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CareCloud Predicts 2018 Will Be the “Year of the Patient”

Insights from health tech leader show increased use of mobile technology among medical practices to improve patient health outcomes, the patient experience, and practice performance for the year ahead

MIAMI — December 20, 2017 — CareCloud, the platform for high-growth medical practices, is revealing its top predictions for 2018, including modern mobile technology redefining how medical groups deliver patient experience alongside patient care. Medical practices have reached a tipping point as the industry accelerates its shift to value-based care and adapts to patient demands for a better consumer experience at the doctor’s office. CareCloud researchers tracking the intersection of technology with patient expectations believe that a rising tide of patient consumerism, combined with regulatory and financial trends, will make 2018 the year medical practices invest in modern mobile technology and hardware that strengthen practice-patient interactions.

“With patient out-of-pocket costs now accounting for 20-30 percent of a practice’s revenue, a better patient experience is good medicine for the bottom line,” said Ken Comée, CEO of CareCloud. “Consumers are bringing their expectations for personalized on-demand service — and convenience in how they pay for and interact with that service — into the doctor’s office. From wait-times to overdue bills, consumers want to know exactly where they stand with their medical providers, in real-time, via their mobile devices. We expect 2018 will be a watershed year for mobile technology that extends and improves the practice-patient experience outside the office walls.”

CareCloud is sharing its top five predictions for the upcoming “Year of the Patient”:

1. PXM as a New Category: A new segment in health technology is emerging: patient experience management (PXM) is poised to join electronic health records (EHR), revenue cycle management (RCM) and practice management (PM) as a peer category and a must-have for any medical group in 2018. PXM systems cover a wide range of patient interactions with their health, including digital check-in, reminders, and personalized education — in the practice, at home or on the go. With patient-friendly mobile interfaces, PXM uses data from the practice’s back-end technology suite in real-time to serve an exceptional patient workflow. All of which are key requirements given the growing importance of the patient payment process and rising patient expectations.

2. Paying Attention to Attention: 2017 study of over 1,100 patients by CareCloud showed that patients value personal attention from their physician, even more than their actual medical outcomes. A full seven out ten patients say that personal attention matters highly, jumping to 83 percent for patients over 60 years old. Compare that to 58 percent of patients saying health outcomes are key to their overall satisfaction. Medical practices will be expanding their focus on the patient experience in 2018, using techniques from the likes of Disney and Ritz-Carlton to train staff and create cultures of incredible service. Technology that reduces physician burnout and helps expand attention to patients will also be hot in the year ahead. Look for EHRs focused on fewer clicks to give clinicians more time for patient care.

3.  Perfecting the Payment Process: U.S. patients are already paying for 25 percent of their medical costs out-of-pocket. Experts predict premiums will increase by 40 percent in 2018. At the same time, a recent CareCloud study shows one in three patients has never been asked to pay their medical bills during a visit. In the year ahead, medical practices will integrate better payment options and more price transparency into their patient experience — streamlining the process for practices while meeting the evolving needs of their patient populations. Look for mainstream financial giants such as First Data acting on new opportunities for fintech growth in the medical sector.

4. The Millennial Movement: Millennials are now the largest generational cohort in the U.S., outpacing Baby Boomers by half a million people. Their expectations and decisions are shaping the future of medicine. Early indications show they’re more discerning “buyers.” In fact, a recent CareCloud survey found that more than half of millennials would switch doctors if that led to reduced wait times. Millennials are also twice as likely as other age groups to switch doctors in order to use a computer/tablet to check in. For these reasons, medical groups will start transforming their practice to attract and retain this younger cohort of patients. Startups such as Forward are aiming at the millennial healthcare market and big tech players such as Amazon and Apple are expanding their interest — seeing potential in this large and growing segment of patients.

5.  Analyze This: Despite an uncertain healthcare climate in 2017, government regulations continued to evolve in support of value-based reimbursement models. The Merit-based Incentive Payment System (MIPS) and incentive payments for Alternative Payment Models (APMs) both advanced the focus on patient engagement, care coordination, and more collaborative care. Now that systems have been made electronic through the shift from paper to EHR, practices will lean more on their digitized records next year to run population health analytics like those from Lightbeam in an effort to provide a more patient-centric approach to care. Practices that integrate analytics into their workflows will find data to be a distinct strategic asset in highly competitive markets.

About CareCloud

CareCloud is the leading provider of cloud-based revenue cycle management (RCM), practice management (PM), electronic health record (EHR), and patient experience management (PXM) solutions for high-performance medical groups. CareCloud helps clients increase financial and operational performance, streamline clinical workflows, and improve patient care nationwide. The company currently manages more than $4 billion in annualized accounts receivable on its integrated clinical and financial platform. For additional information about CareCloud’s medical practice market research or patient experience management technologies, please visit carecloud.com.

December 20, 2017 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.

CareCloud Completes $31.5 Million Series C Funding Round to Further Modernize Healthcare

MIAMI, FL – (November 15, 2016) – CareCloud, the platform for high-growth medical groups, today announced an oversubscribed $31.5 million Series C funding round, including new investments by diversified financial services leader The PNC Financial Services Group, Inc. (NYSE: PNC) and commerce technology giant First Data Corporation (NYSE: FDC). Blue Cloud Ventures joined as a new investor and led the round. CareCloud will use the capital to rapidly scale its team and its clinical and financial platform as it transforms how physician practices modernize the patient experience and deliver value-based care.

“The healthcare sector is evolving quickly, especially with respect to patient engagement and consumerism,” said James G. Graham, Head of Treasury Management at PNC. “Our team brings to bear deep industry knowledge and sophisticated treasury management capabilities for our customers. Aligning with CareCloud will help both of us continue to lead the way with physicians’ practices and patients.”

“We are excited to partner with Ken Comée and the team at CareCloud as they continue to deliver on their vision of providing the healthcare industry’s best-in-class, cloud-based, comprehensive technology platform,” added Mir Arif, partner at Blue Cloud Ventures.

CareCloud supports medical practices through a flexible and powerful cloud-based platform that streamlines workflow and supports more efficient and effective patient engagement. The platform modernizes revenue cycle management, practice management (PM), electronic health record (EHR) and patient engagement activities within high-performance medical groups.

CareCloud’s technology is tailored to medical groups focused on expanding operations and advancing patient care, especially in cardiology, general surgery, orthopedics, dermatology, ophthalmology, neurology, internal medicine, urology and family medicine specialties. Pairing award-winning design with deep clinical and billing expertise, CareCloud offers integrated clinical and financial technology that adapts to varied payment models. By using an open API architecture powered by the most advanced app platform in healthcare, the company enables rapid deployment of innovative solutions for patients and development of EHR and clinical tools designed to address physician workflows.

“We’re modernizing the healthcare experience for both physicians and patients at the precise point where care happens — the medical practice,” said Ken Comée, CEO at CareCloud. “To simplify and improve the process of delivering and financing healthcare within a rapidly changing ecosystem, you need a technology platform that is flexible with tools as easy to use as we see in banking, shopping and our other everyday activities. We couldn’t imagine better partners than PNC and First Data working with us to reimagine healthcare commerce for physicians and patients alike.”

CareCloud is working to address new opportunities in patient consumerization and value-based care, accelerating market trends that are detailed in a new briefing paper released today: “The New Medical Economy.” Healthcare market dynamics are shifting; patients are becoming more directly responsible for an increasing percentage of costs (as much as 25 percent, according to the AMA) through the rise of high-deductible health plans and changes in the health insurance marketplace. At the same time, medical groups are seeing new opportunities for innovation in a landscape of regulatory uncertainty.

CareCloud’s prior investors all participated in the round, including Norwest Venture Partners, Intel Capital, Tenaya Capital and Adams Street Partners. The company previously entered into a debt financing agreement with Wellington Financial to provide access to additional growth capital.

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About CareCloud

CareCloud is the leading provider of cloud-based revenue cycle management, practice management (PM), electronic health record (EHR) and patient engagement solutions for high-performance medical groups. CareCloud helps clients increase profitability, streamline workflow and improve patient care nationwide. The company currently manages more than $4 billion in annualized accounts receivable on its integrated clinical and financial platform. To learn more about CareCloud, visit www.carecloud.com.

About PNC

The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.

About Blue Cloud Ventures

Blue Cloud Ventures (BCV) is a New York–based growth equity fund focused on providing flexible capital to innovative cloud-based enterprise software companies. Within three years, BCV has raised two sequential funds, backed 20 market-leading software companies and differentiated itself with its unique investment strategy of providing right-sized financing to target gaps in the growth and late stage funding markets. For more information, visit www.bluecloudventures.com

November 15, 2016 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.

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 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.

CareCloud Appoints Ken Comée to Board of Directors

PowerReviews CEO Brings Over 20 Years of Executive and Operational Experience in the Cloud Computing Sector

MIAMI–(BUSINESS WIRE)– CareCloud, a leading provider of cloud-based practice management, electronic healthcare record (EHR) and medical billing software and services, today announced that Ken Comée will join its board of directors. The addition of Mr. Comée increases the number of directors on CareCloud’s board to four.

Mr. Comée has more than 20 years of executive management experience in both private and public companies. He is currently the CEO of PowerReviews, the world’s largest social commerce network, which powers customer conversations on over 5,500 websites, including those of such influential companies as Staples, REI and Toys“R”Us.

Prior to assuming the role of CEO at PowerReviews, Comée grew Cast Iron Systems from a start-up venture to a global leader in the cloud integration sector. He led Cast Iron Systems to a strategic acquisition by IBM in 2010, and the company is now a critical piece of IBM’s cloud strategy.

“Ken brings to CareCloud’s board tremendous experience in building and scaling disruptive technology platforms and leading teams to support them. We feel he will play a critical role as we continue to bring the power of the cloud to medical groups of all sizes,” said Albert Santalo, President and CEO of CareCloud. “Specifically, Ken’s experience as an innovator in cloud-based technologies will be valuable to our leadership team as we continue to bring a new class of more flexible and intuitive clinical and revenue cycle services to the market in support of our larger mission: disrupting the status quo in healthcare IT and presenting the industry’s first fully integrated digital ecosystem.”

As CEO of Cast Iron Systems, Comée led a ten-fold increase in revenue and acquired more than 700 new customers. Previously, Comée held executive positions at CollabNet, a software development pioneer in the cloud, and at product lifecycle leader PTC. He has also held several various high-level management positions at Amdahl/Fujitsu in Europe and the U.S.

“I could not be more thrilled to join CareCloud’s Board of Directors and work with the leadership team of a company that I feel has a unique opportunity to change the way healthcare is delivered in this country,” said Comée. “I can think of no industry more ripe for a change in the technologies leveraged than health care. The clear growing union between technology and care delivery is moving at a staggering pace and the power of CareCloud’s platform is proving to be a key enabler to caregivers looking to improve the operational efficiency of their organizations and the quality of care they can provide.”

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 more than 1,200 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.

April 2, 2012 I Written By