Company Signs Record Number of New Clients, Launches Practice Profitability Index (PPI) and Secures $20 Million in Series B Funding
MIAMI, FL and BOSTON, MA – July 29, 2013 – CareCloud, the fastest-growing provider of cloud-based practice management, electronic health record (EHR), and medical billing software and services, today announced that the Company experienced record revenue increases during the second quarter of 2013, representing its 14th consecutive quarter of growth. During the quarter, CareCloud also signed a record 150 new medical groups to its cloud-based platform with more than half selecting the Company’s integrated EHR and practice management applications. Furthermore, in June CareCloud announced it had secured $20 million in a Series B financing round led by Tenaya Capital and included existing investors Intel Capital and Norwest Venture Partners. The funds will support the Company’s continued aggressive expansion, with a focus on product innovation and excellence.
“The second quarter saw CareCloud expand and enrich its product offering, which is fueling a record number of new client signings across all market segments,” said Albert Santalo, Chairman and CEO of CareCloud. “We are continuing to see success in scaling our offering to serve new enterprise clients, and whether it’s a large integrated delivery system or solo physician practice looking to replace their legacy practice management system to adhere to new billing regulations, cloud-based technologies like CareCloud’s are increasingly becoming the go-to solution in the marketplace.”
In June, at the inaugural HealthBeat 2013 Conference in San Francisco, CareCloud announced the findings of the first Practice Profitability Index (PPI). The PPI, which included 5,012 physician survey participants, was created and launched as part of a partnership with QuantiaMD, the largest social learning and collaboration platform for physicians. It was designed to provide a voice to U.S. physician practices regarding issues impacting the financial and operational health of their practices. A key finding was that physicians were two-thirds more likely to foresee a downward trend in profitability for the year ahead than a positive one (36% negative vs. 22% positive), due to declining reimbursements (cited by 65%), rising costs (57%), ACA-related requirements (48%), and coding and documentation changes such as ICD-10 (44%).
The complete 2013 PPI study results, which also explore physicians’ opinions about the time spent on administration rather than patient care; technology adoption; remaining independent amid industry consolidation; the impact of healthcare reform; and strategies for improving operational performance, including some breakouts by state – can be accessed via Power Your Practice, an online resource site for medical professionals: www.poweryourpractice.com/PPI.
Santalo continued, “The launch of the PPI gives CareCloud a unique platform to advocate for our clients as well as caregivers at large as they attempt to deal with the increasingly complex healthcare delivery system, learn about and adopt new cloud-based technologies, and ultimately look for new ways to balance operational demands with their desire to deliver outstanding care.”