MIAMI–CareCloud, the platform for high-growth medical groups, today announced an oversubscribed $31.5 million Series C funding round, including new investments by diversified financial services leader The PNC Financial Services Group, Inc. (NYSE: PNC) and commerce technology giant First Data Corporation (NYSE: FDC). Blue Cloud Ventures joined as a new investor and led the round. CareCloud will use the capital to rapidly scale its team and its clinical and financial platform as it transforms how physician practices modernize the patient experience and deliver value-based care.
“The healthcare sector is evolving quickly, especially with respect to patient engagement and consumerism,” said James G. Graham, Head of Treasury Management at PNC. “Our team brings to bear deep industry knowledge and sophisticated treasury management capabilities for our customers. Aligning with CareCloud will help both of us continue to lead the way with physicians’ practices and patients.”
“We are excited to partner with Ken Comée and the team at CareCloud as they continue to deliver on their vision of providing the healthcare industry’s best-in-class, cloud-based, comprehensive technology platform,” added Mir Arif, partner at Blue Cloud Ventures.
CareCloud supports medical practices through a flexible and powerful cloud-based platform that streamlines workflow and supports more efficient and effective patient engagement. The platform modernizes revenue cycle management, practice management (PM), electronic health record (EHR) and patient engagement activities within high-performance medical groups.
CareCloud’s technology is tailored to medical groups focused on expanding operations and advancing patient care, especially in cardiology, general surgery, orthopedics, dermatology, ophthalmology, neurology, internal medicine, urology and family medicine specialties. Pairing award-winning design with deep clinical and billing expertise, CareCloud offers integrated clinical and financial technology that adapts to varied payment models. By using an open API architecture powered by the most advanced app platform in healthcare, the company enables rapid deployment of innovative solutions for patients and development of EHR and clinical tools designed to address physician workflows.
“We’re modernizing the healthcare experience for both physicians and patients at the precise point where care happens — the medical practice,” said Ken Comée, CEO at CareCloud. “To simplify and improve the process of delivering and financing healthcare within a rapidly changing ecosystem, you need a technology platform that is flexible with tools as easy to use as we see in banking, shopping and our other everyday activities. We couldn’t imagine better partners than PNC and First Data working with us to reimagine healthcare commerce for physicians and patients alike.”
CareCloud is working to address new opportunities in patient consumerization and value-based care, accelerating market trends that are detailed in a new briefing paper released today: “The New Medical Economy.” Healthcare market dynamics are shifting; patients are becoming more directly responsible for an increasing percentage of costs (as much as 25 percent, according to the AMA) through the rise of high-deductible health plans and changes in the health insurance marketplace. At the same time, medical groups are seeing new opportunities for innovation in a landscape of regulatory uncertainty.
CareCloud’s prior investors all participated in the round, including Norwest Venture Partners, Intel Capital, Tenaya Capital and Adams Street Partners. The company previously entered into a debt financing agreement with Wellington Financial to provide access to additional growth capital.
CareCloud is the leading provider of cloud-based revenue cycle management, practice management (PM), electronic health record (EHR) and patient engagement solutions for high-performance medical groups. CareCloud helps clients increase profitability, streamline workflow and improve patient care nationwide. The company currently manages more than $4 billion in annualized accounts receivable on its integrated clinical and financial platform. To learn more about CareCloud, visit www.carecloud.com.
The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.
About Blue Cloud Ventures
Blue Cloud Ventures (BCV) is a New York–based growth equity fund focused on providing flexible capital to innovative cloud-based enterprise software companies. Within three years, BCV has raised two sequential funds, backed 20 market-leading software companies and differentiated itself with its unique investment strategy of providing right-sized financing to target gaps in the growth and late stage funding markets. For more information, visit www.bluecloudventures.com.