Ingenious Med holds a rare position as a heavily utilized, real-time point-of-care solution for clinicians, playing an important role in care coordination and data capture.
When Council first invested in Ingenious Med, the company was a market leader in the hospitalist physician group segment, but did not have any for-profit health system enterprise customers.
Council facilitated more than 35 introductions to potential customers and key industry influencers, resulting in contracts with more than 50% of the for-profit US hospitals and a contract with the largest non-profit health system. Additionally, after we sold our ownership in IngeniousMed we committed to helping the company contract with a large health system target which we accomplished 6 months later.
In addition to directly driving revenue growth, CEO Council member Tom Givens joined the Board and had a significant impact on strategic direction, encouraging the company to view itself more broadly as a point-of-care solution for all care-givers rather than as a more narrow physician charge capture product. The resulting IM1 solution that was developed now accounts for most of the company’s revenue and is the primary driver of the company’s enterprise value. Tom previously was Founder and CEO of Healthcare Management Systems (now known as MedHost), which was a leading hospital information system company with over 600 hospital facilities in its customer base.