CareCloud, the Miami-based fast-growing provider of cloud-based practice management, electronic health records 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 company announced in a press release. The funding round was led by Tenaya Capital, a venture capital firm with offices in Silicon Valley and Boston, and included existing investors Intel Capital and Norwest Venture Partners. Stewart Gollmer, Tenaya Capital’s Managing Partner, will join CareCloud’s Board of Directors.
CareCloud’s cloud-based platform now powers nearly 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, led by CEO Albert Santalo (pictured here), manages more than $2 billion in annualized accounts receivables on behalf of its clients leveraging its cloud-based revenue cycle management service.