Patients Know Best secures GBP £6m for PHR expansion

Patients Know Best (PKB), a company specialising in health software solutions, has obtained GBP £6 million in funding from Growth Lending to advance the development and expansion of its Personal Health Record (PHR) platform.

The financial support, structured as a loan, is aimed at bolstering PKB's growth strategy in both the UK and international markets. PKB's platform is integrated with data feeds from all of England's general practitioners (GPs) and 25% of UK hospitals and is connected through the NHS App. The platform serves 4.7 million registered users and processes more than 20 million test results each month.

The funding aligns with the UK government's objective to digitalise all NHS patient records over the next decade. Mohammad Al-Ubaydli, Chief Executive and Founder of Patients Know Best, said, "We recognised the suboptimal care that patients everywhere receive due to fractured patient information and so we developed a single, integrated Personal Health Record (PHR)."

"While our software has already empowered patients across the nation, this funding will enable us to bolster our proposition even further, in support of the UK government's plan for NHS digitalisation, and to bring this to more countries more quickly – ultimately, delivering on our core mission of ensuring better care for all."

Kimberly Martin, Managing Director at Growth Lending, expressed satisfaction with the funding arrangement: "We are absolutely delighted to be supporting Mohammad, Ian and the whole team at Patients Know Best through the next stage of their exciting growth journey. The recent news around the government's 10-year plan for the NHS and the focus on digitalisation of patient records, not only to provide better levels of care for patients but drive efficiency within health organisations, means this is a crucial time for Patients Know Best.

"We are also grateful to Fuse Capital Group for its role in this transaction – our strong and established relationship enables a thorough understanding of the Growth Lending proposition and how we can best support exceptional businesses such as Patients Know Best."

The funding deal was facilitated by supported partners including Azets, Shoosmiths, and Marriott Harrison, while debt advisory was conducted by Fuse Capital Group. Russell Lerman, Chief Executive Officer at Fuse Capital Group, commented on the collaboration: "This deal exemplifies our commitment to connecting innovative companies across diverse industries with tailored debt solutions that fuel their growth."

"Our long-standing partnership with Growth Lending has once again proved invaluable in securing optimal financing terms for Patients Know Best for the second time in the past 8 years. Our deep understanding of the healthcare technology sector, combined with Growth Lending's expertise in supporting high-growth businesses, created the perfect synergy for this transaction.

"We're proud to have played a pivotal role in facilitating this deal, demonstrating our ability to navigate complex funding landscapes and deliver results that drive technological advancements across sectors."