15 things to know about CareCloud

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.

  1. 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.
  2. 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.
  3. CareCloud's market rivals include athenahealth, Practice Fusion, eClinicalWorks, and AdvancedMD/ADP.
  4. 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.
  5. The company offers a mobile app that allows physicians to access patient data stored in their CareCloud system.
  6. 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.
  7. CareCloud's leadership also includes former executives from athenahealth, Aprima Medical Software and email marketing service Constant Contact.
  8. Based in Miami, CareCloud is part of the city's burgeoning tech scene.
  9. 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.
  10. 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.
  11. CareCloud recently received $25.5 million in debt financing from Hercules Technology Growth Capital to help CareCloud expand its offerings.
  12. 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.
  13. 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.
  14. 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.
  15. 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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