Kareo offers a suite of tools for small medical practices, including online scheduling, patient communication, and electronic health record management. The company focuses on practices that employ fewer than ten physicians across more than 50 medical specialties. Its electronic health record is free; the company charges $300 per doctor per month for billing software and offers outsourced billing for a percentage of collections (averaging about $2,000 per doctor). Kareo is used by over 30,000 physicians and medical professionals who care for a combined 40 million patients. The company serves roughly 5% of an estimated 750,000 U.S. target market and is bringing in well over $50 million in annual revenue. Kareo plans to use new funding to expand its U.S. footprint and build additional products and services to simplify practice operations. Kareo offers an integrated cloud-based platform—EHR, practice management, and billing services—purpose-built for small and independent medical practices. The company serves more than 25,000 healthcare providers and is adding over 500 provider customers per month. Kareo reports a 552% increase in revenue over the past three years, reflecting rapid growth in adoption. The product set focuses on streamlining patient engagement, clinical documentation, billing, and administrative workflows to help practices get paid faster and run their business smarter. Kareo plans to use new growth capital to expand its reach, deepen its solution set, and accelerate development and innovation of its cloud-based technology. Founded in 2004, Kareo offers cloud-based practice management software and has expanded into integrated electronic health records (EHR) and billing services. The company works with over 20,000 doctors at small U.S. practices and is adding over 800 paying doctors each month. Since the expansion, Kareo says it is generating several tens of millions in recurring revenue. Its EHR product logged more than 5,000 signups in the last 10 months, and its billing service has attracted over 1,000 paying providers across 46 specialties. Kareo operates a freemium, mobile-friendly model and offers its full suite for under $300/month to enable upsells. The company employs about 300 people and is focused on integrating its services and increasing adoption among small practices. Kareo is a provider of SaaS medical office software for small medical practices based in Irvine, CA. The company offers Kareo Billing Services, a technology-enabled revenue cycle management solution that combines front-office tools with a dedicated team of medical billing experts to help practices get paid. Kareo has developed a Customer Success Program to work closely with customers, learn existing processes, and establish plans to optimize workflows using its software and billing team. The company intends to use the new funding to launch Kareo Billing Services and expand sales and marketing efforts. Kareo closed a $20.5M equity funding round, in addition to $18M it had previously raised. The company was founded in 2004 and is led by founder and CEO Dan Rodrigues. Kareo provides subscription-based cloud practice management and medical billing software to physicians in small practices and medical billing companies. The internet-delivered service enables scheduling, insurance eligibility verification, electronic claims submission and payment processing, patient billing and online collections, accounts-receivable management, document storage, reporting, and integration with leading EHR solutions. Led by founder and CEO Dan Rodrigues, the company operates out of Irvine, CA and Indianapolis. Kareo intends to use the $10M equity funding to expand its sales, marketing, support and product teams, enhance its offering, and support its channel partnerships. The company plans to grow headcount from 71 to more than 100 employees by the end of 2011 across its Irvine and Indianapolis offices.

Total raised

$140M

Funding rounds

6

Latest round

Equity

Latest activity

Jul 2015