Practice Fusion eyeing 2017 IPO
- Cloud-based EHR company Practice Fusion has reportedly tasked J.P. Morgan Chase with exploring prospect of taking the company public in 2017.
- An initial public offering could attract $1.1 billion to $1.5 billion based on revenue projections, according to a New York Times article.
- Last year, Practice Fusion appointed Tom Langan to replace founder Ryan Howard as CEO. Langan was initially brought on board in 2014 to serve as CEO.
Recent contractions in the stock market and the effect on projected earnings could affect the timing of a Wall Street debut.
“An IPO could potentially be an outcome for Practice Fusion, but currently we continue our focus on commercializing our products, growing the business, and serving our physician community,” a company spokeswoman stated in an email to the Times.
Practice Fusion had revenues of $26.9 million in 2014, with anticipated revenues of $46.1 million in 2015 and $70 million this coming year, according to HIT Consultant. The San Francisco company claims to support nearly 30,000 monthly active practices and more than 5 million patient visits per month.
In 2015, the firm launched 80 new EHR product features, including customizable flowsheets.
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