RemitDATA Receives New Funding to Support Continued Growth and Channel Partnership Expansion

Online, April 6, 2011 (Newswire.com) - RemitDATA Inc., the industry expert in reimbursement, utilization data and comparative analytics, today announced an additional round of financing from its existing investors, Noro-Moseley Partners and SSM Partners. The investment will enable RemitDATA to accelerate corporate growth and strengthen its channel partner program to increase market penetration of its new TITAN product, a SaaS-based utilization and reimbursement platform. The groups originally invested in RemitDATA in 2008.

"Earning the trust of our investment partners for another influx of capital is truly invigorating from an innovation and growth standpoint," said Dave Ellett, CEO of RemitDATA. "RemitDATA is well positioned to benefit from the variety of healthcare mandates to improve productivity and reduce costs through the strategic use of technology. These additional funds allow us to continue to drive expansion by enhancing the capability of TITAN and broadening our channel base."

TITAN is a unique solution that provides user-friendly, real-time comparative analysis of ANSI 835 electronic remittance notices for benchmarking against regional peer practices, based on specialty and geography. This information helps physicians and practice groups to refine day-to-day processes to reduce denial rates, accelerate cash flow, increase administrative efficiencies and anticipate audits.

"The launch of TITAN has substantiated the market potential and position of RemitDATA," said Allen Moseley of Noro-Moseley. "We are extremely confident in this leadership team and that our investment will continue to yield dividends. While much has been accomplished, the company is still in growth-mode and presents a tremendous opportunity."

Stemming from the success of TITAN, the RemitPARTNER program has secured premier industry leaders including: Allscripts, Dell, doc-tor.com, LeonardoMD, MedEvolve, NextGen Healthcare, Post-n-Track and TransUnion Healthcare.

"We are encouraged by the impressive roster of partners who are attracted to the TITAN offering and the vision put forth by RemitDATA's executives to establish a vibrant sales channel," said Casey West, partner at SSM Partners. "These relationships are positive indicators of the continued upward trajectory of the company, and it's exciting to be a part of RemitDATA's evolution."