CareCloud the fastest-growing provider of cloud-based practice management electronic health records EHR and medical billing software and services today announced it has secured 20 million in Series B financing The funds will fuel the Company’s continued aggressive growth across all business functions with a focus on product development while also bolstering sales and marketing capabilities The funding round was led by Tenaya Capital and included existing investors Intel Capital and Norwest Venture Partners This round brings CareCloud’s total funding to 44 million Stewart Gollmer Tenaya Capital’s Managing Partner will join CareCloud’s Board of Directors
Most of the U S healthcare system is shackled with decades-old technology that will hinder us from improving patient care or delivering on cost containment efforts in a rapidly-changing environment of reform said Albert Santalo CareCloud’s Chairman and CEO This investment validates CareCloud’s mission to aim at the heart of the challenge by leveraging the power of the cloud to foster innovation and ultimately replatform the industry I am very pleased to welcome Tenaya Capital to our strong base of investors ”
CareCloud’s cloud-based platform now powers close to 3,000 providers in 45 states as medical groups look to improve their operational and clinical outcomes amidst a rapidly changing healthcare reimbursement environment CareCloud manages more than 2 billion in annualized accounts receivables on behalf of its clients leveraging its cloud-based revenue cycle management service The Company’s award-winning platform currently supports more than 5 million unique patients that will be increasingly engaged through the Company’s CareCloud Community offering that allows for greater care coordination and is the cornerstone of CareCloud’s vision to be the industry’s Single Log In for Healthcare
Technology will play an increasingly significant role in the transformation of how healthcare is delivered and paid for in this country It’s clear that the current solutions are either decades old client-server technology or outdated web-based architecture said Gollmer CareCloud and its modern platform represent a tremendous opportunity to bridge the technology gap that plagues the healthcare ecosystem We are excited to invest in CareCloud and feel that the company represents a powerful combination of industry-leading vision and exemplary execution driven by a remarkable team ”
Physicians See Better Billing Technology As Keys To Higher Performance
The May 2013 Practice Profitability Index PPI which serves as an annual barometer for the operational wellbeing of U S medical groups in the year ahead surveyed more than 5,000 physicians across the nation and uncovered a downward trend in profitability for the year ahead which is driving a growing rip and replace market for technology It found that of the % of practices with specific plans aimed at operational improvements in the coming year the main interventions are implementing a new EHR , replacing their existing EHR , outsourcing billing/collections ) and replacing their practice management system (16%) Furthermore the majority of physicians ) are uncertain if their practice management systems will accommodate regulatory changes in the year ahead The complete 2013 PPI findings can be accessed at a href=”http://www poweryourpractice com target=”_blank”>www poweryourpractice com/PPI
Tenaya Capital is a leading venture capital firm with a history of investing in disruptive and category-leading companies including HubSpot Zuora RightScale and Zappos Intel Capital and Norwest Venture Partners led CareCloud’s $20 1 million Series A funding in September of 2011
About Tenaya Capital
Tenaya Capital is a leading venture capital firm with offices in Woodside California and Boston Massachusetts Founded in 1995 as Lehman Brothers Venture Partners they became an independent company in 2009 Over the years they’ve raised five funds representing over 1 billion of committed capital investing it in a wide range of high-growth technology companies including software consumer Internet communications semiconductors electronics and cleantech For more information visit www tenayacapital com
About CareCloud
CareCloud is a leading provider of cloud-based practice management electronic health record EHR and medical billing software and services for medical groups The company’s products are connecting providers to one another ” and to their patients ” through a fully integrated digital healthcare ecosystem that can be accessed on any browser or device
CareCloud is helping thousands of physicians to increase collections streamline operations and improve patient care in over 45 states and currently manages over 2 billion in annualized accounts receivables on behalf of its revenue cycle management clients To learn more about CareCloud please visit www carecloud com
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