- San Francisco-based EMR company Practice Fusion laid off 25% of its workforce.
- The cuts — affecting 74 people — hit the firm’s marketing, engineering and customer service units.
- Founded in 2005, the firm provides advertising-supported EMR and medical practice management software.
Practice Fusion has had trouble breaking into the larger EMR user markets like hospitals and health systems. Most of its clients are small medical practices, with total users at around 12,000.
The firm is reportedly considering an initial public offering this year, which could attract $1.1 billion to $1.5 billion, the New York Times has reported. However, market volatility could put that on hold.
Practice Fusion experienced a shakeup last year when Tom Langan replaced founded Ryan Howard as CEO. Langan has hinted at 70% year-over-year revenue growth, but the firm hasn’t disclosed any financial results, according to the Silicon Valley Business Journal.