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MedTrainer, the Las Vegas, Nevada-based provider of credentialing, training and compliance management software solutions, yesterday announced it raised $43 million in new funding. MedTrainer offers a cloud-based software solution that provides what the company calls a unique, all-in-one compliance platform that drives higher revenues, streamlines workflows and eases employee onboarding for the healthcare industry.
The healthcare industry is experiencing significant levels of disruption, with a Gartner report revealing 63% of healthcare providers report having faced severe disruptions due to reasons such as internal organizational changes, cost pressure, regulation and compliance, funding or shifting consumer demands. The report also found thatwhile robust and prepared organizations will thrive even with these challenges, fragile organizations will get left behind.
Steve Gallion, cofounder and CEO at MedTrainer, said the platform enables healthcare organizations to be fully compliant with all mandatory regulations by federal and state laws, saving them from stiff penalties and fines that come with non-compliance. Gallion said MedTrainer’s compliance software solution seamlessly integrates with a healthcare organization’s current system, making it a top driver of new sales. Additionally, MedTrainer has different APIs with HR solutions like ADP, UKG, Paylocity and Workday, among others, he said.
According to Gallion, MedTrainer helps healthcare organizations to maintain their current employee lists and track assigned tasks. Additionally, he noted that Medtrainer’s single sign-on (SSO) makes it even easier for employees to quickly access the tools they need for work.
Streamlining healthcare compliance
Gallion said MedTrainer’s ability to provide an all-in-one solution is what separates it from other players in the industry. While there are others who focus only on learning like Relias and Healthstream, or on credentialing like Symplr and CredentialMyDoc, or on compliance like Compliatric, MedTrainer does everything, according to Gallion.
“We are the only all-in-one healthcare compliance platform that covers learning, compliance and credentialing. No one competes with us. There are providers who just do learning, or just credentialing, but because of our all-in-one solution set, our win rate is very high. Other providers are struggling with piecing together multiple platforms, which has helped us grow even faster,” he said.
He said MedTrainer’s learning module is essentially a high quality, online learning management system. However, he noted that one of MedTrainer’s biggest strengths is the quality of courses in addition to its easy-to-use, time-saving features.
Gallion added that with MedTrainer, credentialing can be fully- or self-managed, meaning customers can use the software to manage their credentialing process or fully outsource it to MedTrainer — saving time and money on internal resources. According to Gallon, this is one of the many drivers of ROI.
MedTrainer’s software covers compliance through a distinct set of modules that handles equipment management, incident reporting, accreditation and other functions.
More on the funding
This funding round was led by Vista Equity Partners, a global investment firm focused exclusively on “empowering enterprise software companies advancing our world,” with participation from existing investor Telescope Partners. The investment will be used to accelerate MedTrainer’s growth trajectory through talent acquisition, product expansion and partnership development, according to the company’s press release.
This additional capital comes on the heels of a 50% increase in customer base, which the company said it recorded over the last 12 months. On the back of this funding, Abhay Puskoor, senior vice president at Vista, has also joined MedTrainer’s Board of Directors.
MedTrainer was cofounded by Gallion and Jorge Fernandez, who are now CEO and COO respectively, in 2016. The company claims it currently has upwards of 2,500 clients and serves more than 15,000 healthcare facilities and 300,000 healthcare professionals across North America.
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