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January 21, 2014 07:15 pm GMT
As technology to penetrate into the tired old world of healthcare, the average patient stands to benefit in a big way, but doctors are struggling to keep up with a changing world. With origins dating back to 2004, Kareo has been on a mission to help doctors manage the increasingly complex business of medicine. Through its cloud-based practice management software, Kareo has worked to enable small practices to simplify day-to-day operations by taking the paperwork and administrative hassles out of the hands of their doctors to free them up to do what they do best: Work with patients. In working with over 20,000 doctors at small practices in the U.S., says CEO Dan Rodrigues, the company quickly found that practices would rather turn to one provider for their digital needs, rather than deal with one provider for electronic health records practice management and another for billing, for example. So, early last year, Kareo expanded beyond expanded beyond its flagship practice management software for the first time, allowing its customers to access both cloud-based Electronic Health Records (EHRs) and billing services as part of an integrated suite. With over 800 paying doctors joining the platform every month and now generating “several tens of millions in recurring revenue,” most of which has come since the expansion, Rodrigues says, Kareo is taking on a big new round of funding to help it fully integrate its new business lines. The new $29.5 million in growth capital brings the startup’s total funding to $72.5 million and follows the $20.5 million Kareo raised in January of last year. The nearly $50 million in capital Kareo has taken on in the last 12 months are a tribute to the startup’s growth rate over the same period, and a sign that the company is moving fast to address what it sees as a big opportunity in the small practice segment. While small practices traditionally have been a less attractive area for SaaS companies, Rodrigues says, they are the ones who feel must overwhelmed by the pace of change in healthcare. With the the on-going revision of digital standards in healthcare, increasing requirements for doctors, the proliferation of mobile devices and wearable gadgets — along with the market’s shift to more patient-focused incentive structures and consumer-centric models — small practices are struggling to keep up. As a result, the Kareo CEO believes that doctors are looking for a trusted
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/kp5hQp4KFcc/
Fast-Growing Kareo Lands $29M To Help Doctors Move Their Practices Into The Cloud
As technology to penetrate into the tired old world of healthcare, the average patient stands to benefit in a big way, but doctors are struggling to keep up with a changing world. With origins dating back to 2004, Kareo has been on a mission to help doctors manage the increasingly complex business of medicine. Through its cloud-based practice management software, Kareo has worked to enable small practices to simplify day-to-day operations by taking the paperwork and administrative hassles out of the hands of their doctors to free them up to do what they do best: Work with patients. In working with over 20,000 doctors at small practices in the U.S., says CEO Dan Rodrigues, the company quickly found that practices would rather turn to one provider for their digital needs, rather than deal with one provider for electronic health records practice management and another for billing, for example. So, early last year, Kareo expanded beyond expanded beyond its flagship practice management software for the first time, allowing its customers to access both cloud-based Electronic Health Records (EHRs) and billing services as part of an integrated suite. With over 800 paying doctors joining the platform every month and now generating “several tens of millions in recurring revenue,” most of which has come since the expansion, Rodrigues says, Kareo is taking on a big new round of funding to help it fully integrate its new business lines. The new $29.5 million in growth capital brings the startup’s total funding to $72.5 million and follows the $20.5 million Kareo raised in January of last year. The nearly $50 million in capital Kareo has taken on in the last 12 months are a tribute to the startup’s growth rate over the same period, and a sign that the company is moving fast to address what it sees as a big opportunity in the small practice segment. While small practices traditionally have been a less attractive area for SaaS companies, Rodrigues says, they are the ones who feel must overwhelmed by the pace of change in healthcare. With the the on-going revision of digital standards in healthcare, increasing requirements for doctors, the proliferation of mobile devices and wearable gadgets — along with the market’s shift to more patient-focused incentive structures and consumer-centric models — small practices are struggling to keep up. As a result, the Kareo CEO believes that doctors are looking for a trustedOriginal Link: http://feedproxy.google.com/~r/Techcrunch/~3/kp5hQp4KFcc/
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