Kareo Growth in 2015 Highlights Independent Medical Practice Demand for Cloud-Based Solutions
Kareo, the leading provider of cloud-based solutions for independent medical practices, today announced increasing demand in 2015 for its marketing, clinical, and billing solutions. The company now serves healthcare technology need of over 35,000 healthcare professionals and processes over $15 billion in medical claims annually. Kareo’s continued success showcases a heightened market opportunity and increased need for technology solutions purpose built for independent medical practices.
Notably in 2015, Kareo secured one of year’s largest funding rounds in healthcare IT, bringing in over $55 million to accelerate expansion of its cloud-based platform. Furthermore, the company acquired and integrated Doctorbase, a practice marketing and patient engagement solution, complementing its existing solutions to help independent practices attract new patients and improve engagement with current patients, while enhancing the online presence and reputation of providers.
“Over the past year, Kareo sustained a record level of sales, expanded our offerings and grew our team. Most importantly, though, the increased demand for our solutions reveals the strength of the independent medical practice market,” said Dan Rodrigues, founder and CEO of Kareo. “The success we achieved in 2015 allows us to look to the future with continued confidence as we work toward our goal of helping physicians and other healthcare providers deliver outstanding patient care without getting bogged down by administrative tasks and external mandates.”
During 2015, Kareo grew its customer base by over 650 new providers per month, and of these new customers, almost 15 percent were new practice startups – further highlighting the opportunities for physicians in the independent practice market. Additionally, more than half of Kareo’s customer base uses more than one integrated product reinforcing industry research highlighting the importance of fully integrated technology.
To support this influx of new customers and the unique needs of independent practices, Kareo introduced a number of new products and enhancements, as well as fostered strategic relationships throughout the industry, including its participation in the Commonwell Health Alliance and partnerships with industry advocates such as the Association of Independent Doctors (AID).
Other notable milestones showcasing Kareo’s momentum in 2015 include:
•Kareo expanded all core clinical and managed billing workflows to its iPad and iPhone applications, resulting in record user growth, engagement, and customer satisfaction.
•Kareo realized a 99 percent success rate of all submitted claims in the first month of the ICD-10 transtion.
•BlackBook recognized Kareo as the “Leading Vendor for Integrated Health Records, Practice Management and Physician Billing Solutions” for the third consecutive year.
•Kareo was ranked as a “Top 50 Best Places to Work in the U.S.” by Glassdoor in 2015 and was recognized as a “Top Workplace” by Orange County Register for the fourth consecutive year.
•CEO Dan Rodrigues was honored by Goldman Sachs as one of the “100 Most Intriguing Entrepreneurs of 2015” at its Builders+Innovators Summit.
•Kareo enhanced its leadership team by welcoming Pam Perry as Chief People Officer and Drew Hamilton as Chief Sales Officer. The company also extended its Board, adding Michael Matly, managing director of Montreux Equity Partners, and Perry Wallack, co-founder and CFO of Cornerstone OnDemand, Inc. (NASDAQ: CSOD).
Looking ahead to 2016, the company expects to see growing demand for cloud-based, technology solutions that allow doctors to deliver better care while reducing administrative burdens. The opportunity exists to finally deliver clinical solutions that doctors actually want to use, especially as physicians and policy makers begin to look beyond Meaningful Use.
Kareo is the only complete medical office software and solutions platform specifically designed to meet the unique needs of independent practices. Today we help over 35,000 healthcare providers get paid faster, find new patients, run their business smarter and provide better care. Our cloud-based platform provides a complete set of products to establish and grow a healthy practice including an EHR, front office management, insourced and outsourced billing, and valuable add-ons for practice marketing and patient engagement. Kareo has received extensive industry recognition, including the Deloitte Technology Fast 500, Inc. 5000, and Black Book’s #1 Integrated EHR, Practice Management and Billing Vendor. Headquartered in Irvine, California, the Kareo mission is to help independent practices survive and prosper in an ever-changing healthcare market. For more information, visit www.kareo.com.