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CareCloud takes $25.5M in debt financing to expand medical group data

Image Credit: Illustration by Eric Blattberg / VentureBeat

On the same day Salesforce and Philips announce a large venture to put clinical data in the cloud, another company with similar ideas announces a large cash infusion.

Coincidence, yes — but it also indicates the importance of managing medical data online.

CareCloud, which provides cloud-based practice management, electronic health records (EHR), and medical billing software to medical groups, says it’s taken $25.5 million in new venture debt financing from Hercules Technology Growth Capital.

Miami Springs, Florida-based CareCloud has now taken a total investment of $81.9 million since its launch in 2009. Before the new debt funding it had taken $56.4 million in venture capital funding.

CareCloud says it will use the new money to promote and expand its technology platform.

“This commitment will enable us to accelerate the expansion of our technology solutions and further our strategic objective of providing the industry’s first modern cloud-based platform for healthcare,” says CareCloud CFO Scott Lentz in a statement.

The company says it saw strong adoption of its platform in the first quarter of this year, adding more than 170 medical groups as customers.

CareCloud says its platform also engages more than 8 million patients, which it believes fosters better interaction with caregivers and ultimately saves money and improves health.

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