MentalNote has been around for three years, but it really started to establish itself and grow over the last year.
The
TechTown-based firm that started with two people working on it on a part-time basis now employs nine people, including interns. All of those jobs were created in the last year, and the software firm expects to hire a few more people in 2010, along with another 4-5 independent contractors.
MentalNote is actually the name-brand product of its holding company, H&T Medical Solutions, but the firm is commonly known by the name of its product. That piece of software, developed by Dr. James Hughes, helps psychiatrists and other mental health professionals digitize and manage medical records. The idea is help streamline the patient information system so doctors and their staffs can provide better care.
Dr. Hughes and Thanh Tran, president of
MentalNote, cleaned up and began marketing this piece of software three years ago when Tran was a pharmaceutical sales rep and Hughes had a private practice in Novi. The company has since sold 120 copies of its program, allowing Tran to leave his sales job so he could run the start-up full-time and begin hiring. It's now raising seed capital from angel investors and venture capital firms to finance its expansion.
"Our target in the next year is to raise $600,000 to develop and market our MentalNote brand," Tran says. "We expect to have 300 new accounts within the next year."
The company hopes to break even in 2013 and reach $16 million in revenue in 2015 by achieving a 7.7 percent market share. Accounts have been established in the U.S., Canada and Australia.
Source: Thanh Tran, president of Mental Note
Writer: Jon Zemke
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