CareCloud has followed up the $20 million that it received in June with a new $9 million investment from Adams Street Partners. The new investment brings its total funding to $55 million.
The oversubscribed $20 million Series B round was led by Tenaya Capital and included existing investor Intel Capital and Norwest Venture partners. Adams Street, a private equity firm, was added to the Series B round to fill out the over-subscription.
CareCloud is a SaaS provider that connects physicians to their patients through a social networking-based practice-management system. The service gives physicians the ability to streamline the billing process while streamlining their clinical operations.
At its core is an intuitive user interface and its collaborative capabilities, two hallmarks of SaaS offerings that disrupt old-school software. For example, in July the company launched a new version of its Charts service, which includes real-time patient flows, clinical summaries, rapid charting and intelligent task management.
CareCloud competes in the health-care IT market, which is dominated by legacy providers. The company is growing rapidly but still faces tough competition from companies such as McKesson Technology Solutions, Dell and Carefusion, the top three leaders for 2012 in the market according to Healthcare Informatics.