Tools for Health Secures $1.7 Million in Financing from Bluefish Ventures
VentureWire - May 31, 2001
Ardsley, NY - Tools for Health, Inc. (TFH), which develops proprietary speech recognition systems for the healthcare industry, today announced that it has secured $1.7 million in financing from Bluefish Ventures and current board member W. Bruce Lunsford, founder and former Chairman and CEO of Vencor, Inc. David Istock, founder and partner of Bluefish Ventures, will also join TFH's board of directors. TFH plans to use the capital to expand its marketing efforts to accelerate customer acquisition and to continue developing its leading-edge technology and services.
Using the Internet and proprietary speech recognition technology, TFH is focused on providing complete patient call processing solutions to physician offices, including processing appointment, laboratory and prescription renewal phone calls. With no investment by physicians in hardware or software, TFH is able to significantly increase administrative efficiency by reducing the overwhelming burden of incoming phone calls. Patients benefit from TFH's products with reduced hold times, and a reassuring and responsive presence and automatic resolution of routine requests. TFH also provides websites to physician offices.
"Physicians and their office staff are increasingly burdened with high volumes of routine phone calls. Tools for Health can reduce incoming administrative phone calls by over 50%, allowing physicians and office staff to spend valuable time helping patients and responding to clinical phone calls," said Louis Summe, the CEO and one of the founders of TFH. "Our voice recognition and response system provides patients with a human touch that other automated systems cannot provide."
"We are pleased to have led the first round of institutional financing in Tools for Health," said David Istock, founder and partner of Bluefish Ventures. "We believe physicians will embrace the TFH solution as it will not only reduce their administrative costs but should also increase practice revenue."
For more information on Tools for Health, please visit http://www.toolsforhealth.com.