Athenahealth, a Watertown, Mass., maker of health IT systems for billing and management of electronic health records, filed to raise as much as $86.25 million in an initial offering. The company’s SEC filing is here.

Athenahealth’s systems work as Web-based services, a strategy designed to take advantage of the Internet’s flexibility and to make it easier for doctors to digitize their practices without making a huge amount of up-front investment. That said, Athenahealth’s business is still a fledgling one; last year, it lost $9.2 million on revenues of $70.7 million.