Kareo, a cloud-based EHR provider for independent medical practices has closed $55.4 million in additional funding led by Montreux Equity Partners with participation from Silver Lake Partners and all of Kareo’s existing investors. This capital will finance the continued development of Kareo’s product line—which enables physicians to manage all major aspects of their practice—as well as expand the company’s market share. Montreux joins Kareo’s top-tier institutional investors, which include OpenView Venture Partners, Greenspring Associates, Stripes Group, Silicon Valley Bank and Western Technology Investments.
Kareo offers small physician practices an integrated solution of products and services designed to help physicians get paid faster, find new patients, run their business smarter, and provide better care. Their practice management software, medical billing solution, practice marketing tools and free, certified EHR has help more than 30,000 medical providers more efficiently manage the business and clinical sides of their practice. Currently, the company processes over $1 billion in medical claims monthly.
“With this new investment from Montreux, Silver Lake and our current investors, we’ll be able to accelerate the development of our comprehensive, cloud-based, medical office management platform for independent practices,” said Dan Rodrigues, founder and CEO of Kareo. “Concurrently, we will further expand our market reach, helping even greater numbers of physicians meet their care delivery and practice growth objectives.
The company has expeienced signifant growth realizing a 368 percent increase in revenue over the past three years. In 2015, Kareo was named the leading vendor for integrated health records, practice management and physician billing solutions for the third consecutive year by Black Book and was identified by KLAS as a top-three practice management provider for practices with 1-10 physicians. In March, Kareo announced its acquisition of DoctorBase, an innovative developer of medical practice marketing and patient engagement solutions, and these solutions are now available to Kareo’s existing customers.