All contestants:
CareCloud
Location: 5200 Blue Lagoon Drive Suite 900, Miami, Florida, United States, 33126, United States
Founded in: 2009
Stage: Alpha (prototype)
Number of employees: 6-15
Funding history:
- Date: 01/2010, Seed: $2.3 M
Short URL: vator.co/carecloud

CareCloud

The Healthcare IT Ecosystem
Startup/business
Florida, United States United States
http://www.carecloud.com
About
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Company description

CareCloud's mission is to eliminate the waste in the health careindustry, which is attributed to administrative bureaucracy andredundant care, by connecting its fragmented constituents and supplyinghighly effective information technology and other services. Our proprietary software is based on a revolutionary systems architecture that treats healthcare and its participants as an ecosystem - an integrated environment where all participants share a common commitment of reducing inefficiencies and providing excellence in healthcare.


Our solutions enable efficient financial, administrative and clinical business processes. Our fully integrated and open system products will enable physicians to greatly simplify the process of getting paid for their services while streamlining their clinical operations.

Specifically, our front-desk administrative solutions will connect physicians to their patients through an intuitive and friendly interface including appointment scheduling, eligibility verification and front-desk management. Our electronic medical records solution will be fully integrated with the practice management system but also be compliant with common standards in order to ensure full portability of patient's data. We will also assist our clients with a full accounts receivable and revenue cycle management back-office service, thereby liberating the practice from initiating expensive insurance claim follow-up efforts, posting of remittance and other functions.

We striveto enable physicians to focus on their core mission of providing careto patients, rather than dealing with the administrative and financialinefficiencies of the health care industry. We believe that our products and services represent a better way of doing business in the health care industry.
Team
  • Mike Cuesta
    Mike Cuesta | Team member
    Mike Cuesta applies his expertise in strategic design to drive innovation to CareCloud’s products, marketing communications, and brand. He is also charged with managing the information architecture, visual integrity and usability of all of the ...
  • Albert Santalo
    Albert Santalo | Team member
Business model

For our premium service, CareCloud RCM, we intend to charge 3 - 10% of practice collections. A typical mom and pop medical billing company would charge a physician around the same price which rarely does not even include any software for the practice. The exact rate would vary based upon practice characteristics such as average revenue per claim and total number of doctors. Generally, we believe that we will be economically aligned with our physician practice clients because payment for our services in most cases will be dependent on the results our services achieve for our clients. As a result of this approach, the effectiveness of our revenue cycle management services would be borne out by measurable improvements in the financial performance for physician practices within a short period of time after they start using our services.

Our CareCloud Basic service would consist of providing centrally hosted software to our clients without the heavy aspects of the back-office service. Clients would be able to utilize our Practice Management system to handle their financial and administrative operations or our Electronic Medical Records system for their clinical operations. We contemplate that either system will cost $249 per month plus transaction fees for claims submission, patient statements and others. Clients would also be able to select both systems in a fully integrated suite for a very competitive price of $349 per month plus transaction fees. As part of either CareCloud RCM or CareCloud Basic, clients would enjoy a free Patient Portal that would subsequently be delivered to their patients free of charge.

 

 

Competitive advantage

CareCloud faces a number of competitors, many of which have an outdated go-to-market approach. Traditional healthcare IT companies have approached these problems in a fragmented manner by developing software products targeted at specific user-groups.

In the revenue cycle management segment, CareCloud believes that it will compete with the following: 1% - the few well-heeled competitors such as AthenaHealth or Avisena that have excellent Internet-based systems and a service offering 20% - Traditional medical billing companies who are typically mom-and-pop organizations with weak technology and informal service offerings. 79% - In-house solutions, whereby physicians purchase packaged software or SaaS software and employ full-time staff to manage their revenue cycle.

In the electronic medical records segment, CareCloud intends to compete with either fully-integrated systems such as NextGen or Misys that do not offer an option to use either their practice management or EMR. In this way, they are closed systems. The open providers such a MediNotes, have captured market share but do not provide the richness of a fully-integrated environment. Regardless, the electronic medical records market is wide open since only 20% of doctors currently utilize an EMR.

 

Currently a $2.4 trillion industry, U.S. healthcare is plagued withapproximately 25% wasteful spending. Much of this inefficiency can beattributed to: administrative waste caused by lack of systems andstandards; and, redundant care caused by lack of information sharing.