NASHVILLE, Tenn., Dec. 10 /PRNewswire/ -- PharmMD recently raised $8.8 million in capital from The Riverside Company and FCA Ventures IV, a fund of Clayton Associates.
A market leader in medication therapy management (MTM), PharmMD works with self-insured employers and health plans to improve patients' quality of life and to reduce overall healthcare costs by connecting the patient, physician and pharmacist together. MTM helps improve patient outcomes by guarding against medication error, misuse and overuse by identifying costly medication duplication and preventing harmful drug interactions.
"We are excited to accomplish another successful round of fundraising with a high-caliber partner like Riverside," said Bo Bartholomew, co-founder and CEO of PharmMD. "Right now there is a unique opportunity for growth in medication management. This new funding equips PharmMD to continue to expand the company. PharmMD will help more employers reduce their costs and allow health plans to achieve compliance with Centers for Medicare & Medicaid Service's new 2010 MTM Standards. As we continue to personalize healthcare, we are doing our part to ensure that more patients receive the medication they need, in the dosage they need, when they need it.
"As a leader in the MTM industry, PharmMD is poised to play an important role in pending healthcare reform. MTM services lower costs and improve healthcare, which is why the service is widely praised by industry experts and organizations," said Jeff Goodman, Operating Partner at The Riverside Company.
The PharmMD board of directors will remain in place with the addition of two new members from Riverside's team: Brian Sauer, Vice President for Riverside, and Goodman, who will also serve as the new chairman.
R. Clayton McWhorter, founder and chairman of Clayton Associates, will continue to serve on the PharmMD board and be an active advisor to the company
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