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Kareo Secures over $55 Million in Investment to Extend Market Leadership

Fully subscribed round led by Montreux Equity Partners, with participation from all current Kareo investors, to accelerate expansion of cloud-based product line for independent physicians

Irvine, CA – July 28, 2015Kareo, the leading provider of cloud-based solutions for independent medical practices, today announced it has closed $55.4 million in additional funding. This investment is led by Montreux Equity Partners with participation from Silver Lake Partners and all of Kareo’s existing investors. This capital will finance the continued development of Kareo’s product line—which enables physicians to manage all major aspects of their practice—as well as expand the company’s market access.

“With this new investment from Montreux, Silver Lake and our current investors, we’ll be able to accelerate the development of our comprehensive, cloud-based, medical office management platform for independent practices,” said Dan Rodrigues, founder and CEO of Kareo. “Concurrently, we will further expand our market reach, helping even greater numbers of physicians meet their care delivery and practice growth objectives.”

Montreux Equity Partners, a growth capital firm investing in high growth, commercial stage companies with category leading products, technologies and services has a history of investing in high-profile healthcare companies including MINDBODY Online (NASDAQ: MB), Glaukos (NYSE: GKOS) and MAKO Surgical (NASDAQ: MAKO, acquired by Stryker), among others. Along with the investment, Montreux Principal, Michael Matly, MD, will join the Kareo Board of Directors and will provide consultative guidance around the company’s market strategy. Dr. Matly brings valued experience in the health services and technology sectors and is actively involved in Montreux’s late stage investments. He previously represented Montreux on the board of MINDBODY Online (NASDAQ: MB) and currently serves on the board of Pure Life Renal. Before joining Montreux, Dr. Matly led Business Development and New Ventures at the Mayo Clinic Center for Innovation.

“We are very excited to invest in Kareo, a company dedicated to helping physicians deliver outstanding patient care without getting bogged down by administrative tasks and external mandates,” said Matly. “Independent practices are the foundation of the U.S. healthcare system, but they have been underserved by technology, often facing the choice of forgoing technology or deploying expensive and cumbersome enterprise solutions. Kareo is changing this.”

Montreux joins Kareo’s top-tier institutional investors, which include OpenView Venture Partners, Greenspring Associates, Stripes Group, Silicon Valley Bank and Western Technology Investments.

Kareo has been recognized as one of the nation’s fastest growing private companies, realizing a 368 percent increase in revenue over the past three years. In 2015, Kareo was named the leading vendor for integrated health records, practice management and physician billing solutions for the third consecutive year by Black Book and was identified by KLAS as a top-three practice management provider for practices with 1-10 physicians. The company serves over 30,000 healthcare professionals caring for 40 million patients and processes over $1 billion in medical claims monthly. In March, Kareo announced its acquisition of DoctorBase, an innovative developer of medical practice marketing and patient engagement solutions, and these solutions are now available to Kareo’s existing customers.

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About Kareo
Kareo is the only cloud-based medical office solutions platform purpose-built for small practices. At Kareo, we believe that, with the right tools and support, small practices can do big things. We offer an integrated solution of products and services designed to help physicians get paid faster, find new patients, run their business smarter, and provide better care. Our practice management software, medical billing solution, practice marketing tools and free, award-winning fully certified EHR help more than 30,000 medical providers more efficiently manage the business and clinical sides of their practice. Kareo has received extensive industry recognition, including the Deloitte Technology Fast 500, Inc. 500/5000, Red Herring Top 100 Company, and Black Book #1 Integrated EHR, Practice Management and Billing Vendor. Headquartered in Irvine, California, the Kareo mission is to help providers spend their time focused on patients, not paperwork. For more information, visit www.kareo.com.

About Montreux Equity Partners
Montreux is dedicated to making growth capital investments in category-leading companies with products, technologies and services that are advancing health. Since 1993, Montreux has invested in more than 50 companies including MINDBODY (NASDAQ: MB), Glaukos (NYSE: GKOS), MAKO Surgical (acquired by Stryker), SkinMedica (acquired by Allergan), Renal CarePartners (acquired by Ambulatory Services of America), Great Lakes Health Plan (acquired by United Healthcare), and Orexigen (Nasdaq: OREX). Montreux is based in San Francisco, CA, and is currently investing out of its fifth fund. For more information, visit www.mepvc.com.

July 28, 2015 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

ALLSCRIPTS TAKES $200M EQUITY POSITION IN NANTHEALTH AND EXPANDS STRATEGIC ALLIANCE TO ENHANCEPRECISION GENOMIC MEDICINE AT POINT OF CARE

New Agreement Calls For Accelerating Delivery and Coordination of 21st Century Evidence Based Precision Medicine

CHICAGO and CULVER CITY, CA – June 30, 2015 – Allscripts (Nasdaq: MDRX) (“Allscripts”), a global leader in healthcare information technology solutions, and NantHealth, a cloud-based information technology company, announced they have taken a significant step forward in their strategic partnership through two cross-investments and a strengthening of their commercial agreement. The investments include Allscripts’ purchase of a 10% equity stake in NantHealth for $200 million in cash. In addition, NantCapital, LLC, the personal investment vehicle of Dr. Patrick Soon-Shiong, founder of NantHealth, has made a $100 million investment into Allscripts.

NantHealth is a healthcare IT company providing the most comprehensive genomic and protein-based molecular diagnostics testing in the market today through its first in class Genomic Proteomic Sequencing (GPS Cancer) diagnostic test, applying this actionable health information to create personalized cancer treatment plans through its sophisticated care planning tool Eviti. NantHealth is in the process of bringing GPS Cancer to the point of care and into the patient’s home through a single integrated clinical platform. The Company’s vision is to allow IDNs, Academic Medical Centers, Pediatric Centers, physicians, patients, payers, employers, researchers and pharma to coordinate personalized cancer care, enable access to cutting edge clinical trials, monitor outcomes and control cost in real-time.

The investments and commercial agreement strengthen the partnership between Allscripts and NantHealth, originally announced in March 2015, to develop an integrated, evidence-based, personalized approach to healthcare solutions, and specifically cancer care. The companies will use Allscripts’ scale, global network of hospital and physician clients and leading software solutions, combined with NantHealth’s clinical platform, applications and connectivity devices to build out the infrastructure for new personalized, precision medicine programs for our clients to improve cancer care.

Going forward, NantHealth and Allscripts are focused on working together to accelerate the dissemination of technologies that seamlessly bring the promise of comprehensive molecular diagnostics to the routine, patient care setting. Specifically, the companies intend to work on joint development of: API-based integration between the two companies’ solutions; the creation of a cross clinical-GPS Cancer sequencing knowledge ontology and industry standard; the development of GPS Cancer sequencing invitations via the Allscripts FollowMyHealth® solution; integration of NantTransporter giving access to NantCancer Genome Browser, NantContraster and Paradigm and the development of an ACO solution incorporating semantic interoperability.

Research has shown that a physician’s ability to make effective, evidence-based clinical decisions can improve by using specifically matched cancer protocols and drugs, delivered to the patient based on the individual’s unique DNA, RNA and proteomic profile, and integrated with the patient’s holistic clinical picture. http://www.ascopost.com/issues/june-25,-2015/redefining-cancer.aspx For the first time, NantHealth and Allscripts can integrate these two aspects into a unique knowledge-based solution to significantly improve the way clinicians treat cancer.

Together, physicians and patients will have the tools to stay engaged and active and provide necessary intervention as early as possible. Leveraging innovations in patient engagement, care coordination and disease management; NantHealth and Allscripts are creating the first fully comprehensive and integrated platform that will provide a transformation to the coordination and delivery of personalized care across the spectrum of integrated health systems, across community ambulatory and tertiary practices.

Paul M. Black, President and Chief Executive Officer of Allscripts, said, “We’re taking an important step forward in our strategic partnership that fully aligns our resources and furthers Allscripts’ strategy to invest in new technologies that can revolutionize service to hospitals and physicians. Under the leadership of Dr. Soon-Shiong, NantHealth is pioneering extraordinarily innovative, personalized healthcare solutions that will empower more efficient and effective clinical decisions. We’re confident that our joint efforts will help Allscripts lead the way in our vision of delivering an open, integrated and precision-based medical solutions to physicians and patients.”

Dr. Soon-Shiong stated, “Since the NantHealth/Allscripts partnership began earlier this year, we have come to know Allscripts and its management team well, and I am confident that they can be a major contributor toward the execution of our vision. Allscripts has the technology and scale to become a significant player in a once-in-a-generation shift to personalized medicine. Pursuing unique and innovative partnerships such as this, which can integrate our solutions across the full spectrum of precision care, furthers our mission of building a healthcare ecosystem to drive better outcomes with the highest quality and lowest cost.”

Provider Reaction

“North Shore-LIJ has an established commitment to oncology research and the delivery of world-class cancer care,” said Michael J. Dowling, president and chief executive officer of the North Shore-LIJ Health System. “Today’s announcement of an expanded strategic alliance between NantHealth and Allscripts is exciting, both in terms of furthering our clinical mission and the opportunity to generate additional value from our long-term partnership with Allscripts. We look forward to participating in this alliance as we work together to deliver on the potential for truly personalized care.”

“Today’s healthcare providers are looking for innovative solutions that are integrated across the continuum of care,” said Robert L. Meyer, president and chief executive officer of Phoenix Children’s Hospital. “Allscripts and NantHealth offer a promising vision for how tomorrow’ssolutions will provide healthcare professionals with a personalized, comprehensive view of the patient, better analyze data, create precise protocols to drive down costs and improve patient outcomes throughout our healthcare system.”

Allscripts Adds New Sunrise Hospital Client

Allscripts also announced today that Windber Medical Center, a nonprofit, community healthcare provider, NantHealth client and affiliate, has selected the Allscripts Sunrise™ platform to be the new core electronic health record for its hospital facility, replacing its current electronic health system. Located in Somerset County, in Southwestern Pennsylvania, Windber Medical Center offers comprehensive primary and acute care including a critical care unit, home health and hospice care
fitness and wellness programs as well as the Joyce Murtha Breast Care Center.

“Windber Medical Center together with the CAP certified and Platinum rated human tissue repository at the Windber Research institute and its partnership with Walter Reed Medical Center is poised to be an integrated cancer center with the most cutting edge scientific genomic research in cancer, and our affiliation with NantHealth and Allscripts will propel us towards our mission of providing 21st century care at the community level,” said Tom Kurtz, CEO of Windber Medical Center.

NantCapital Investment in Allscripts

NantCapital’s investment has been executed through a private placement of Allscripts common stock. Allscripts received gross proceeds of approximately $100 million in the private placement. The combined impact of the expanded commercial agreement and cross-investments is expected to be modestly accretive to Allscripts earnings in 2016 and become increasingly accretive over the five-year term of the commercial agreement. The transaction does not change Allscripts 2015 guidance.

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About Allscripts
Allscripts (Nasdaq:MDRX) is a leader in healthcare information technology solutions that advance clinical, financial and operational results. Our innovative solutions connect people, places and data across an Open, Connected Community of Health™. Connectivity empowers caregivers to make better decisions and deliver better care for healthier populations. To learn more, visit www.allscripts.com, Twitter, YouTube and It Takes A Community: The Allscripts Blog.

About NantHealth
NantHealth, a member of the NantWorks ecosystem of companies, is a healthcare transformational cloud-based IT company converging science and technology through a single integrated clinical platform, to provide actionable health information at the point of care, in the time of need, anywhere, anytime. NantHealth works to transform clinical delivery with actionable clinical intelligence at the moment of decision, enabling clinical discovery through real-time machine learning systems. The company’s technology empowers clinicians, patients and researchers to transcend the traditional barriers of today’s healthcare system. By converging molecular science, near real-time patient signal monitoring, computer science and big data technology, the NantHealth Clinical Operating System (cOS) platform empowers providers, patients, and commissioners to coordinate best care, monitor outcomes and control cost in real-time. This is the first system of its kind in healthcare, enabling 21st century coordinated care at a lower cost, enabling value-based population health management at a single patient level and at the population at large. For more information please visitwww.nanthealth.com and follow Dr. Soon-Shiong on Twitter @solvehealthcare.

About NantCancer Genome Browser
NantOmics, NantCancer Genome Browser enables clinicians for the first time to investigate a tumor genome from the full three billion bases down to the single-base level in real-time, thanks to the power of the NantOmics supercomputing and secure mobile infrastructure. The Cancer Genome Browser integrates with NantHealth’s treatment recommendation engine, Eviti, to personalize treatment protocols and clinical trail selection to individual patients based on their genomic and transcriptomic signature. The NantCancer Genome Browser is fully encrypted to allow deployment in a HIPAA secured environment, enabling clinicians to securely access patient data as soon as it’s available, wherever they
are.

About NantTransporter
Data transfer is one of the largest challenges associated with the analysis of sequencing data. NantOmics has designed an infrastructure capable of storing and processing thousands of genomes a day quickly and securely. Our NantTransporter software application enables secure transport of data directly from sequencing machines to NantOmics’s secure private genome processing cloud. Data streams are encrypted using 128-bit Advanced Encryption Standard (AES-128), the same algorithms designated for Top Secret government documents. Initiating a transfer is as easy as obtaining a transfer code from our web site, and specifying the files to be sent. Annotation of the genomes begins immediately with no downtime between transferring and the beginning of processing.

NantWorks has built a dark fiber network capable of Tb/sec transfers between hospitals, academic institutions and sequencing centers. In July 2012 we demonstrated the capabilities of NantTransporter by transferring 94 TB of genomic data and achieved speeds of up to 9.55 Gb/sec with a sustained rate of over 8.232 Gb/sec, the fastest and largest documented transfer of genomic data to date. To date we have transported over 15,000 cancer genomes via NantTransporter.

About NantContraster
Accurately assessing the state of a patient’s genome is one of the most powerful tools in the emerging field of personalized medicine. NantOmics applies its leading, novel genomic analyses to rapidly discover variants in a patient’s raw genomics data using the latest sequencing technologies combined with advanced statistics and machine learning techniques.

NantContraster annotates all variants against a knowledge database comprising all known and probable disease-associated genes to rank the genomic alterations that have the highest clinical relevance. When applied to cancer tumor/normal samples, our analysis is capable of quickly identifying genomic alterations that could lead to tumorigenesis for a fraction of the cost of conventional approaches. NantContraster is capable of concurrently processing many samples to handle large workflows from researchers and hospital settings.

About Paradigm
PARADIGM (Pathway Recognition Algorithm using Data Integration on Genomic Models) is a proprietary algorithm that uses a probabilistic graphical model to integrate multiple genomic data types on curated pathway databases and is unique for its per-sample approach that allows individual samples to be assessed alone or within the context of a cohort of interest.

June 30, 2015 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

CareCloud Strengthens Operations with $15M in New Funding and Appointment of Silicon Valley Leader Ken Comée as CEO

Investments Follow a Record First Quarter Amid Accelerating Adoption By Large Ambulatory Medical Groups

MIAMI, FL April 23, 2015 – CareCloud, the leading provider of cloud-based practice management, electronic health record (EHR), and medical billing software and services, today announced that it bolstered its operations with new funding and a new CEO to take its market momentum to the next level. The company disclosed $15M in additional funding from its investors, which will be used to further advance product innovation and customer success. It also appointed Ken Comée, a proven leader of enterprise cloud technology businesses, as its Chief Executive Officer, replacing Albert Santalo who will remain at CareCloud as Chairman and Chief Strategy Officer.

“Since its inception, CareCloud has achieved incredible success and growth by delivering an unparalleled platform to help healthcare organizations run better than they ever have before through connected technologies. Ken has been a supporter, friend and confidant for a number of years now and I’m confident that the team, under his leadership, will reach new heights and continue to drive CareCloud’s mission,” said Santalo.

During the past three years, Comée has helped steer CareCloud’s industry-leading growth in his role as a Board member and operational advisor. Comée assumes the CEO role at CareCloud following a successful track record of helping cloud-based technology innovators to secure and extend market leadership.  As CEO of Cast Iron Systems, he grew the company into the #1 brand in cloud integration, leading to its strategic acquisition by IBM.  Most recently, he was CEO of PowerReviews, a leader in product ratings and reviews, and oversaw the scaling of its operations and fast growth in the market.

The company’s investments follow the achievement of record contract values in the first quarter of 2015 – driven by increased demand from large medical groups replacing legacy systems. CareCloud signed seven of its largest deals to date in Q1, as average contract value tripled over the prior year. Among the nearly 50 new clients to select the CareCloud platform in Q1 was a large, multispecialty urgent care group practice with locations across the Southwest.

“The health information technology landscape has changed dramatically in the past year,” said Comée. “Regulatory considerations once drove many purchasing decisions. Today, large ambulatory medical groups demand a true platform of choice that offers superior ease of use and better business results in support of patient care. As the first quarter of 2015 demonstrated, no company is better positioned than CareCloud to lead the charge in replacing legacy systems.  I look forward to leading this team in support of that mission.”

About CareCloud

CareCloud is the leading provider of cloud-based practice management, electronic health record (EHR), and medical billing software and services for medical groups. The company’s products are connecting providers to one another – and to their patients – through a fully integrated digital healthcare ecosystem that can be accessed on any browser or device.

CareCloud is helping thousands of physicians increase collections, streamline operations, and improve patient care in 48 states, and currently manages more than $4 billion in annualized accounts receivables on behalf of its revenue cycle management clients. To learn more about CareCloud, visit www.carecloud.com.

April 23, 2015 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Modernizing Medicine Closes First $15M Tranche of Expected $20M Round of Funding

New round of funding led by Summit Partners and Pentland Group is expected to support product development, market expansion and company growth

Boca Raton, Florida – November 11, 2014 – Modernizing Medicine, Inc., the creator of the Electronic Medical Assistant® (EMA™), a cloud-based, specialty-specific electronic medical record (EMR) system, announced that it has closed on approximately $15M of an expected $20M funding round. The latest funding comes from existing investors, led by Summit Partners and Pentland Group, many of whom are medical specialists who use EMA.

“At Modernizing Medicine we believe that properly captured and leveraged health data has the power to increase efficiency, improve patient outcomes and transform healthcare,” said Daniel Cane, CEO and co-founder of Modernizing Medicine. “This latest round of funding reinforces that belief and the strength of our market-differentiating products and services. With the investment we intend to continue focused development in the surgical-specialties, while also committing resources for development in telemedicine, IBM Watson and mobile applications.”

Developed by surgical physicians, EMA contains built-in specialty-specific medical knowledge and workflows. It can be accessed via the Internet virtually anywhere and at any time. This flexible format, combined with EMA’s touch-screen interface and advanced ICD-10 capabilities, gives providers the freedom they need to focus on their patients with the reassurance that charting plus coding for billing can be completed at the point of care.

Currently serving eight different medical specialties, more than 4,000 providers have adopted Modernizing Medicine’s EMA in their practices.

“Healthcare professionals need tailored technologies that make it easy not only to manage but also benefit from the exploding amounts of patient data,” said Michael Sherling, MD, Modernizing Medicine’s co-founder and chief medical officer. “In a relatively short time, we have developed a solution that does just that, enabling us to capture substantial market share and emerge as a physician-favorite EMR system. In the dermatology specialty alone, more than 26 percent of U.S. dermatologists now use EMA.”

Modernizing Medicine continues to be recognized for its exceptional culture, leadership and growth. The company expects its employee base to continue to grow with approximately 100 new positions being created in the next 12-18 months. Co-founders Cane and Sherling were recently honored with the Leadership in Health Care Award by the U.S. Chamber of Commerce. The company was also named in Red Herring’s Top 100 North America list, which recognizes the top private companies across the continent that are expected to achieve significant growth in the near future.

About Modernizing Medicine

Modernizing Medicine® is transforming how healthcare information is created, consumed and utilized in order to increase efficiency and improve outcomes. Our product, Electronic Medical Assistant® (EMA™), is a cloud-based, specialty-specific electronic medical record (EMR) system with a massive library of built-in medical content. Available as a native iPad application or from almost any web-enabled Mac or PC, EMA adapts to each provider’s unique style of practice and is designed to interface with hundreds of different practice management systems. Today, Modernizing Medicine provides specialty-specific offerings for the dermatology, ophthalmology, orthopedics, otolaryngology, gastroenterology, rheumatology, urology and plastic and cosmetic surgery markets and to more than 1,400 physician practices across the country.

November 11, 2014 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Kareo Secures $15 Million in Mezzanine Debt from Escalate Capital Partners

Latest investment brings total capital raised in 2014 to $47MM, new capital will be used to further expand Kareo’s cloud-based solutions for independent physicians

Irvine, CAOctober 24, 2014 Kareo, the leading provider of cloud-based medical office software for small medical practices, today announced that it has received $15 million in mezzanine debt from Escalate Capital Partners, an institutionally backed mezzanine fund that invests in high growth companies in the technology, healthcare and Software-as-a-Service (SaaS) industries. In 2014, Kareo has secured a total of $47 million in funding, reinforcing the company’s unprecedented growth and further enhancing Kareo’s role as the independent physician’s trusted partner.

Kareo enables independent physicians and their staff to streamline patient engagement, clinical documentation, billing, and other critical administrative processes in order to focus on what matters most—providing quality patient care. The $15 million in new growth capital will be used to further expand Kareo’s reach and deepen its solution set to meet inevitable demand due to patient-driven shifts in the industry, while accelerating the development and innovation of the company’s cloud-based technology.

“The shift toward consumer-driven care is continuing to gain momentum,” says Dan Rodrigues, founder and CEO of Kareo, “and we believe that independent practices are uniquely positioned to benefit from this trend and provide the most appropriate and highest quality care to patients. We are delighted to have the backing and confidence of Escalate as we further enhance our products to better support small practices.”

Kareo’s mission has been affirmed by its significant growth. The company has been consistently recognized as one of the fastest growing private companies in the U.S., realizing a 552 percent increase in revenue over the past three years. The company now serves more than 25,000 healthcare providers with its award-winning EHR, practice management and billing services platform, and is adding more than 500 provider customers per month.

“Kareo’s unique business model and market-leading solutions are changing the game in healthcare IT,” says Ross Cockrell, managing director at Escalate Capital Partners. “There is considerable market opportunity for Kareo as independent physicians provide the majority of patient care in the United States. And with increasing focus on fee-for-quality reimbursement models, this trend will likely continue. Kareo is well poised to sustain its growth record and we are excited to be a part of its continued success.”

The latest financing brings Kareo’s total capital raised to $90 million. New investor Escalate Capital Partners joins Kareo’s group of top-tier institutional investors which also include OpenView Venture Partners, Greenspring Associates, Stripes Group, Silicon Valley Bank and Western Technology Investments.

About Kareo

Kareo is the only cloud-based medical office software and services platform purpose-built for small practices. At Kareo, we believe that, with the right tools and support, small practices can do big things. We offer an integrated solution of products and services designed to help physicians get paid faster, run their business smarter, and provide better care. Our practice management softwarebilling services, and free, award-winning fully certified EHR help more than 25,000 medical providers more efficiently manage the business and clinical sides of their practice. Kareo has received extensive industry recognition, including the Deloitte Technology Fast 500, Inc. 500/5000, Forbes Top 100 Most Promising Companies, and Black Book #1 Integrated EHR, Practice Management and Billing Vendor. Headquartered in Irvine, California, the Kareo mission is to help providers spend their time focused on patients, not paperwork. For more information, visit www.kareo.com.

About Escalate Capital Partners

Escalate Capital Partners is an institutionally backed mezzanine fund that invests in high growth companies and is an ideal partner at the critical growth phase in a company’s lifecycle, offering patient capital tailored to each company’s unique needs. Escalate Capital has built a track record as a valued and committed partner through periods of robust growth and economic uncertainty. The Escalate Capital investment team has a combined 75+ years of experience and has invested more than $2 billion in over 500 companies.

October 24, 2014 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Nextech to Acquire MDIntelleSys, the Leading Cloud-Based EHR for Eye Care

Tampa, Florida – October 2, 2014 – Nextech Systems, a leading provider of specialty-focused healthcare technology solutions for physician practices, and MDIntelleSys (MDI), a leading cloud-based electronic health record (EHR) for ophthalmologists, today announced that they have entered a strategic agreement in which Nextech will acquire MDI. The acquisition of MDI effectively doubles Nextech’s ophthalmology market share while adding clinical depth and ophthalmic expertise to Nextech’s suite of solutions. It will also allow Nextech to immediately provide its cloud-based practice management solutions to MDI customers.

“This strategic acquisition strengthens Nextech’s position as the industry leader in specialty-specific healthcare IT solutions, and by combining our product portfolio with MDI, we will be able to offer a collective SaaS presence in our markets,” says David Henriksen, CEO of Nextech. “Together, MDI and Nextech will drive product innovation and deeper engagement with our customers and partners to support the unique needs of specialty physicians.”

Nextech is the largest specialty-specific EHR provider and is the only specialty EHR to be ranked in Medscape’s “Top Favorite EHR List.” Nextech’s industry leading position is supported by the strategic experience and financial strength of healthcare technology focused private equity firm Francisco Partners. In October of last year, Francisco Partners made a strategic investment in Nextech due to its strength and stability as the largest all-in-one specialty specific solution. Through this acquisition, MDI clients are now able to take advantage of Nextech’s full product suite of integrated solutions, including practice management, marketing, inventory and optical shop management modules. These customers will also gain access to Nextech’s consultative services with regard to meeting requirements for meaningful use and ICD-10.

“It is the goal of both Nextech and MDI to capitalize on our joint success in the ophthalmology market to further advance our solution offerings,” says Dan Montzka, MD, founder, chairman and CEO of MDIntelleSys. “This transaction will enhance both companies’ offerings immensely, better serving the needs of more than 25,000 ophthalmologists in the United States alone.”

By joining forces with MDI, which ranked number one in nine categories on the American Society of Ophthalmic Administrators (ASOA) 2013 EHR Customer Satisfaction Survey, Nextech is able to further extend its position as the premier specialty-specific solution for ophthalmology practices. Nextech will leverage MDI’s Software as a Service (SaaS) capabilities to expand the company’s cloud offering, extending the usability and reach of Nextech’s integrated solution. Nextech will now offer both a client-server model and cloud-based solution to meet each practice’s unique needs.

“Over the years, I have admired MDI’s excellence in customer service, clinical product focus and its unique SaaS offering.   A testament to the leadership and passion of Dr. Montzka and his team,” says Dr. Kamal Majeed, Founder and Board Member of Nextech. “Combined with Nextech’s all-encompassing products and mobile platforms, this partnership creates a powerful and most unique offering in the market.”

Dr. Dan Montzka will assume the role of Chief Medical Officer at Nextech. While still subject to customary closing conditions, MDIntelleSys, LLC will now be known as MDIntelleSys, a Nextech company. The product portfolios from both companies will continue to move forward as Nextech and MDI work to advance and combine their respective solution offerings.

About Nextech

Nextech deploys specialty-focused healthcare technology for physician practices. As a trusted advisor to thousands of specialty providers since 1997, Nextech delivers consultative guidance, professional services and innovative tools that enable clients to increase efficiencies while meeting their long-term business goals. The company’s robust solutions integrate seamlessly with value-added modules to create a single, intuitive platform that streamlines clinical, administrative, financial and marketing workflows. To learn how Nextech’s advanced offerings help specialty providers succeed in a fast-changing healthcare environment, visitwww.nextech.com.

About MDIntelleSys

MDIntelleSys, A Nextech Company, located in Clearwater, Florida designs, develops and markets intelligent healthcare solutions for ophthalmologists. MDI’s electronic health records (“EHR”) software, called IntelleChart, is the leading cloud based EHR specifically designed for eye care specialists. For additional information visit: www.mdiehr.com.

About Francisco Partners 

Francisco Partners is a global private equity firm that specializes in investments in technology companies. Since its launch over a decade ago, FP has raised approximately $7 billion and invested in more than 100 technology companies, making it one of the most active investors in the industry.  The firm invests in transaction values ranging from $50 million to over $2 billion, where the firm’s deep sub-sector knowledge and operational expertise can help a company realize its full potential. For further information, please visit: www.franciscopartners.com.

October 6, 2014 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

CareCloud Raises $25.5 Million in Venture Debt from Hercules Technology Growth Capital

MIAMI–(BUSINESS WIRE)– CareCloud, the leading provider of cloud-based practice management, electronic health records (EHR), and medical billing software and services, today announced that it has received a $25.5 million debt financing commitment from Hercules Technology Growth Capital, Inc. (NYSE: HTGC), the leading specialty finance company focused on providing senior secured loans to venture capital-backed companies in technology-related markets, including technology, biotechnology, life science, and energy & renewable technology industries, at all stages of development.

“We are thrilled to have the support and confidence of a leading technology investor like Hercules as we continue to execute on our aggressive business plan,” said R. Scott Lentz, Chief Financial Officer of CareCloud. “This commitment will enable us to accelerate the expansion of our technology solutions and further our strategic objective of providing the industry’s first modern cloud-based platform for healthcare.”

“We appreciate the opportunity to provide the financing required to advance CareCloud’s efforts to expand its market footprint and achieve its impressive growth objectives,” commented Tony Pandjiris, Managing Director at Hercules. “We are confident that CareCloud’s strong management team will be able to seize on the considerable market opportunity as medical groups look to modernize their IT infrastructure and deliver the best patient care possible.”

CareCloud reported record revenue increases during the first quarter of 2014, representing its 17th consecutive quarter of year-over-year triple-digit revenue growth. During the quarter, CareCloud also signed a record of over 170 new medical groups to its cloud-based platform. The Company’s cloud-based platform currently supports thousands of providers in 48 states and manages more than $3 billion in annualized accounts receivables on behalf of its clients. The Company’s award-winning platform also engages more than 8 million unique patients through CareCloud Community, which allows for greater patient engagement and care coordination and is the cornerstone of the company’s vision to be the industry’s Single Log In for Healthcare.

While many physician practices are increasingly concerned about the health of their practices, CareCloud offers products and services to help. The May 2014 Practice Profitability Index (PPI) surveyed over 5,000 U.S. physicians and found they are now more than twice as likely to foresee eroding, not increasing, profits in 2014. Those with a negative outlook increased from 36% to 39% during the past year, while optimists declined from 22% to 19%.The percentage of doctors spending more than one day a week on paperwork rose sharply between 2013 and 2014, from 58% to 70%. Nearly one-quarter (23%) spend more than 40% of their time on administration, up from 15% last year.

About Hercules Technology Growth Capital, Inc.

Hercules Technology Growth Capital, Inc. (NYSE: HTGC) is the leading specialty finance company focused on providing senior secured loans to venture capital-backed companies in technology-related markets, including technology, biotechnology, life science, and energy & renewable technology industries, at all stages of development. Since inception (December 2003), Hercules has committed more than $4.2 billion to over 270 companies and is a lender of choice for entrepreneurs and venture capital firms seeking growth capital financing.

The Company’s common stock trades on the New York Stock Exchange under the ticker symbol “HTGC.”

In addition, Hercules has two outstanding bond issuances of 7.00 percent Senior Notes due 2019—the April 2019 Notes and September 2019 Notes—which trade on the NYSE under the symbols “HTGZ” and “HTGY,” respectively.

Companies interested in learning more about financing opportunities should contact info@htgc.com, or call 650.289.3060.

About CareCloud

CareCloud is the leading provider of cloud-based practice management, electronic health record (EHR), and medical billing software and services for medical groups. The company’s products are connecting providers to one another – and to their patients – through a fully integrated digital healthcare ecosystem that can be accessed on any browser or device.

CareCloud is helping thousands of physicians to increase collections, streamline operations and improve patient care in over 48 states, and currently manages over $3 billion in annualized accounts receivables on behalf of its revenue cycle management clients. To learn more about CareCloud, please visit www.carecloud.com.

June 26, 2014 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Quintiles Announces Agreement to Acquire Encore Health Resources

Acquisition Will Bolster Quintiles’ Expertise in Health-Information Analytics Services and Create Foundation for Expanded Services Suite

RESEARCH TRIANGLE PARK, N.C.–(BUSINESS WIRE)–As part of its continued efforts to strengthen and expand its service capabilities across the healthcare continuum, Quintiles today announced that it has signed an agreement to acquire Encore Health Resources (Encore). Encore is a leader in the health-information analytics and technology services industry focused on healthcare providers. Through its consulting services and solutions, Encore assists customers with a wide range of strategy, advisory, implementation, process-redesign, optimization, analytics and performance-improvement initiatives.

“Today’s announcement signifies the increasing importance of leveraging EHR and real-world information to inform our customers and improve their probability of success”

Founded in 2009, Encore has more than 300 employees located throughout North America, including approximately 250 consultants. Its primary business is focused on implementation and advisory services around electronic health records (EHR). The addition of these capabilities will enhance Quintiles’ EHR expertise, which is becoming increasingly important as biopharmaceutical customers, payers and providers focus on measuring outcomes based on real-world performance in terms of clinical effectiveness and value.

“Today’s announcement signifies the increasing importance of leveraging EHR and real-world information to inform our customers and improve their probability of success,” said Tom Pike, chief executive officer at Quintiles. “Encore has significant EHR expertise, strong relationships with many large U.S. provider networks and academic medical centers as well as experienced consultants, proven tools, and methodologies. It will be a key strategic addition for our business that will extend our services suite and allow us to work with Encore to strengthen its provider-focused solutions.”

Biopharmaceutical companies are increasingly interested in the “real-world” outcomes associated with their medicines to enable optimal market access. Encore’s expertise with hospitals and hospital information will help Quintiles extend its service offerings meaningfully for biopharmaceutical companies.

By joining Quintiles, Encore will be able to leverage Quintiles’ breadth and depth of capabilities as well as its global scale to accelerate Encore’s vision of enhancing clinical outcomes through data-driven performance improvement. Additionally, Encore can utilize the expertise of Quintiles’ 950 medical doctors, 900 Ph.D.’s, as well as its nurse educators and world-class biostatisticians to help hospitals and providers solve their most pressing population health challenges.

“Today is the beginning of an exciting new chapter for Encore,” said Dana Sellers, chief executive officer, Encore. “Encore was founded with a focus on driving value through data to improve performance and clinical outcomes. I believe that this focus and our vision for the future align well with Quintiles. We will be joining a global leader, and we look forward to working together to help deliver further advancements in healthcare.”

The transaction, which is subject to standard and customary closing conditions, is expected to close later this quarter. Upon completion of this transaction, Encore will join Quintiles’ Integrated Healthcare Services segment and be known as “Encore, A Quintiles Company.”

Financial terms of the transaction are not being disclosed. The acquisition is not expected to have a material impact on Quintiles’ 2014 earnings per share.

About Quintiles

Quintiles (NYSE: Q) is the world’s largest provider of biopharmaceutical development and commercial outsourcing services with a network of more than 29,000 employees conducting business in approximately 100 countries. We have helped develop or commercialize all of the top-50 best-selling drugs on the market. Quintiles applies the breadth and depth of our service offerings along with extensive therapeutic, scientific and analytics expertise to help our customers navigate an increasingly complex healthcare environment as they seek to improve efficiency and effectiveness in the delivery of better healthcare outcomes. To learn more about Quintiles, please visit www.quintiles.com.

May 12, 2014 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Kareo Secures $29.5 Million in Growth Capital

IRVINE, CA – January 21, 2014 – Kareo Inc., the leading provider of cloud-based medical office software and services for small medical practices, today announced it has secured $29.5 million in growth capital. This latest financing was led by Greenspring Associates and joined by OpenView Ventures and Silicon Valley Bank. This new capital will be used to invest in sales and marketing to accelerate growth, further enhance the company’s cloud-based software platform, and scale its revenue cycle management operations.

“We are thrilled to continue our successful partnership with investors Greenspring Associates and OpenView Ventures and welcome the new investment by Silicon Valley Bank,” said Dan Rodrigues, CEO and founder of Kareo. “This additional funding further validates our vision that Kareo’s cloud-based solutions can unleash the power of healthcare providers to deliver exceptional patient care while building thriving practices.”

“It’s been exciting to watch the impact that Kareo has had on small practices, including the recent launch of Kareo EHR and Billing Services,” said Jim Lim, partner at Greenspring Associates. “Given the company’s track record of rapid growth and market leadership, we jumped at the opportunity to deepen our partnership with Dan and his management team.”

Kareo’s latest funding follows a year of significant milestones and recognition within the healthcare technology industry, including:

  • The continued rapid growth of Kareo Practice Management, the company’s solution that serves more than 20,000 providers who processed over $6 billion in medical billing through Kareo’s platform last year.
  • The launch of Kareo EHR, the company’s free electronic health record solution that generated more than 5,000 sign-ups in less than ten months.
  • The introduction of Kareo’s technology-enabled revenue cycle management solution, Kareo Billing Services, which already manages billing for more than 1,000 providers across 46 specialties nationwide.
  • The successful acquisition and integration of Ecco Health, Kareo’s first acquisition, enabling the company to expand its services while deepening its revenue cycle management expertise across a wide range of specialties.
  • Extensive industry recognition, including the Deloitte Technology Fast 500, Inc. 500/5000, Forbes Top 100 Most Promising Companies, and Black Book #1 Integrated EHR, Practice Management and Billing Vendor.
  • Expansion of Kareo’s management team with the hiring of Tom Giannulli, MD as its Chief Medical Information Officer, Rob Pickell as its Chief Marketing Officer, Amyra Rand as its Vice President of Sales, David Mitzenmacher as its Vice President of Customer Success, and Nitin Somalwar as its Vice President of Engineering.

About Kareo

Kareo is the only cloud-based medical office software and services platform dedicated to small practices. At Kareo, we believe that, with the right tools and support, small practices can do big things. We offer an integrated suite of products and services designed to help physicians get paid faster, run their business smarter, and provide better care. Our Practice Management software, Billing Services, and free, full-featured award-winning EHR help more than 20,000 medical providers more efficiently manage the business and clinical sides of their practice. Headquartered in Irvine, California, Kareo’s mission is to help providers spend their time focused on patients, not paperwork. For more information, visit www.kareo.com.

About Greenspring Associates

Established in 2000 as a global venture capital firm, Greenspring Associates currently manages both a dedicated later stage direct investment platform as well as a globally diversified fund-of-funds platform with $2.5 billion under management. Since inception, the Firm has invested in over 60 portfolio companies alongside of its leading venture capital and growth equity managers both in the United States and Europe. Through the Firm’s value-added investment approach, it primarily invests across the information technology and communications stack as well as in the healthcare vertical. For further information, visit the Greenspring Associates website at www.greenspringassociates.com.

About OpenView Venture Partners

OpenView Venture Partners is an expansion-stage venture capital fund based in Boston that is focused on high-growth software, Internet and technology-enabled companies. Through its staff of seasoned operating executives, who collectively bring several decades of technology and management experience to the firm, OpenView is able to help portfolio companies quickly go to market and optimize their product, organization and operational functions. Founded in 2006, the firm invests globally and has approximately $440 million in total capital under management. For more information, visit

www.openviewpartners.com.

About Silicon Valley Bank

Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 27 U.S. offices and six international operations. (Nasdaq: SIVB) www.svb.com.

Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.

January 21, 2014 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

HealthcareScene.com Announces Acquisition of Leading Healthcare IT Job Board and Blog

LAS VEGAS, November 13, 2013 – HealthcareScene.com announced today that it has acquired HealthcareITCentral.com, a well-known and respected healthcare IT industry job board, and HealthcareITToday.com, an established blog focused on healthcare IT workforce and career development. The two websites will join the HealthcareScene.com network of 15 blogs, adding significant career-focused tools and resources for HealthcareScene.com’s sizable and rapidly growing audience of healthcare IT professionals.

John Lynn, founder of HealthcareScene.com, explains the factors that led to his acquisition decision:  “Workforce development is such a key part of the success of any EHR project.  When we saw what had been created by HealthcareITCentral.com, we knew we had to find a way to bring the two companies together.  Plus, we were happy to find in HealthcareITCentral.com and HealthcareITToday.com an industry leader with an impeccable reputation who approached business with the same ethics and vision that we do.

HealthcareITCentral.com has long been the preferred job board for top companies such as Beacon Partners, First Choice Professionals, Cipe Consulting Group, CTG Healthcare, Holland Square Group, Healthcare IS, and many others.  Additionally, top universities such as the University of Illinois at Chicago and Duke University have relied on its reach and reputation to help spread the word about their Informatics programs.  With this solid foundation, it’s a great platform, with limitless potential for future expansion.  In fact, since the acquisition closed, top Health IT consulting companies ESD, Encore Health Resources, and Cordea Consulting have started working with HealthcareITCentral.com as well.  I’m excited about providing our readership with the considerable tools offered by this acquisition.”

The goal of HealthcareITCentral.com founder Gwen Darling was to build a career portal that provided an unparalleled user experience for both healthcare IT candidates and employers.  “For the last 4 1/2 years, we’ve worked to build resources that made it easy for candidates and employers to connect, keeping in mind all along that the most important component of workforce development is the ability to make quality, relevant relationships on both sides of the hiring equation.

I always knew that the next step would be to find a larger healthcare IT network that had the ability to cast a much wider but still highly targeted net.  However, I’m protective of our excellent reputation and user experience, and so I waited to find an organization with a similar vision and focus before considering an acquisition.   HealthcareScene.com more than delivers on all counts, as both John Lynn and his network come with the highest recommendation.  I’m confident that our clients and candidates will be very happy with what comes next.”

ABOUT HEALTHCARESCENE.COM
The HealthcareScene.com blog network was launched in 2005 and currently consists of 15 blogs containing over 6,500 articles These EMR, EHR, and Healthcare IT related articles have been viewed over 12.5 million times.  You can find HealthcareScene.com on Twitter, Facebook, and LinkedIn.

ABOUT HEALTHCAREITCENTRAL.COM AND HEALTHCAREITTODAY.COM
Launched in 2009, HealthcareITCentral.com is a career portal featuring a job board, resume database, certification resources, employer directory, educational directory, and weekly job alert eNewsletter.  Since 2010, HealthcareITToday.com has focused on healthcare IT workforce and career development topics. You can find both sites on Twitter, Facebook, and LinkedIn.

Contact:
John Lynn
john@emrandhipaa.com
http://www.HealthcareScene.com

November 13, 2013 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.