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BLUE BELL, Pa.--(BUSINESS WIRE)--

Halfpenny Technologies, Inc., a leading provider of clinical data integration solutions specializing in laboratory, pathology and physician electronic health record (EHR) system interoperability, today announced that it has secured $2.25 million in venture capital funding co-led by Connecticut-based Vital Financial and Philadelphia-based Emerald Stage2 Ventures. Prior investors including Pennsylvania-based Osage Venture Partners, New York-based Milestone Venture Partners, and LORE Associates, a Philadelphia-based angel, also participated in the round.

“We are very pleased to have the backing of investors who share our vision of delivering innovative clinical data integration solutions to hospitals, laboratories, and payors,” said Tim Kowalski, CEO of Halfpenny Technologies. “This round of financing positions the company to provide its Lab Hub platform to a broader range of clients.”

The Lab Hub platform enables computerized order entry (CPOE) and results reporting interfaces between hospitals, laboratories and physician EHR systems. It also fulfills downstream requirements for viewing normalized, LOINC-mapped (Logical Observation Identifiers, Names and Codes) data for chronic disease management and other population health management goals.

For the past twelve years, Halfpenny’s healthcare connectivity and integration solutions have been connecting physician EHR systems with hospitals and laboratories. In just the past two years, the company has connected EHR systems in over 1,500 practices to hospitals and labs. Halfpenny has successfully worked with EHR systems from more than 160 different vendors, enabling computerized physician order entry (CPOE) and structured laboratory results reporting. Additionally, the Company’s solutions satisfy the HEDIS clinical data reporting requirements for health plans. Halfpenny’s products and services are helping physicians and hospitals meet the laboratory related provisions of the HITECH Act’s meaningful use criteria for CPOE, results reporting and quality reporting.

Halfpenny also offers a Web-based portal that enables physicians to order laboratory procedures and review results through a standard Web browser. The company’s mobile results reporting solution is enabling hospitals and labs to provide physicians with critical value alerts and results reporting on mobile platforms including the Apple iPhone, iPad, Android and Blackberry.

“Halfpenny’s proven cloud-based technology platform, deep domain knowledge, and real-world value proposition position the company for success in meeting the needs of the evolving healthcare market,” said Craig Asher, partner at Vital Financial.

“We are excited to partner with Halfpenny as it extends its reach in the evolving healthcare market. Halfpenny’s capability to facilitate information sharing among disparate clinical systems will improve efficiency, enhance care delivery and reduce healthcare costs,” added Saul Richter, managing partner at Emerald Stage2.

About Halfpenny Technologies, Inc.

Halfpenny Technologies is a leading provider of healthcare connectivity and integration solutions for Health Information Exchange. The Company utilizes its depth of knowledge and real world clinical experience to meet the increasing demand for connectivity to physician electronic health record (EHR) systems. Through its proprietary Integration Technology Framework™ (ITF-Hub), Halfpenny Technologies delivers clinical data integration and connectivity solutions that enable hospitals and laboratories to receive, process and respond to physician-initiated requests for ancillary services. Halfpenny’s targeted solutions cover the full spectrum of health information exchange to provide reliable, secure and efficient exchange of clinical information while also facilitating the flow of patient, financial and administrative data between physician practices, laboratories, hospitals and health plans. The Company has established a national reputation for delivering innovative integration and connectivity technology solutions for its clients. For more information, please visit http://www.halfpenny.com.

About Vital Fin

Vital Financial is an active early-stage venture investor in business-to-business SaaS software and in medical diagnostics and device companies throughout North America. We highly enjoy building long-term relationships with dynamic management teams. We aim to support the management teams with our operational and financial experience. For more information, please visit http://www.vitalfin.com.

About Emerald Stage 2 Ventures

Emerald Stage2 is a Philadelphia-based venture fund that invests in small financing rounds of early stage information technology companies that utilize emerging technologies to create compelling business opportunities. The Fund invests across the information technology spectrum but has a special focus on the healthcare information technology arena. The Fund's other verticals of interest include pharmaceutical information technology, financial services information technology and outsourced business services. For more information, please visit http://www.s2vc.com

About Osage Venture Partners

Osage Venture Partners, located near Philadelphia, PA, is a leading provider of venture capital to early stage technology and healthcare IT companies in the Mid-Atlantic region. Additional information is available at http://www.osagepartners.com

About Milestone Venture Partners

Milestone Venture Partners, located in New York City, is an early-stage venture capital fund with $70 million under management. Milestone invests in early stage, capital-efficient Digital Health and information services businesses. For more information about Milestone, visit http://www.milestonevp.com

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Halfpenny Technologies Secures $2.25 Million in Capital Investment

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It was mid-February of 2002 and I was a naive 23-year-old on the tail end of financial catastrophe. I had just shut the doors to my web design business post-dot-com fallout. It was time to file my personal income taxes and (hopefully) salvage what I could from my business losses. I diligently and honestly prepared my 1040. I had no assets, I had no taxable liability and I was short any working income. I was scraping by, using the lint in the bottom of my purse to pay the bills. I was desperate for my windfall tax refund of $962 that year. When it came, I was able to catch up on some medical bills. I thought my dealings with Uncle Sam were over until 2003. I never dreamed about what would happen next.

June 2002

It was like any other sunny June Texas day. I was checking the mail, rifling through my bills and advertisements when I noticed a rather nondescript letter from the Internal Revenue Service. It did not come certified mail, nor did it have any particular markings on it, so I didn't pay it much mind. Regardless, I was baffled as to why Uncle Sam was sending me anything at all, so I opened it, unprepared for its contents.

But It Wasn't an Audit

The Internal Revenue Service wasn't auditing me, they were billing me $5,314. Their claim was that I did not disclose all of my self-employed working income and thus, had a massive tax liability. To make a bad situation worse, they were giving me 30 days to pay the sum in full or make payment arrangements, or they were going to start charging me interest -to the tune of 18 percent APR.

What to do?

I called the Internal Revenue Service and spoke with a less than helpful representative. They had no interest in helping me decipher a mistake; they just wanted me to show them the money. I repeated my calls daily, for over a week, before giving up and seeing professional help.

I took my boxes, receipts and returns for the last three years into a CPA I found by word of mouth referrals. My Internal Revenue Service clock was still ticking and my blood pressure rising with each call to the field office. Unless I had a check in my hand, Uncle Sam wasn't interested in anything I had to say.

Upon review of my returns, the CPA was able to file an amendment to my 2001 income tax return, reducing my taxable liability from $5,314 to $1,349. I had to make payment arrangements with the IRS and wound up paying over $2,700 with interest over the next year, but I (eventually) got them off my back.

From then on out, I never filed my taxes without the umbrella of professional support, but I have also never received another nasty gram from the Internal Revenue Service. If $100 a year in tax preparation fees keeps Uncle Sam happy and off my back, color me a no longer unhappy taxpayer.

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The cable TV provider's Xfinity Streampix is designed to give Web access to its films and TV shows, following HBO Go's lead in competing with Netflix.

Comcast announced a new subscription video-on-demand service today that will provide "out of home" access via the Web.

Comcast has named the new service Xfinity Streampix. The cable company's strategy to compete against Netflix, the Web's No. 1 video rental service, has obviously been influenced by HBO.

Streampix is designed to enhance Comcast's existing service, Xfinity, by offering users a broader selection of movies and TV shows. Variety, the Hollywood trade magazine, first reported the story.

HBO Go, the Internet service that enables HBO subscribers to access every episode of the company's past and present shows online, has become a model for cable companies trying to compete online.

Streampix "enables Xfinity video customers to instantly view favorite movies and TV shows in and out of the home," Comcast said in a statement. The TV shows offered include "numerous past seasons of current hit shows and full series."

This is a smart move, as it hits Netflix where it is weakest now: its video-streaming selection. Exclusive licensing deals have locked Netflix out of acquiring the latest movies from five of the six top Hollywood film studios. While Netflix managers have seen rapid growth (gaining more than 24 million subscribers), they have struggled of late to keep the streaming library fresh.

With Netflix customers grumbling about the lack of new titles, Comcast can tell customers, "Hey, the other guy might help you save some money, but is there anything there you want to see?"

Conversely, Comcast's offer isn't without its shortcomings.

A Comcast subscriber must either be a member of one of the company's triple-play packages (high-speed Web, video, phone, etc.), or pay an additional $5 a month for Streampix.

That extra $5 may be the service's Achilles' heel. When it comes to price, Netflix's basic streaming service is far less expensive than any of the U.S. cable offerings.

Comcast said Streampix will be available on multiple Web-connected devices, including smart TVs.

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Comcast to launch new subscription movie service (report)