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On Thursday, the Miami, Fla.-based company said it had received the additional capital from Adams Street Partners, as part of the Series B round that already included Tenaya Capital, Intel Capital and Norwest Venture Partners. This funding brings the company’s total amount raised to $55 million.
CareCloud, which launched in 2010, provides hospitals and healthcare providers with cloud-based electronic health records software, as well a other medical billing and practice management tools. In a health IT world where many doctors’ offices use software that isn’t cloud-based and doesn’t enable physicians to easily access information from multiple platforms or integrate different systems, CareCloud is gaining steady traction. The company said its service currently supports 3,500 providers in 46 states.
The startup, however, is operating in a very competitive field. In addition to the more established electronic health records and health IT vendors like McKesson, Allscripts, Cerner and eClinicalWorks, newer entrants like athenahealth, Practice Fusion and ElationEMR are actively courting doctors with their own services. But it’s a good time for the industry given government requirements regarding the adoption of electronic medical records systems.
With its new funding, the company said it plans to boost investments in research and development, as well as focus on business development and sales and marketing.