Market momentum accelerated in the wake of increasing investment in CareCloud’s core business. In August of 2013, CareCloud closed its Series B funding round of $29 million that was led by Tenaya Capital with participation from Adams Street Partners and existing investors, Norwest Venture Partners and Intel Capital. As a result, CareCloud implemented a record 500+ new clients to its cloud-based platform last year, reflecting more than 80% year-over-year growth.
“2013 proved to be an extremely successful and exciting year of execution across CareCloud’s business,” said Albert Santalo, Chairman and CEO for CareCloud. “While our competitors are bogged down with Meaningful Use Stage II certification and ICD-10 initiatives, we continue to grow faster than any company in our market and on the cusp of the delivering new product more aggressively this year than we ever have. In 2014, we will significantly broaden our mobile offering, deliver a new billing intelligence capability that will significantly enhance the physician revenue cycle, and enhanced analytics capabilities that will support delivering world class practice performance. We also continue to bolster our leadership team. Last year saw the addition of our new Chief Financial Officer, Scott Lentz, who has already begun building out our internal financial and operational infrastructure to support our massive scaling across the business.”
Expanding Product Suite, Partnerships and Opening of Platform
During 2013, CareCloud released the next generation of its cloud-based EHR, CareCloud Charts, which was certified for Meaningful Use (MU) Stage 2 in December by Drummond Group, an Office of the National Coordinator Authorized Certification Body (ONC-ACB). Charts was designed in concert with dozens of physicians and group practices, features award-winning usability, and integrates with CareCloud’s practice management and patient portal solutions to help physicians achieve higher productivity, profitability and better patient outcomes.
In October, CareCloud announced strategic partnerships with Box and ZocDoc, which have both companies leveraging CareCloud’s platform to streamline the way providers share content, collaborate and grant patients unparalleled access to care.
CareCloud continued to deliver on its partnership with Quantia, whose physician community, QuantiaMD, had 1 in 3 US physicians visit in the fourth quarter. In December, the two companies announced the winner of The Health IT Case Study Challenge, which encouraged physicians across the country to foster best practices for using technology to improve their performance. This came on the heels of the companies’ first joint project in May of 2013, thePractice Profitability Index (PPI). The PPI surveyed more than 5,000 physicians nationwide regarding issues impacting the financial and operational status of their practices.
As of December 31, 2013, the Company’s cloud-based platform supported over 4,000 providers in 48 states, with more than $2.5 billion in annualized accounts receivables under management for clients leveraging its cloud-based revenue cycle management service. The Company’s award-winning platform currently supports more than 6 million unique patients that will be increasingly engaged through the Company’s CareCloud Community offering, allowing for greater care coordination.