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 astrategic $5.4 million investment round through Great PointPartners, LLC (GPP) with Ascendiant Capital acting as financialadvisor to fuel the expansion of its Medical Coding and ICD-10Transition Solutions. HRAA is extending its proven servicesfrom individual hospitals and small chains to large integratedhealth systems. This round of funding also brings deeprelationships through GPP's portfolio of healthcare companies andas part of their investment, Great Point Managing Director DavidKroin will join HRAA's Board of Directors. Mitchell Kaye,former Founder and Chief Executive Officer of MedClaims Liason andcurrent Managing Director at BVF Partners, will also join the Boardof Directors. This infusion will enable HRAA to continue toinvest and commercialize its technology platform, as well as expandits customer-base and capitalize off the looming ICD-10 transition- the fundamental shift in medical coding which will impact nearlyevery healthcare organization in the U.S. and is estimated togenerate tens of millions of dollars in annual training and codingfees. In the past few months, HRAA has licensed itscurriculum to National American University and Latter Day SaintsBusiness College paving the way for a highly trained workforce tomeet its ever-growing demand. "HRAA's front end coding service and back endauditing function allow hospitals and health systems to leveragetheir existing technology infrastructure with a high qualitytechnology enabled service," said Brett Carlson, Senior VicePresident at Great Point Partners. "After carefully examiningother players in the industry, we concluded that HRAA has abest-of-breed product with very high client and staff retention andan excellent curriculum. These are among the many reasons that theCompany has grown in excess of 100% per year and are excited aboutwelcoming HRAA into our portfolio as our fifth informationtechnology company."
Healthcare systems are facing some of thelargest changes in a generation- from the Affordable Care Act tothe ICD-10 transitions. These systems rely upon HRAA's Coding,Consulting and Business Intelligence solutions as they aim totransition to ICD-10 before the October 2014 deadline. HRAA's vastindustry experience and superior technology allows healthcareorganizations to visualize their medical data and pinpoint areas offocus for the transition to ensure that their revenue remainsintact."HRAA stands at the cusp of being able tomonetize the biggest shift in medical data/infrastructure that istaking place next year. The proceeds generated from the dealwith Great Point provides us with the financial strength to fulfillthe pipeline of business and see all the years of hard work bearfruit," said Andrea Clark, founder and CEO of HRAA. "HRAA has aunique mix of product and services that is allowing us toeffectively sell to players big and small in the healthcarespace. Additionally, we have the most innovative leaders whohave seen each change coming years in advance, and have helpedbuild a foundation that will carry this company well into thefuture." Commenting on the partnership, Clark continued"There is no better strategic partner for HRAA at this moment intime than GPP. Beyond the capital infusion, the intrinsicvalue is GPP's extensive network and industry knowledge, which willhelp us to further execute on our growth strategy." About HRAA HealthRevenue Assurance Holdings (OTCQB: HRAA) interprets datato ensure that healthcare is efficient and effective for everyoneby pulling medical data together to create a predictive window tounderstand cost and revenues looking back and going forward.Founded in 2001 and based out of Plantation, FL, HRAA combinesyears of industry expertise with best-in-breed technology to createmarket leading business intelligence products and consultingservices to ensure hospitals are reimbursed for every pill theyprescribe, every procedure they perform and every test theyadminister. HRAA both trains and supplies the high tech workforceto hospitals to generate the predictive data used by the wholehealthcare system and offers a full suite of solutions needed tokeep up with the ever-changing healthcare industry including dataanalytics software, business intelligence technology, medicalcoding, auditing, education, revenue cycle consulting, and ICD-10transition solutions. For more information visit: http://www.hraa.com. About Great Point Partners Great Point Partners ("GPP"), founded in 2003and based in Greenwich, CT, is a leading health care investmentfirm with approximately $700 million of equity capital undermanagement. GPP is currently making new private equity investmentsfrom GPP II, which has closed on approximately $200 million incommitments. Great Point manages capital in private (GPP I and GPPII) and public equity (BMVF) funds. Great Point Partners hasprovided growth equity, growth recapitalization, and managementbuyout financing to more than 100 health care companies. Both theprivate and public funds invest across all sectors of the healthcare industry including biologics and pharmaceuticalinfrastructure, devices and diagnostics, health care services,hospital outsourcing, information technology, specialtypharmaceuticals, and workers compensation. The firm pursues aproactive and proprietary approach to sourcing investments. ReachGreat Point at 203-971-3300. www.gppfunds.com. Caution Regarding Forward LookingStatements Certain statements in this news release and suchconference call are forward-looking, including (without limitation)expectations or guidance respecting customer contract expansion,growing revenues and profits through organic growth andacquisitions, attracting new business that will increase HRAA'srevenues, continuing to maintain costs and consummating anytransactions. Undue reliance should not be placed on suchforward-looking statements because the matters they describe aresubject to known and unknown risks, uncertainties and otherunpredictable factors, many of which are beyond the Company'scontrol. The Company's actual results, performance and trends coulddiffer materially from those indicated or implied by suchstatements as a result of various factors, including (withoutlimitation) the continued strengthening of HRAA's selling andmarketing functions, continued customer satisfaction and contractrenewal, new product development, continued availability of capablededicated personnel, continued cost management, the success andavailability of acquisitions, availability of financing and otherfactors, as well as by factors applicable to most companies such asgeneral economic, competitive and other business and civilconditions. Information regarding certain of those and other riskfactors and cautionary statements that could affect future results,performance or trends are discussed in HRAA's most recent annualreport on Form 10-K, quarterly reports on Form 10-Q, and otherfilings made with the Securities and Exchange Commission from timeto time. All of the Company's forward-looking statements areexpressly qualified by all such risk factors and other cautionarystatements.