Two EHR firms tap power of the cloud

athenahealth, CareCloud credit cloud for rapid growth
By Bernie Monegain
11:00 AM

Watertown, Mass.-based athenahealth and Miami-based CareCloud, two EHR companies that espouse the advantages of the cloud, seem to be on a fast track for growth.

Care Cloud announced this morning it has landed $20 million in series B funding, just as athenahealth was named to Forbes' annual list of America's 25 Fastest-Growing Tech Companies for the second year in a row.

"As a fast-growing, disruptive health care IT player, we still hold just 4 percent market share; there remains an incredible opportunity to bring caregivers onto 21st century technology and out of the dark ages of server-installed software systems," Jonathan Bush, CEO and chairman, athenahealth, said in a news release.  "Our meaningful use attestation success, recent ICD-10 guarantee and designation by KLAS as the most usable electronic health record provider in the ambulatory space, all underscore our commitment to improve the health IT landscape and propel the industry forward."

Today, athenahealth's cloud-based network serves about 41,000 providers nationwide, according to the company.

CareCloud’s new round of funding will fuel the company’s continued aggressive growth across all business functions, with a focus on product development while also bolstering sales and marketing capabilities, CareCloud CEO and Chairman Albert Santalo, said in a press statement.

“Most of the U.S. healthcare system is shackled with decades-old technology that will hinder us from improving patient care or delivering on cost containment efforts in a rapidly-changing environment of reform,” Santalo said. “This investment validates CareCloud’s mission to aim at the heart of the challenge by leveraging the power of the cloud to foster innovation and ultimately re-platform the industry."

The funding round was led by Tenaya Capital and included existing investors Intel Capital and Norwest Venture Partners. This round brings CareCloud’s total funding to $44 million.

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