Company Announces Additional Funding from Adams Street Partners and Launches Next Generation of its Cloud-based Electronic Health Record Solution
MIAMI & BOSTON — October 4th, 2013 — CareCloud, the fastest-growing provider of cloud-based practice management, electronic health records (EHR), and medical billing software and services, today announced that the Company brought on new medical practices to its cloud-based platform at a record pace during the third quarter, resulting in 440 new clients added year-to-date. CareCloud also reported its 15th consecutive quarter of triple-digit revenue growth and while scaling its platform to serve physicians in 47 states. In the third quarter, CareCloud also launched an award-winning next generation of its EHR solution, CareCloud Charts, which further fueled the Company’s market momentum.
“CareCloud continues to execute on its aggressive growth plan while also setting the bar for product innovation in our industry for the benefit of clients seeking to maintain the productivity of their practices in the face of increasingly complex government mandates,” said Albert Santalo, Chairman and CEO of CareCloud. “The third quarter had CareCloud bring to market significant new functionality to our electronic health record application that tackles the core workflow and productivity issues that have been plaguing physicians for years. This new offering has already created a spike in new subscribers to our platform, with more than 60% of clients now selecting both our cloud-based EHR and practice management applications. We expect this trend to increase given the growing ‘rip and replace’ underway by many medical groups moving to more modern and integrated cloud-based systems like CareCloud’s.”
Finalizes Series B Funding and Delivers New Product Capabilities to Physicians
During the third quarter, CareCloud also announced it secured an additional $9 million from Adams Street Partners to help accelerate scaling across all business functions, particularly product development and operations. The sum rounded out a $29 million Series B, the first part of which comprised $20 million of funding announced in June and led by Tenaya Capital, with participation from existing investors Intel Capital and Norwest Venture Partners. The Series B round brought CareCloud’s total funding to $54 million.
CareCloud continued to deliver new, innovative product capabilities to the marketplace in response to the growing ‘rip and replace’ trend in the healthcare IT market. The company’s new version of its cloud-based EHR was released in July and was designed in concert with dozens of physicians and group practices to address the growing demands placed on them to track and report clinical outcomes for greater overall care coordination. This release features powerful new capabilities – including rapid charting, intelligent task management, and real-time patient flows – to help doctors dramatically speed up clinical encounters while maintaining control over the administration of their offices. The May 2013 Practice Profitability Index (PPI), which surveyed more than 5,000 physicians across the nation, found a growing migration from legacy-based systems to newer cloud-based solutions. It found that, of the 41% of practices with specific plans aimed at operational improvements in the coming year, the main interventions were: implementing a new EHR (41%) and replacing their existing EHR (25%).
As of October 1, 2013, the Company’s cloud-based platform supported over 3,700 providers in 47 states, with more than $2 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 5.5 million unique patients that will be increasingly engaged through the Company’s CareCloud Communityoffering that allows for greater care coordination.