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TripleTree announced that Alteer Corporation, an Irvine, California-based company focused on providing business solutions to medical practices, completed the first of two closings in a transaction that added $16.5 million to the capitalization of the Company.   Alteer  delivers technology-enabled solutions that increase practice profitability and optimize workflow to small and mid-sized physician practices across the United States.

MedVenture Associates and existing investor Sanderling Ventures are co-leading the round and joined by existing investor Skyline Ventures. Triple Tree acted as exclusive financial advisor to Alteer in the transaction. 

“This new funding allows Alteer to move forward quickly on expanding sales and marketing initiatives and infrastructure enhancements, and is optimal timing to accelerate Alteer’s growth to meet increasing market demands for our medical practice workflow solutions,” said Gene Barduson, Alteer Corporation CEO.

“Our offering effectively assists physicians in optimizing practice operations and enhancing patient safety, in advance of rapidly approaching society and government mandates to make practices more efficient. This new funding allows us to continue to meet market needs”.

“Alteer has developed new services that will allow our customers to provide their patients a better experience, and will allow the physician critical patient information at any time, from any where” says CEO, Barduson. “Our services also assure that physicians get paid for what they do and help cut the costs of running a medical practice, resulting in reduced overhead ratios, higher profitability, and ultimately a better quality of life for physicians, their staff, and their patients.”

The Triple Tree effort was led by Partner Rob McCray and Senior Principal Mike Caponetto. “Alteer’s technology is well established and the Company is led by a proven management team, but there is much skepticism in investor circles about the market of small and mid-sized physician practices,” said McCray, “yet this market is very large so there is a continuing desire to create successful offerings in the space. The brilliance of the Alteer plan is to deliver the service that these physicians need and transform the economics of the business.”

Added Caponetto, “Complex technology sales to the small (under 12 or so) physician office market have not historically generated sufficient revenue to justify sales costs, so many venture capital firms have seen a significant number of healthcare technology companies fail. Overcoming this stigma posed a challenge for us in marketing the company. However, Alteer is different. Alteer’s innovative approach integrates people, processes, and technology and provides a solution to the traditional problem that technology alone cannot solve physician office issues. MedVenture Associates and the company’s existing investors recognize Alteer’s unique strategy and business model and have endorsed the transformation of the Company through this funding.”

Alteer Corporation, founded in 1996, provides comprehensive practice enhancement and process reengineering for over 1,600 providers across the United States, servicing 3.2 million patients. Alteer integrates people, processes, and technologies to optimize physician office efficiency; enhance patient service and quality of care; and improve practice profitability and the physician’s quality of life.

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