Wells Fargo extended a $50 million credit facility to Medsphere, a provider of affordable and interoperable healthcare IT platform solutions, enabling the company to continue its current growth trajectory. Medsphere is continuing to develop a health platform that incorporates existing technology platforms and service lines while also exploring additional software tools and services that meet the needs of the company’s core customer base.
“We are pleased to provide Medsphere additional capital to support its growth strategy,” Michael Ackad, head of Wells Fargo Capital Finance’s technology finance group, said. “Medsphere’s platform helps meet the needs of acute, inpatient, ambulatory and behavioral health practices, and we are excited by their mission to provide expanded access to modern healthcare IT solutions.”
The Medsphere platform incorporates support for clinical, financial, security, supply chain, physician recruitment and data migration and archiving objectives.
“Medsphere’s rate of growth in recent months and years has made clear the appeal of our products and services, and it has also illuminated that hospitals and clinics need much more than just software applications and consultants,” Irv Lichtenwald, CEO of Medsphere, said. “The credit facility extended by Wells Fargo will enable us to continue a healthcare IT platform approach that providers are asking for and that our board strongly endorses. Medsphere appreciates that Wells Fargo understands our business and offers financial products that support our company mission.”