A Medical Device Daily

HealthPort (Alpharetta, Georgia), a healthcare information technology company, said it is postponing its planned initial public offering of shares of its common stock due to market conditions.

HealthPort said it remains committed to "leading the way" as a provider of technology and strategic solutions for healthcare partners as it seeks to "improve patient care, business processes, and financial results by providing quality service, proven solutions, and trusted expertise."

In August the company filed documents for an IPO with the Securities and Exchange Commission. According to those documents, HealthPort had hoped to raise $100 million by going public.

The company says it serves more than 10,000 healthcare facilities, more than 44,000 physicians and millions of requestors nationwide. HealthPort operates as an electronic paperwork outsourcing service and focuses primarily on the release of information (ROI) requests from insurers, attorneys, and others seeking patient records, the company noted in its SEC filings.

HealthPort said in the SEC documents that it believes the overall trend towards outsourcing non-core functions across the healthcare industry will continue to apply to the outsourcing of the ROI process. The company also said it believes its technology and ability to help its customers maintain regulatory compliance while reducing costs will continue to allow HealthPort to differentiate its ROI services from those of its competitors and increase its market share.

The company noted in its SEC filings that it has grown its business both organically and through acquisitions and has acquired and integrated multiple businesses across the ROI and healthcare IT sectors. HealthPort said it intends to continue to "selectively acquire" businesses that will expand its services and solutions while enhancing value for the company.

While HealthPort notes in the documents filed with the SEC that its net revenue has been going up in recent years, the company has incurred losses since its inception on Dec. 31, 2006. The company recorded net losses of roughly $7.4 million in 2007 and $49.8 million in 2008. HealthPort said its net loss for the six months ended June 30, 2009 was $6.9 million.