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Modernizing Medicine Closes Series E Financing

Pentland Group, Summit Partners and Sands Capital Ventures participated in the round

Boca Raton, Florida – September 21, 2015 – Modernizing Medicine, Inc., the creator of the Electronic Medical Assistant® (EMA™), a cloud-based, specialty-specific electronic medical record (EMR) system, announced today that it has closed a $38 million Series E financing, bringing total capital raised to approximately $87 million.

The investors in the latest round of financing included Pentland Group and funds affiliated with Summit Partners and Sands Capital Ventures.

“We greatly appreciate the vote of confidence in the future growth of Modernizing Medicine,” shares Daniel Cane, co-founder and CEO of Modernizing Medicine. “While our dedication to the specialty-specific provider market is evidenced by sizable accomplishments – including four #1 EHR Black Book Rankings for dermatology, orthopedics, otolaryngology and gastroenterology – there still remains an opportunity to improve efficiencies and outcomes for physicians and patients alike.”

To learn more about Modernizing Medicine, visit www.modmed.com.

About Modernizing Medicine

Modernizing Medicine® is transforming how healthcare information is created, consumed and utilized in order to increase efficiency and improve outcomes. Our flagship product, Electronic Medical Assistant® (EMA™), is a cloud-based, specialty-specific electronic medical records (EMR) system built by practicing physicians. Available as a native iPad application and from almost any web-enabled Mac or PC, EMA adapts to each provider’s unique style of practice. This ICD-10 ready EMR system is available for the dermatology, ophthalmology, orthopedics, otolaryngology, gastroenterology, urology and plastic surgery markets and used by over 9,000 providers in the United States and its territories. The Modernizing Medicine family of companies also provides specialty-specific billing and inventory management, plus a gastroenterology platform consisting of an EMR system, Endoscopy Report Writer, practice management solution, patient portal, data analytics and revenue cycle management. Follow Modernizing Medicine on Twitter at www.modmed.com/twitter and on Facebook at www.modmed.com/facebook.

September 21, 2015 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 5 blogs containing over 11,000 articles with John having written over 5500 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 18 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 5 blogs containing over 11,000 articles with John having written over 5500 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 18 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.