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The company is backed by Intel Capital and Norwest Venture Partners
CareCloud, a cloud-based healthcare solutions provider, announced Tuesday that it has raised $20.1 million in a Series A round led by Intel Capital, with help from Norwest Venture Partners. The new capital adds to the $7.8 million in angel funding the company raised last year, for a total of more than $28 million.
EHR companies have been popping up all over the place in the last several years to meet the growing demand among physicians and other healthcare professionals for turnkey electronic solutions to traditional paper-based tasks. Practice Fusion has developed a platform for cloud-based electronic health records and currently boasts a user base of over 100,000 medical professionals representing over 20 million patients. Another company, drchrono, has developed a mobile platform that allows healthcare professionals to check patients in, take notes and pictures, record video, and prescribe medications all from an iPad.
What makes CareCloud different? “Carecloud is a more comprehensive solution for physician practices. We give them everything to manage not only the clinical but the administrative and financial aspects as well,” CareCloud CEO Albert Santalo told me. “It starts from appointment scheduling and ends with final reimbursement for the encounter. CareCloud also has sophisticated analytics and reporting capabilities. We are aiming to be a one-stop shop for all specialties and all sizes.”
Founded in 2010, CareCloud offers a suite of solutions, including Community, a social networking portal where patients can connect with their doctors online; Central, a medical practice management system that covers everything from scheduling to billing; Concierge, a full service revenue cycle management solution for healthcare providers; and coming in October, Charts, CareCloud’s electronic health records software.
CareCloud declined to comment on whether or not it has received Meaningful Use certification, but Santalo said the company will discuss it in October.
CareCloud currently serves more than 1,000 healthcare providers in the U.S. and is currently processing more than $500 million in accounts receivables for the healthcare providers it serves. The company also announced in August that it has tripled its headcount.
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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.