Healthcare technology’s list of 2019 IPOs has gotten longer with the addition of Phreesia, a New York-based developer of patient intake software.

According to its S-1 filing, the company is planning on a $125 million public offering under the ticker “PHR” on the New York Stock Exchange sometime later this year.

Phreesia was founded back in 2005 and its main product is software meant to expedite the patient intake and payments process for providers, which can be a complex operation involving patient registration, insurance verification and scheduling.

The company also uses its data assets to help life sciences companies engage and target specific patients and counts 13 of the top 20 global pharmaceutical companies as customers.

Phreesia has raised more than $100 million from investors including a $34 million funding round in 2017 from private equity firm LLR Partners and Echo Health Ventures. It currently employs around 440 full-time employees.

The company’s technology is accessible through a range of methods including mobile devices, web-based dashboard, tablets and on-site kiosks. Phreesia has also signed commercial deals with athenahealth and Allscripts to integrate the company’s offerings with its partners’ existing EHR and health IT systems.

In its SEC filing, the company cites KLAS surveys that rank Phreesia as the most widely adopted patient intake software company.

According to the company’s prospectus, Phreesia’s platform facilitated more than 54 million patient visits for approximately 50,000 individual providers and processed more than $1.4 billion in payments over the course of FY 2019.

That has translated to a 25 percent revenue growth from $79.8 million in FY 2018 to $99.9 million in FY 2019. Adjusted EBITDA also increased from a loss of $4.1 million to a gain of $3.5 million over the same time period.

Potential drivers for Phreesia’s business listed in its SEC filing include continued inefficiency in the healthcare system, the increasing role of patients as a payer of healthcare costs, the shift to value-based reimbursement models and a focus on personalized healthcare that feeds into the company’s marketing business.

Phreesia tagged the total market opportunity for its platform at $7 billion, calculated by combining the potential revenue from U.S.-based ambulatory care providers, additional transaction and payment processing fees and capture of the pharmaceutical industry’s direct-to-consumer prescription drug marketing spend.

Last December, the company acquired Vital Score, a healthtech startup that uses behavioral science to match up patients to health services at the right point in time.

Health tech IPO activity has ramped up considerably in the first half of 2019, especially when considering the dearth of digital health IPOs in the past few years.

Among the companies with reported plans to go public are San Francisco-based chronic disease management company Livongo, Salt Lake City-based healthcare data company Health Catalyst and Nashville-based Change Healthcare, which recently upped its potential IPO proceeds to more than $1 billion.

The healthcare payments industry has also seen an increase in deal flow, exemplified by UnitedHealthcare’s recent $3.2 billion acquisition of Equian from New Mountain Capital and JPMorgan’s $500 million purchase of InstaMed.

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