Tebra, an operating system for independent healthcare providers, has raised more than $72 million in equity and debt funding, bumping to a valuation of more than $1 billion. Led by Golub Capital, this brings Tebra’s total raised to $137 million.
Tebra was formed through the merger of Kareo and PatientPop last year, two cloud-based software platforms for “clinical, financial and practice growth technology.” The new funding will allow Tebra to merge with other companies, grow its market share, launch a combined product line and initiate new branding for the company.
Tebra says it now serves more than 100,000 providers in the United States, who in total provide care to 85 million patients.
Dan Rodrigues, co-founder and CEO of Tebra, told TechCrunch in an email that “the name Tebra originates from ‘vetebra,” symbolizing our role as the technology backbone for practice success. Just as individual vertebrae come together to support the human body, our complete operating system supports practices, providers and patients alike.”
He added that as healthcare becomes more consumer-based, patients’ expectations are changing but this leads to provider burnout.
“Patients want the same seamless, digital experience from healthcare like they have in every other aspect of their lives,” he said. “Patients are paying more for their healthcare, spending more time searching for providers online and demanding convenient tools like online scheduling, telehealth and two-way messaging.”
He added that the pandemic has “hyperaccelerated” these expectations, but not all doctors have been able to keep pace. Independent practices can give patients the personalized care that they want but struggle to keep on top of administrative and consumer expectations.
Tebra’s products include an app that connects patients with nearby healthcare providers. It also gives independent healthcare practices, including those in remote or rural areas, what it refers to as a “completely operating system for practice success.”
For example, its other features include Tebra Practice Growth, which helps with marketing and outreach to patients plus healthcare-optimized websites, search engine marketing, reputation management and digital and social ads.
Care Delivery, meanwhile, increases the amount of time providers spend with patients by reducing documentation time and maximizing reimbursements. Patient Experience streamlines patient communication for needs like scheduling and payments, while Medical Billing lets providers enroll, submit, track and reconcile claims.
Rodrigues said the company previously identified NextGen Healthcare, Athenahealth, ZocDoc and Podium as Kareo and PatientPop’s competitors, but Tebra differentiates by combining fragmented software solutions into one platform.
In a prepared statement, Peter Fair, managing director of Golub Capital’s late-stage lending team said, “We are delighted to be a longstanding financing partner to Tebra, supporting them through multiple growth phases, add-on acquisitions and new product development since 2017. Our mission is the success of our clients and being able to offer flexible solutions that meet the changing goals of their business.”