will also join the Board of Directors.
This infusion will enable HRAA to continue to invest and commercialize its technology platform, as well as expand its customer-base and capitalize off the looming ICD-10 transition - the fundamental shift in medical coding which will impact nearly every healthcare organization in the U.S. and is estimated to generate tens of millions of dollars in annual training and coding fees. In the past few months, HRAA has licensed its curriculum to National American University and Latter Day Saints Business College paving the way for a highly trained workforce to meet its ever-growing demand.
"HRAA's front end coding service and back end auditing function allow hospitals and health systems to leverage their existing technology infrastructure with a high quality technology enabled service," said Brett Carlson, Senior Vice President at Great Point Partners. "After carefully examining other players in the industry, we concluded that HRAA has a best-of-breed product with very high client and staff retention and an excellent curriculum. These are among the many reasons that the Company has grown in excess of 100% per year and are excited about welcoming HRAA into our portfolio as our fifth information technology company."