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MedTrainer, the Las Vegas, Nevada-based provider of accreditation, training and compliance management software solutions, announced yesterday that it has 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 increased revenue, streamlines workflows, and makes it easy to onboard employees to the healthcare industry.
The healthcare industry is experiencing significant levels of disruption, with a Gartner report revealing that 63% of healthcare providers report facing serious disruption due to reasons such as internal organizational changes, cost pressure, regulation and fulfillment, financing or changes in consumer demands. The report also found that while strong and prepared organizations will thrive even with these challenges, fragile organizations will be left behind.
Steve Gallion, co-founder and CEO of MedTrainer, said the platform enables healthcare organizations to fully comply with all mandatory regulations of federal and state laws, sparing them from the harsh penalties and fines that non-compliance brings. Gallion said MedTrainer’s compliance software solution integrates seamlessly with a healthcare organization’s current system, making it a major driver of new sales. Additionally, MedTrainer has different APIs with HR solutions such as ADP, UKG, Paylocity and Workday, among others, he noted.
According to Gallion, MedTrainer helps healthcare organizations maintain their current employee rosters and keep track of 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 to get work done.
Optimizing Healthcare Compliance
Gallion said MedTrainer’s ability to provide a comprehensive solution is what sets it apart from other players in the industry. While there are others that focus only on learning like Relias and Healthstream, or accreditation like Symmplr and CredentialMyDoc, or compliance like Compliatric, MedTrainer does it all, according to Gallion.
“We are the only all-in-one healthcare compliance platform that covers learning, compliance and accreditation. Nobody competes with us. There are providers that just learn, or just accredit, but because of our all-in-one solution set, our success rate is very high. Other vendors are struggling to assemble multiple platforms, which has helped us grow even faster,” she said.
He said that the MedTrainer learning module is essentially a high-quality online learning management system. However, he noted that one of MedTrainer’s greatest strengths is the quality of the courses as well as its user-friendly and time-saving features.
Gallion added that with MedTrainer, accreditation can be fully or self-managed, meaning customers can use the software to manage their accreditation process or outsource it entirely to MedTrainer, saving time and money on internal resources. According to Gallon, this is one of many ROI drivers.
MedTrainer’s software covers compliance through a distinct set of modules that handle equipment management, incident reporting, accreditation, and other functions.
More about financing
This funding round was led by Vista Equity Partners, a global investment firm focused exclusively on “empowering enterprise software companies to advance 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 the customer base, which the company said it had recorded in the last 12 months. Thanks to this funding, Abhay Puskoor, Senior Vice President of Vista, also joined the MedTrainer Board of Directors.
MedTrainer was co-founded by Gallion and Jorge Fernandez, who are now CEO and COO respectively, in 2016. The company claims that it currently has more than 2,500 clients and serves more than 15,000 healthcare facilities and 300,000 healthcare professionals in the Americas. from North.
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