CareCloud, the leading provider of cloud-based practice management, electronic health records (EHR), and medical billing software and services, announced today it continued its expansion upmarket in the second quarter of 2014 to serve larger medical groups via both direct and indirect channels. On the partnership side, this was highlighted by CareCloud’s May announcement of joining forces with BBVA Compass, one of the nation’s largest commercial banks.
The two companies will jointly sell and market their healthcare technology and financial services to BBVA Compass’ physician practice client base. During the quarter, CareCloud also made significant strides to solidify its infrastructure for further growth. It announced the raise of $25.5 million in venture debt from Hercules Technology Growth Capital to help accelerate the expansion of CareCloud’s technology solution offerings.
CareCloud also announced the hiring of Lee Horner as its new Chief Sales Officer. Mr. Horner brings over 20 years of experience leading sales, operations, and marketing within the software and cloud computing space. He is tasked with driving the company’s bookings growth, as well as managing CareCloud’s sales team and operations.
“The second quarter of 2014 saw CareCloud continue to grow at a rapid pace while also bringing new, innovative products to market – all in an effort to help medical practices streamline their operations and enhance clinical workflow,” said Albert Santalo, CareCloud’s Chairman and CEO. “The company also announced a number of large client wins as we continue to find success among sizeable groups that have previously lacked access to modern, scalable cloud technologies.”
In April, CareCloud officially began offering its new CollectiveIQ solution. CollectiveIQ is an automated billing rules platform that harnesses content from industry leaders in order to help medical practices increase collections and margins through faster, more accurate claims submissions. With CollectiveIQ’s rules built directly into CareCloud Central, the company’s cloud-based practice management solution, staff can proactively address billing issues without leaving their workflow or CareCloud’s intuitive interface.
Amid this growth, CareCloud continued its efforts in physician advocacy by announcing the findings of its second annual Practice Profitability Index (PPI) in May. This national survey of more than 5,000 physicians was designed to act as a voice to physician practices across the U.S. regarding issues that impact their financial and operations health. It uncovered important trends around practice profitability, areas of future investment and prospects for improving patient care.