CareCloud is dipping its toes into a variety of areas within the healthcare realm. The Miami, Florida-based company offers practice management, EHR, revenue cycle and patient experience solutions to physician practices. All the tools are in the cloud.
The organization was founded in 2009 and secured its first client in early 2010. Initially, it was more heavily focused on the practice management and scheduling side, CEO Ken Comée said in a phone interview. But since its inception, the medical landscape has been changing.
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Along the way, the company had its own developments as well. In 2015, CareCloud announced $15 million in new funding, as well as the appointment of Comée as CEO. The next year, it raised $31.5 million in a Series C round led by Blue Cloud Ventures. PNC Financial Services Group, First Data Corporation, Norwest Venture Partners, Intel Capital, Tenaya Capital and Adams Street Partners also participated.
Today, the healthcare industry is shifting from a fee-for-service model to a value-based care one. “Physicians … are under so much pressure to perform and be profitable,” Comée said. “It’s becoming more difficult for physicians to thrive from an economic standpoint.”
To that end, CareCloud wants to assist doctors and make it easier for them to use technology, particularly at a time when consolidation is playing a key role and smaller medical practices are rolling up into larger groups.
Additionally, the startup values interoperability. Thus, it became a member of the CommonWell Health Alliance in 2014.
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CareCloud’s software can be used in numerous medical specialties, including cardiology, urology, internal medicine, orthopedic surgery, neurology, ophthalmology and family practice. Its clients include The Foot Group, a podiatry practice out of Connecticut, and Premier Dermatology, a Silicon Valley-based practice headed up by Dr. Marie Jhin.
In a recent phone interview, Premier office manager Janet Valdehueza explained that the office began using CareCloud’s technology about three and a half years ago. Valdehueza said the software has been user-friendly and has made the billing process much less complicated.
Although Jhin was considering leaving the CareCloud platform, Valdehueza said she talked her into keeping it.
“If I train the right people, this office can be manageable on its own, now that we have the [CareCloud] system in place,” Valdehueza said.
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