CareCloud is a vendor of cloud-based practice management, medical billing and electronic health record software and services, largely aimed at physician practices.
Here are 15 things to know about CareCloud.
- Used by physicians from more than 50 specialties in 48 states, the CareCloud platform contains the records more than 8 million patients. The company has more than $3 billion in accounts receivables under management.
- CareCloud has proved a popular investment for venture capital firms. In 2013, the company had an oversubscribed Series B funding round that brought in $29 million, brining total funding to $55 million.
- CareCloud's market rivals include athenahealth, Practice Fusion, eClinicalWorks, and AdvancedMD/ADP.
- The company recently began to focus more on larger practices through a series of partnerships designed to expand the company's market presence and the appointment of experienced salesman Lee Horner as the company's chief sales officer.
- The company offers a mobile app that allows physicians to access patient data stored in their CareCloud system.
- CareCloud is led by president and CEO Albert Santalo. Before founding CareCloud in 2009, he was the founder and chairman of software-based revenue cycle management firm Avisena and before that, director of The Hackett Group/Answerthink's IT transformation and strategy practice division.
- CareCloud's leadership also includes former executives from athenahealth, Aprima Medical Software and email marketing service Constant Contact.
- Based in Miami, CareCloud is part of the city's burgeoning tech scene.
- CareCloud has won several awards, including the No. 28 spot on Forbes' list of the most promising companies and a 2013 Technology Leaders of the Year Award from the Greater Miami Chamber of Commerce.
- In May, CareCloud announced a partnership with commercial bank BBVA Compass to bundle CareCloud products with the bank's financial services into package offerings for physician practices.
- CareCloud recently received $25.5 million in debt financing from Hercules Technology Growth Capital to help CareCloud expand its offerings.
- CareCloud is focusing on expanding its market share, especially among larger physician practices. To this end, the company recently released CollectiveIQ, a billing platform that aims to help practices bill quicker and more accurately.
- A partnership with ZocDoc, announced in late 2013, incorporates ZocDoc's online physician scheduling service into CareCloud's practice management platform to allow patients of CareCloud customers to book appointments more easily.
- Through the CareCloud Scholars program, health sciences and IT students at the University of Miami are taught how to use the software, giving the students real-world skills and giving CareCloud a pool of software testers and increased name recognition.
- Each year, CareCloud surveys more than 5,000 physicians about their financial health for their Practice Profitability Index, and makes the findings publicly available.
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