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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 15 blogs containing almost 6000 articles with John having written over 3000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 14 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John launched two new companies: InfluentialNetworks.com and Physia.com, and is an advisor to docBeat. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and Google Plus.

CareCloud Expands Patient Health Information Sharing with Box at Health 2.0

Partnership Brings Cloud-Based, Secure Content-Sharing and Collaboration Technology to Healthcare Providers and Patients

SANTA CLARA, CA – October 2, 2013 – CareCloud, the fastest-growing provider of cloud-based practice management, electronic health records (EHR), and medical billing software and services, today announced a new partnership with Box at the annual Health 2.0 Fall Conference. Highlighted in a presentation by Box CEO Aaron Levie, the partnership integrates Box’s secure content-sharing and collaboration capabilities into the CareCloud cloud-based platform, allowing its provider customers to give patients unparalleled access to their personal health information – including personal medical records, labs and test results – in a safe, HIPAA-compliant environment.

In July, the Centers for Medicare & Medicaid Services (CMS) released new data that demonstrated how doctors are using EHRs to provide more information securely to patients, and ultimately improve patient care. As patients become more active in their healthcare, providers are finding there is an increasing need for protected, intuitive, cloud-based storage applications to facilitate easy access and sharing of health information.

“There is so much that healthcare can learn from other industries. At CareCloud, we see the value in partnering with the best technology innovators to help our customers be successful,” said Albert Santalo, CEO of CareCloud. “With its HIPAA-compliant offering, Box is the perfect partner as we look to expand our offerings for physicians. Additionally, CareCloud and Box both share a commitment to developing on an open API platform, so this partnership made sense both culturally and technologically and we are excited to offer the resulting integrated solution to the market.”

“At Box, our goal in healthcare is to connect disparate parties and enable collaboration by providing a secure cloud-based, collaboration platform,” said Whitney Bouck, Box’s senior vice president and general manager of enterprise.  “The cloud allows for platform agnostic applications to be accessible and deployed wherever the doctor or patient needs access to information.  By working with leading innovators in the electronic health record space, like CareCloud, we can help both providers and patients make medical records and documents more portable and accessible.”

Today, providers using CareCloud’s platform can give patients access to their health records and financial documents through the CareCloud Community patient portal.  Moving forward, this functionality will be extended to Box, allowing providers to store, manage and access these documents from a patient’s Box account.

“This is exactly the kind of practical solution I need in my practice, so that I can enhance my interactions with patients while also collaborating with my peers without altering the way I like to work,” said Dr. Carlos Sesin, of Vanguard Rheumatology Partners of Florida. “With this new file sharing capability, I can reach patients quickly, efficiently and securely from within my existing practice management and EHR platform. This capability will not only enhance my business’s workflow, but will also enable me to drive patient engagement to the next level.”

As a pioneer and innovator in cloud-based practice management, EHR, and revenue cycle management for medical groups, CareCloud delivers sleek, easy-to-use software solutions to increase profitability and productivity. CareCloud’s platform powers over 3,500 providers in 47 states, supporting more than five million unique patients. The company’s award-winning platform also encourages greater patient engagement and care coordination, serving as the cornerstone of the company’s vision to be the industry’s single login for healthcare.

About CareCloud

CareCloud is a 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 47 states, and currently manages over $2 billion in annualized accounts receivables on behalf of its revenue cycle management clients. To learn more about CareCloud, please visit www.carecloud.com.

October 3, 2013 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 15 blogs containing almost 6000 articles with John having written over 3000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 14 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John launched two new companies: InfluentialNetworks.com and Physia.com, and is an advisor to docBeat. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and Google Plus.

CareCloud Announces an Additional $9 Million from Adams Street Partners as Part of Series B Funding Round

MIAMI & BOSTON–(BUSINESS WIRE)– CareCloud, the fastest-growing provider of cloud-based practice management, electronic health records (EHR), and medical billing software and services, today announced it has secured an additional $9 million from Adams Street Partners as part of the Company’s Series B financing round. On June 18, 2013, CareCloud announced it had secured $20 million in Series B funding, led by Tenaya Capital and included existing investors Intel Capital and Norwest Venture Partners. This additional funding was the result of continued interest from investors to participate in CareCloud’s latest round, which is now closed at $29 million, and brings CareCloud’s total funding to $55 million. Adams Street Partners is one of the world’s largest managers of private equity for institutional investors and currently manages over $25 billion of committed capital for institutional investors.

“We are very excited to have Adams Street Partners invest in CareCloud as part of our Series B funding raise, which received tremendous interest from the investment community. This oversubscription of this round only further validates our business model and opportunity,” said Albert Santalo. “We will deploy this capital in an aggressive fashion in order to support our continuing efforts to disrupt the legacy players in healthcare IT. We will continue ramping our investments in R&D to further accelerate the realization of our mission to re-platform healthcare using modern, cloud-based technology.”

In July, CareCloud reported record revenue increases during the second quarter of 2013, representing its 14th consecutive quarter of growth. During the quarter, CareCloud also signed a record 150 new medical groups to its cloud-based platform with more than half selecting the Company’s integrated EHR and practice management solution. The company’s cloud-based platform currently supports 3,500 providers in 46 states and manages more than $2 billion in annualized accounts receivables on behalf of its clients. The Company’s award-winning platform also engages more than 5 million unique patients throughCareCloud 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.

We were excited to have the opportunity to invest in CareCloud given the significant interest the company generated during this funding round. We feel CareCloud represents a major disruptive force in healthcare. Their innovative technology is allowing them to address the needs of small independent physicians to large enterprise care delivery organizations as they look to automate their operations and adhere to new industry dynamics,” said Jeffrey Diehl, Partner at Adams Street Partners.

About Adams Street Partners

Adams Street Partners is an independent, employee-owned private equity firm that manages over $25 billion of committed capital for institutional investors. The firm has offices in Chicago, Menlo Park, London, Beijing and Singapore. Adams Street was a pioneer in the development of the private equity secondary market, closing its first secondary transaction in 1986. The dedicated secondary investment team of professionals in London, Singapore and Chicago executes a selective, global investment strategy following a theme-based approach that leads to targeting specific funds. Adams Street Partners is widely recognized as the oldest fund of funds manager in the industry, establishing its first such fund for institutional investors in 1979. For more information, please visit www.adamsstreetpartners.com

About CareCloud

CareCloud is a 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 46 states and currently manages over $2 billion in annualized accounts receivables on behalf of its revenue cycle management clients. To learn more about CareCloud, please visitwww.carecloud.com.

August 15, 2013 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 15 blogs containing almost 6000 articles with John having written over 3000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 14 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John launched two new companies: InfluentialNetworks.com and Physia.com, and is an advisor to docBeat. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and Google Plus.

CareCloud EHR Raises $20 Million

MIAMI–(BUSINESS WIRE)– CareCloud, the fastest-growing provider of cloud-based practice management, electronic health records (EHR), and medical billing software and services, today announced it has secured $20 million in Series B financing. The funds will fuel the Company’s continued aggressive growth across all business functions, with a focus on product development while also bolstering sales and marketing capabilities. The funding round was led by Tenaya Capital and included existing investors Intel Capital and Norwest Venture Partners. This round brings CareCloud’s total funding to $44 million. Stewart Gollmer, Tenaya Capital’s Managing Partner, will join CareCloud’s Board of Directors.

“Most of the U.S. healthcare system is shackled with decades-old technology that will hinder us from improving patient care or delivering on cost containment efforts in a rapidly-changing environment of reform,” said Albert Santalo, CareCloud’s Chairman and CEO. “This investment validates CareCloud’s mission to aim at the heart of the challenge by leveraging the power of the cloud to foster innovation and ultimately replatform the industry. I am very pleased to welcome Tenaya Capital to our strong base of investors.”

CareCloud’s cloud-based platform now powers close to 3,000 providers in 45 states as medical groups look to improve their operational and clinical outcomes amidst a rapidly changing healthcare reimbursement environment. CareCloud manages more than $2 billion in annualized accounts receivables on behalf of its clients leveraging its cloud-based revenue cycle management service. The Company’s award-winning platform currently supports more than 5 million unique patients that will be increasingly engaged through the Company’s CareCloud Communityoffering that allows for greater care coordination and is the cornerstone of CareCloud’s vision to be the industry’s Single Log In for Healthcare.

“Technology will play an increasingly significant role in the transformation of how healthcare is delivered and paid for in this country. It’s clear that the current solutions are either decades old client-server technology or outdated web-based architecture,” said Gollmer. “CareCloud and its modern platform represent a tremendous opportunity to bridge the technology gap that plagues the healthcare ecosystem. We are excited to invest in CareCloud and feel that the company represents a powerful combination of industry-leading vision and exemplary execution, driven by a remarkable team.”

Physicians See Better Billing, Technology As Keys To Higher Performance

The May 2013 Practice Profitability Index (PPI), which serves as an annual barometer for the operational wellbeing of U.S. medical groups in the year ahead, surveyed more than 5,000 physicians across the nation and uncovered a downward trend in profitability for the year ahead, which is driving a growing “rip and replace” market for technology. It found that, of the 41% of practices with specific plans aimed at operational improvements in the coming year, the main interventions are: implementing a new EHR (41%), replacing their existing EHR (25%), outsourcing billing/collections (18%) and replacing their practice management system (16%). Furthermore, the majority of physicians (52%) are uncertain if their practice management systems will accommodate regulatory changes in the year ahead. The complete 2013 PPI findings can be accessed at www.poweryourpractice.com/PPI.

Tenaya Capital is a leading venture capital firm with a history of investing in disruptive and category-leading companies including HubSpot, Zuora, RightScale, and Zappos. Intel Capital and Norwest Venture Partners led CareCloud’s $20.1 million Series A funding in September of 2011.

About Tenaya Capital

Tenaya Capital is a leading venture capital firm with offices in Woodside, California, and Boston, Massachusetts. Founded in 1995 as Lehman Brothers Venture Partners, they became an independent company in 2009. Over the years they’ve raised five funds representing over $1 billion of committed capital, investing it in a wide range of high-growth technology companies including software, consumer Internet, communications, semiconductors, electronics, and cleantech. For more information visit www.tenayacapital.com

About CareCloud

CareCloud is a 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 45 states and currently manages over $2 billion in annualized accounts receivables on behalf of its revenue cycle management clients. To learn more about CareCloud, please visit www.carecloud.com.

June 18, 2013 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 15 blogs containing almost 6000 articles with John having written over 3000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 14 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John launched two new companies: InfluentialNetworks.com and Physia.com, and is an advisor to docBeat. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and Google Plus.

CareCloud Appoints Tom Cady as Vice President of Professional Services; Supporting Record Growth With Enhanced Implementation and Training Capabilities

Brings Close to 30 Years of Executive Management Experience in Consulting, Professional Services, and Sales in the Healthcare Technology Industry to Further CareCloud’s Market Momentum

BOSTON–(BUSINESS WIRE)– CareCloud, a leading provider of cloud-based practice management, electronic health records (EHR), and medical billing software and services, today announced that the Company has hired Tom Cady as its new Vice President of Professional Services. Mr. Cady will be responsible for managing CareCloud’s client implementation and training teams – an essential pillar in powering the Company’s more than 100% year-over-year revenue growth while continuing to enhance customer experience and success. Mr. Cady brings close to 30 years of executive management experience in consulting and professional services, sales and client service in the healthcare industry. He joins CareCloud as a member of its senior leadership team and will report to Albert Santalo, CareCloud’s Chairman and CEO, and will be based in the Company’s Boston office.

“Tom is quite simply the very best professional services executive in the healthcare IT industry and I could not be more thrilled to have him join CareCloud as we continue to scale our national cloud-based platform and streamline the way medical groups leverage our applications and services,” said Mr. Santalo. “The onboarding of clients onto our platform and subsequent training efforts is often the first and most important interaction any client experiences, setting the tone for the long-term relationship. Making sure we have the industry’s very best professional service capabilities and leadership is critical for us continuing to achieve such high client retention, satisfaction, and consistent revenue growth.”

“I have had the privilege to work with some amazing organizations and individuals throughout my time in the healthcare technology industry, while also being part of truly disruptive business models along the way,” said Mr. Cady. “Given the challenges facing the industry, it’s clear that cloud-based technologies are the logical option for helping medical practices optimize their financial and clinical operations. CareCloud, with its modern design, architecture, and workflow automation stands to disrupt how physicians and their staff use technology and I am excited to join such a vibrant and innovative culture.”

Mr. Cady joined CareCloud from athenahealth, Inc. (Nasdaq: ATHN), a provider of web-based software and services to medical groups, holding numerous executive positions over his eleven years at the company. During the last half of his tenure at athenahealth, Mr. Cady led the growth and scaling of the professional services department. Under his leadership, the organization grew in both staff and annual revenue implemented by over 500%. From 2002 to 2007, Mr. Cady also served as the athenahealth’s Regional Vice President of Sales. He was a key member of the sales leadership team that drove the Company’s revenue growth from $8 million to $117 million.

Prior to athenahealth, Mr. Cady spent more than seventeen years at IDX Corporation, a provider of software solutions for integrated healthcare delivery systems, group practices, and managed care organizations, that was purchased by GE Healthcare in 2006. During his tenure at IDX, Tom led the implementation organization of the company’s largest division and also built and expanded the company’s consulting practice into a $20 million business unit.

Mr. Cady holds a BS in Management from Bentley University.

About CareCloud

CareCloud is a 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 providers increase collections, streamline operations and improve patient care in more than 45 states. The company received over $20 million in Series A funding from Intel Capital and Norwest Venture Partners in 2011. To learn more about CareCloud, please visit www.carecloud.com.

I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 15 blogs containing almost 6000 articles with John having written over 3000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 14 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John launched two new companies: InfluentialNetworks.com and Physia.com, and is an advisor to docBeat. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and Google Plus.

CareCloud Announces Opening of New Boston Office

Mayor Thomas M. Menino And Boston Healthcare Community Welcome CareCloud With Ribbon Cutting Ceremony At New Tower Point Location in the Innovation District

BOSTON–(BUSINESS WIRE)–CareCloud, a Miami-based company and leading provider of cloud-based practice management, electronic health records (EHR), and medical billing software and services, today announced it has opened its Boston office, located in the heart of the city’s Innovation District. Boston will stand as CareCloud’s second site and will allow the company to bolster its engineering, product marketing and operational capabilities – as well as house key members of its executive team. Boston Mayor Thomas M. Menino will formally welcome CareCloud to Boston at the Company’s ribbon cutting ceremony at its new Tower Point location this morning.

“We could not be more excited to open our Boston office in the heart of the city’s thriving Innovation District and join one of the country’s most vibrant healthcare ecosystems,” said Albert Santalo, CareCloud Chairman and CEO. “When CareCloud began looking for locations for our second office, Boston became the clear choice, based on its established healthcare and technology communities, world-class talent, and unmatched support for growth companies. The City of Boston and the Commonwealth of Massachusetts quickly provided their full resources to help CareCloud find the best possible location that would allow us to firmly plant our feet in the Boston business community. We are now beginning our recruiting efforts and job creation, which is critical for us to support our rapidly growing network of physician practices on our cloud-based platform.”

“I want to congratulate CareCloud on their beautiful new office and welcome them to our booming Innovation District,” Mayor Thomas M. Menino said. “Thanks to the work of the LifeTech Boston team, CareCloud is on track to thrive in the growing life sciences and healthcare technology cluster along the South Boston Waterfront.”

CareCloud’s products are already connecting thousands of providers to one another – and to their patients – through a fully integrated cloud-based platform that can be accessed on any browser or device. Headquartered in Miami, the company currently has over 180 employees and clients in 45 states. Helping its physician clients to increase collections, streamline operations and improve patient care, CareCloud now currently manages over $2.0 billion in account receivables via its cloud-based billing service. CareCloud has also emerged as the hottest Venture Backed Healthcare IT company in recent years, winning the prestigious IBM SmartCamp Silicon Valley Competition in 2010.

CareCloud’s top priority in the past year and now in 2013 is to assemble a team of some of the most talented and experienced executives that are critical for the company to continue driving broad adoption of its cloud-based platform among physicians and hospitals. CareCloud today has one of strongest senior leadership teams of any company in the healthcare IT industry. These leaders, many now based in the Boston office, are building out their respective teams that will allow CareCloud to continue experiencing tremendous growth in all phases of operations. Given the robust talent pool in Boston with its academic institutions, healthcare community and local healthcare IT companies, CareCloud’s Boston office will be a major recruiting tool and vehicle for further establishing the Company’s overall brand in healthcare.

LifeTech Boston, Mayor Menino’s program created in 2004 to aggressively target Boston’s life sciences industry for growth, assisted CareCloud in its site selection of its beautiful new 7,000 square foot location (27 Wormwood Street) at Tower Point, http://www.towerpointboston.com/.

About LifeTech Boston

LifeTech Boston, a program of the Boston Redevelopment Authority, was launched by Mayor Menino in 2004, and offers assistance and business tools to attract, maintain, support, and enhance companies involved in biotechnology, pharmaceuticals, medical devices and other related industries. Since 2004 LifeTech Boston has assisted in doubling the number of life sciences companies in Boston.

About CareCloud

CareCloud is a leading provider of cloud-based practice management, electronic health record (EHR) and revenue cycle management 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 providers increase collections, streamline operations and improve patient care in more than 45 states. The company received over $20 million in Series A funding from Intel Capital and Norwest Venture Partners in 2011. To learn more about CareCloud, please visit www.carecloud.com.

March 25, 2013 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 15 blogs containing almost 6000 articles with John having written over 3000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 14 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John launched two new companies: InfluentialNetworks.com and Physia.com, and is an advisor to docBeat. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and Google Plus.

CareCloud Reports Record Growth in 2012; Drives Adoption of Cloud-Based Solutions by Physicians Nationwide

Company Accelerates Market Momentum with Launch of New Clinical and Patient Applications, Enterprise Customer Wins, and Leadership Expansion

MIAMI–(BUSINESS WIRE)–CareCloud, a leading provider of cloud-based practice management, electronic health records (EHR), and medical billing software and services, today announced that the company concluded 2012 with its 12th quarter of consecutive revenue growth. Highlights included: the expansion of CareCloud’s customer base of medical groups into 45 states; the achievement of more than $1.5 billion in annualized accounts receivables under management; the inclusion of more than 4.5 million patients on its platform; and the addition of key executives, many from its leading competitors. Across the board, accelerating market demand was driven by practices migrating from outdated client-server technologies to the company’s modern cloud-based clinical and financial applications and services.

“In just three years, CareCloud has made substantial progress in its mission to replace the outdated core of healthcare technology that burdens US medical groups. We experienced our most rapid growth to date during 2012 and concluded the year with more than 2,000 providers in 45 states representing more than 50 specialties, all while securing a 96% client retention rate,” said Albert Santalo, Chairman and CEO of CareCloud. “We also completed a full suite of what is now the industry’s most modern and flexible clinical, financial, and administrative applications. Along the way, CareCloud on-boarded smaller practices at a record pace while also securing significant enterprise accounts.”

Product and Platform Expansion Support Growth

This past year saw CareCloud make substantial innovations to its core software applications and services. The company launched CareCloud Charts, its cloud-based EHR; introduced its new Mobile Patient Portal offering, enabling patients to access their health records through iPhones and iPads; and invested in operational improvements to help practices implement faster, collect more, and run their operations more efficiently. The launch of Charts completed CareCloud’s powerful suite of fully integrated clinical, financial, and administrative applications, accessible by practices 24/7 from any browser, platform, and location. Furthermore, its flexible platform allowed these applications to be made available to practices either as a full suite or on a standalone basis – reflecting a growing market demand.

Company Bolsters Senior Leadership

CareCloud significantly expanded its senior leadership team across sales, marketing, product development, operations, and technology in 2012. The year began with the addition of Paul Henry and Brad Blakey as Vice Presidents of Small Practice and Group Sales, respectively. Mr. Henry, formerly the Vice President of Sales for ADP/AdvancedMD, now oversees CareCloud’s growing small practice sales team. Mr. Blakey leads CareCloud’s group practice sales efforts, leveraging more than two decades of sales operational experience from leadership positions at Nextgen Healthcare Solutions and athenahealth. With the addition of these executives and a growing national sales team, CareCloud was able to experience tremendous momentum across all its product lines, achieving more than a 300% increase in year over year new sales bookings.

2012 also saw major strides in CareCloud’s ability to market its cloud-based solutions, generate qualified leads, and drive overall awareness. Joe Sawyer joined as Vice President of Marketing, bringing significant enterprise software and healthcare-specific marketing experience. Mr. Sawyer had previously worked as Vice President of Marketing for American Well, a Boston-based leader in telemedicine technology, as well as at SAP, Accenture, and Forrester Research. CareCloud also experienced an increase in its public relations and overall awareness capabilities during the year with the addition of John Hallock as its Vice President of Corporate Communications. Mr. Hallock was formerly head of corporate communications for athenahealth.

To fuel product, operational, and technology excellence, CareCloud secured a leader in clinical software applications while expanding its account management and support functions. Edwin Miller joined the company as Vice President of Product Management. Mr. Miller, who most recently held leadership positions at Practice Fusion and athenahealth, is now responsible for the design and rollout of CareCloud’s entire product set. In November, Ralph Catalano joined the company as the new Vice President of Operations. He came to CareCloud after spending nearly 10 years at athenahealth where he held various operational leadership positions, including leading all operations. The year concluded with the hiring of John Walsh as Chief Technology Officer. Prior to CareCloud, Mr. Walsh was Senior Vice President, Engineering and Operations for Constant Contact®, Inc., a leading online marketing company offering email, social media, survey and event marketing tools. He brings unique experience with web-scaling in business-to-business environments that will play a central role in evolving CareCloud’s product architecture moving forward.

Santalo continued, “Heading into 2012, it was critical for CareCloud to recruit and assemble some of the most talented and experienced executives both inside and outside of our industry. I feel we now have an unparalleled senior leadership team. It’s these leaders and their respective teams that will allow us to continue experiencing tremendous growth in all phases of operations, disrupt legacy healthcare IT vendors, and evangelize the ‘cloud’ in healthcare.”

Physicians Making the Switch to the “Cloud”

In 2012, 93 percent of CareCloud’s new customers signed up because they were looking to replace outdated practice management and billing systems, feeling it was critical to maintaining their financial success. During the past year, the government implemented a series of regulations that significantly impact the way doctors and their staffs administer care and gain reimbursement. As a result, these practices discovered that their previous systems – many developed in the 1980s and 1990s – would not easily accommodate the changes.

“As a medical clinic supporting a continuing care retirement community, our patients’ healthcare needs range from routine wellness visits to traditional primary care, as well as coordination with external specialists. This requires us to have the best possible care coordination in place. Having the latest technology to assist us is critical,” said Bill Cohen, Director of the Horizon House Medical Clinic, Seattle, Washington.

“Our clinic needs to stay as current as possible with the changing reimbursement requirements relating to Medicare and other commercial insurance. We found that our client server electronic health record and practice management system was cost prohibitive and the outsourced management of the system was insufficiently responsive to our needs,” added Cohen. “Our switch to a cloud-based system has already allowed us to cut costs while positioning our clinic to stay current with changes in the healthcare system that impact both us and our patients.”

In late 2012, CareCloud made available a guide designed to assist care providers and their staff through the process of assessing practice management needs, finding a new practice management and billing software system, and successfully replacing old systems. The intention was to educate and assist physician practices as they look to learn more about cloud-based technologies.

This white paper and practice management guide, “Time to Switch: Your Complete Guide to Practice Management System Replacement” is available online and marks the beginning of a series of forthcoming market research and analysis focused on improving practice profitability.

About CareCloud

CareCloud is a 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 over 2,000 thousand providers increase collections, streamline operations and improve patient care in more than 45 states. The company received over $20 million in Series A funding from Intel Capital and Norwest Venture Partners in 2011. To learn more about CareCloud, please visit www.carecloud.com.

February 22, 2013 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 15 blogs containing almost 6000 articles with John having written over 3000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 14 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John launched two new companies: InfluentialNetworks.com and Physia.com, and is an advisor to docBeat. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and Google Plus.

HealthTronics Selects CareCloud’s Cloud-Based Solutions to Help Physicians Optimize Patient Care and Practice Management Operations

Collaboration Will Bring Integrated Electronic Health Record and Practice Management Offering to Urology Practices Nationwide

MIAMI–(BUSINESS WIRE)– CareCloud, a leading provider of cloud-based practice management, electronic healthcare record (EHR), revenue cycle management and medical billing software and services, today announced that the company has partnered with HealthTronics, Inc., a subsidiary of Endo Health Solutions Inc. (Nasdaq: ENDP), to bring to market a new integrated electronic health record and practice management offering specific to urology practices across the nation.

Under the terms of agreement, HealthTronics, a urology solutions company, will combine CareCloud’s practice management solution, CareCloud Central, with its UroChartEHR® and meridianEMR™ urology specific EHR systems, to provide urologists with a fully integrated clinical and financial platform to help enhance patient care and drive improved practice performance.

“As more medical groups continue to understand how getting onto the cloud can help them automate their practice it’s imperative that we help them do this in the least disruptive and most cost effective manner possible, and we feel this exciting new platform addresses this need in the urology-specific market,” said Albert Santalo, Chairman and CEO for CareCloud. “Healthcare is a complex industry and as such, not all physician practices need to outsource their billing or need a vendor’s full suite of products. It’s important we provide medical groups with a flexible model that allows them to leverage the cloud in the way that best meets their immediate needs. We are excited about joining with HealthTronics by coupling our practice management offering with their urology-specific clinical offering and providing them with a platform designed specifically for their needs and the care they provide.”

As part of HealthTronics and CareCloud’s new integrated offering, urology practices can select between HealthTronics’ two EHRs, each of which will have a unique interface to CareCloud’s practice management system. CareCloud’s practice management software will provide physician’s practices with dynamic billing rules intelligence, expert support, reporting tools, automated claim submission, and comprehensive analytics reporting that will enable medical groups to track and optimize revenue and operations performance in real-time. With the UroChartEHR and meridianEMR systems both being fully ONC-ATCB certified as complete EHRs, this new offering will also allow physicians to qualify as “Meaningful Users” of their EHR and receive their federal incentive. Additionally, HealthTronics’ clients will also have the potential to access CareCloud’s revenue cycle management service, CareCloud Concierge. Supported by CareCloud’s practice management platform, this service includes a virtual billing back office, dynamic rules intelligence and a reimbursement management system.

“After making the decision to use UroChartEHR for my transition to electronic health records, it became clear that I would need a new practice management system as well. In researching different options, there was great appeal to using a cloud-based platform and obviate the need to have servers in my office. I chose CareCloud because of its many features and almost intuitive simplicity of use,” said Dr. Marcus H. Loo, a New York City-based Urologist. “The integration of UroChartEHR and CareCloud in my practice has been seamless and the training of my staff by the CareCloud implementation specialists has exceeded my expectations. I also came away from the experience with the sense that the CareCloud and UroChartEHR teams coordinated the integration well with minimal disruption to my office workflow and patient care.”

About CareCloud

CareCloud is a 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 more than 45 states. The company received over $20 million in Series A funding from Intel Capital and Norwest Venture Partners in 2011. To learn more about CareCloud, please visit www.carecloud.com.

February 6, 2013 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 15 blogs containing almost 6000 articles with John having written over 3000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 14 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John launched two new companies: InfluentialNetworks.com and Physia.com, and is an advisor to docBeat. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and Google Plus.

Florida International University and CareCloud Partner to Provide Health Informatics Students Access to CareCloud Charts, Its National Electronic Health Record Platform

MIAMI–(BUSINESS WIRE)– The Chief Technology Officer of CareCloud, a Miami-based provider of cloud-based practice management, electronic healthcare record (EHR), revenue cycle management and medical billing software and services for medical practices, headed back to school at Florida International University (FIU) the other day. Tom Packert showed up for class in the Master of Science in Health Informatics and Management Systems program, but not as a student. Instead, he came to launch a unique partnership between CareCloud and FIU that will let students in the Master’s program access CareCloud Charts, its electronic health record software, as if they were physicians or practice administrators with their own practices.

Mr. Packert described CareCloud’s holistic approach to the health care system, explaining the company’s perspectives on how to create and deploy a modern technology infrastructure in an industry that often runs on solutions built three or four decades ago. He also lectured the students on cybersecurity and defusing the threats posed by hackers and cybercriminals, showing them an online application that he uses to encrypt all of his website logins. For this HIPAA-compliant class, his advice was well-received.

Ian Bjorsvik, CareCloud’s EHR specialist, then provided an overview of the electronic health record and practice management systems. As part of the new partnership, each student in the class will be given a login and full access to all of CareCloud’s software features, just as medical staff in a clinic would have. This new program will enable FIU students to work with the latest electronic health record technology for a unique perspective on how technology can impact every aspect of a medical practice.

“The partnering between FIU and CareCloud is an example of how a major institution of education can work with local, innovative companies to prepare students for leadership positions once they graduate. By integrating health care management with training in the use of health information technology, FIU is working proactively to prepare a cohort of Master’s students for their role as agents of transformation in health care delivery,” said Faculty Director, MS HI&MS, Prof. Neera Bhansali. “This program combines practical applications of health information theories and concepts for more effectively managing an organization’s resources and improving the delivery of health care services.”

“We are thrilled to partner with FIU on this exciting new collaboration that will allow its students access to our cloud-based platform. These students represent the next wave of healthcare professionals who will demand that all technology be as intuitive and easy to use as Facebook and Twitter – accelerating the industry’s current move away from antiquated stand-alone software and toward cloud-based technologies,” said Albert Santalo, Chairman and CEO of CareCloud. “ Given the growth of our platform, we envision working with additional universities to create a modern healthcare ecosystem and spur innovation.”

Most of the students in the new FIU Master of Science in Health Informatics and Management Systems program are health care professionals. With the hands-on experience of using the CareCloud software, they stand to gain valuable knowledge in the technology of health care’s future. Class instructor, Dr. Christopher Sullivan, notes “My students are eager to learn about medical informatics, so access to first class health care software like CareCloud optimizes their educational opportunity.”

About Florida International University, Chapman Graduate School of Business

The Master of Science in Health Informatics and Management Systems is designed for health care professionals who desire to increase their knowledge of health information management and improve their skills in health information technology. Each course is designed to integrate information technology and management principles with healthcare delivery processes. For more information visit: http://business.fiu.edu/chapman/mshims/

About CareCloud

CareCloud is a 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 30 states. The company was named a winner of IBM’s SmartCamp Silicon Valley 2010 for its innovative technology and received over $20 million in Series A funding from Intel Capital and Norwest Venture Partners. To learn more about CareCloud, please visit www.carecloud.com.

October 23, 2012 I Written By