Bridge Bank’s Boston-based technology banking group extended a $5 million monthly recurring revenue line of credit to One Medical Passport (1MP), a provider of software that helps ambulatory surgery centers and hospitals streamline their systems.
The line of credit is expected to provide the company with additional capital to bolster its growth in the ambulatory surgical software space.
“Supporting the talented team at One Medical Passport as they work to achieve their growth goals is extremely rewarding for Bridge Bank,” Darren Gastrock, director of Bridge Bank’s Boston-based technology banking group, said. “We enjoy helping our tech and innovation clients in all parts of the country to meet their ambitions.”
Despite the COVID-19 pandemic, 1MP reported strong revenue growth in fiscal 2020. The company’s revenue is expected to grow by 19% in 2021, partially as the result of hiring Craig Silverman as its chief revenue officer in 2020. 1MP has built a full software suite by reinvesting profits into the company as well as utilizing its Series A round to build out additional product solutions.
More than 750 of the 5,700 ambulatory surgery centers in the United States use 1MP’s software and about 18 million medical passports or patient registrations have been created through 1MP, according to the company.
“Bridge Bank’s debt financing will be instrumental in fostering our growth,” Stephen Puznak, CEO and founder of One Medical Passport, said. “Their support will give us the opportunity to serve more ambulatory surgery centers and, as a result, connect with more patients.”
