Medfar Clinical Solutions, a cloud-based electronic medical records solution provider, announced a minority investment of nearly $25 million led by Walter Capital Partners.
As part of the funding, Eric Phaneuf, president and CEO of the Québec-based private equity firm Walter Capital Partners will join Medfar’s board of directors.
The health tech startup, which touts itself as “the pure-play EMR provider in Canada,” plans to use the new capital to expand the reach of its web-based EMR solutions. Medfar aims to accelerate its expansion, innovation, and acquisition plans in North America.
Founded in 2010 by Elias Farah and Patrick Issid, Medfar simplifies the administrative processes associated with a daily medical practice for doctors and private clinics, housing patient files and data on its web-based platform.
Medfar flagship offering MYLE, an acronym for “make your life easy,” is a subscription-based EMR solution that includes four separate offerings: EMR, Analytics, Patient Portal, and Connect. It serves as both an EMR and a more comprehensive care management solution.
Medfar says it serves nearly 7,000 physicians who deliver 10 million consultations annually in Canada. In 2020, almost 400 clinics in Canada deployed MEDFAR solutions, most of them switching from a competing EMR to MYLE, the company said in a statement.
Elias Farah, CEO of Medfar Clinical Solutions, said: “We look forward to fulfilling our objective of increasing our momentum and completing bolt-on EMR provider acquisitions at a sustained pace with Walter Capital’s strong and talented team.” Medfar has rapidly evolved MYLE (Make Your Life Easy) from an EMR to a complete Care Management Solution, including a virtual care platform that fosters patient engagement.”
Last year, Medfar acquired electronic medical records software startup Plexia Electronic Medical Systems for an undisclosed amount. “We have also expanded our footprint throughout Canada with two acquisitions within 18 months,” added M. Farah.
Digital health companies raised a record $14.8 billion in VC funding during 2020. The funding increased by 66% in 2020 compared to $8.9 billion raised during 2019.