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.”
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.