Welcome!

Containers Expo Blog Authors: Liz McMillan, Lori MacVittie, Elizabeth White, Pat Romanski, Olivier Huynh Van

News Feed Item

Kareo Raises $20.5 Million to Fuel Rapid Growth

New capital will be used to introduce new billing services solution for small medical practices while expanding sales and marketing

IRVINE, Calif., Jan. 22, 2013 /PRNewswire/ -- Kareo, Inc., the cloud-based medical office software provider for small medical practices, announced today the closing of a new $20.5 million equity investment led by Stripes Group with participation from existing Kareo investor Western Technology Investments. This new funding is in addition to the $18 million previously raised, bringing Kareo's total funding to more than $38 million. Kareo will use the new capital to launch Kareo Billing Services, a technology-enabled revenue cycle management solution for small medical practices, and is extending its market reach and leadership position through new investment in sales and marketing.

"This latest investment is another key milestone for Kareo and our efforts to deliver intuitive and affordable medical office software and services to our small practice customers. We welcome Stripes Group to Kareo's investor base and Ken Fox, managing partner of Stripes Group, to Kareo's Board of Directors," said Dan Rodrigues, founder and CEO of Kareo. "We are looking forward to working with Stripes Group alongside our existing investors as we pursue the next exciting phase of Kareo's growth."

Kareo's latest fundraising marks the close of a record-breaking 2012 for the company, during which time Kareo doubled revenue and its employee base while surpassing 6,000 customers representing over 16,000 providers.

"Stripes Group was attracted by Kareo's unparalleled track record at building and deploying cloud-based software into the small practice medical market. The company's growth rate over the last few years has been phenomenal and is a testament to the strength of Kareo's ability to execute in an area where many have failed," said Fox. "We have considerable confidence in Dan and his team and are proud to be part of an amazing company and its ongoing efforts to help small practices thrive and prosper."

Small medical practices are known for creating intimate, long-standing patient relationships that focus on a continuum of care. Kareo enables physicians and administrative staff to streamline office management by simplifying billing, scheduling and recordkeeping. By easing the administrative burden faced by small practices, Kareo enables physicians and their staff to increase their focus on patient care.

Kareo Billing Services

Responding to market demands for improved billing services for small medical practices, the company has launched Kareo Billing Services. Kareo's convenient front-office tools are now combined with a dedicated team of medical billing experts whose sole purpose is to help medical offices get paid for the important services they provide. Unlike traditional approaches, Kareo's model brings the ultimate flexibility, giving physicians the options to choose a full-service plan, software only plans, or migrate between the plans as the needs of the practice change.

"With all the pressures of running a medical practice today, our customers need companies who will adapt with them," said Rodrigues. "When practices have staff and expertise to do their own billing, then our software is perfect for them.  When they face challenges and need our billing help, then our people are ready to step in." 

To ensure a seamless transition to Kareo Billing Services, Kareo has developed a Customer Success Program through which it works closely with customers to learn existing processes while establishing a plan to optimize these processes by leveraging Kareo's cloud-based software and billing services team. Practice optimization can take the form of electronic claim form submission enrollment, establishing standard fee schedules, logging payer specific contract rates, setting up appointment schedules, and mapping workflows from any integrated electronic health record applications.  Following the rollout of Kareo's Billing Services solution, small practices often experience significant improvements in billing collection rates and timing as well as the benefits derived from eliminating the complexity and hassles of directly managing the billing process with insurance companies and patients. This is another way Kareo helps small practices reduce administrative burdens while shifting focus to their core mission of patient care.   

Kareo Medical Billing Partner Program

Kareo also announced the creation of the Kareo Medical Billing Partner Program. This new program is targeted at the more than 600 billing companies that use Kareo's Practice Management software today; one of the largest established billing company networks in the U.S. Medical billing companies can take advantage of new Kareo benefits and support designed to help them grow their businesses and deepen their relationships with their customers.

By offering Kareo Billing Services and the extensive choices available through Kareo's Medical Billing Partner Program network, small practices will have multiple ways to address their unique needs – such as specialty expertise, advisory services, and local presence.

Both the Kareo Billing Services and the Kareo Medical Billing Partner Program are currently available in the U.S. For more information please visit www.kareo.com.

About Kareo
Kareo is the only medical office software and services provider dedicated to serving the small practice. Kareo believes that, with the right tools and support, small practices can do big things. Over 16,000 medical professionals count on Kareo to manage their offices intuitively and affordably. Quick to set up and simple to use, Kareo's cloud-based software helps doctors get paid faster, keep cash flowing, and see the financial big picture through medical billing and practice management tools. Founded in 2004, Kareo's mission is to free doctors' hands for important work of patient care. For more information on Kareo, visit www.kareo.com.

About Stripes Group 
Stripes Group is an entrepreneurial growth equity firm that makes $10 million to $100 million minority and majority investments in Internet, SaaS, Healthcare IT and branded consumer products businesses. Stripes was founded by entrepreneurs to be a resource for successful entrepreneurs. We invest in rapidly growing businesses that are market share leaders with proven business models and annual revenues in excess of $15 million. Visit www.stripesgroup.com to learn more.

Media Contact:
Jody Lomenzo
Feinstein Kean Healthcare | an Ogilvy Company
P 617 761 6733
[email protected]

SOURCE Kareo, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. Big Data at Cloud Expo - to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is...
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
SYS-CON Events announced today that China Unicom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE F...
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself. Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive. In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, will discuss how VPaaS enables you to move fast, creating scalable video experiences that reach your...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Big Data has been changing the world. IoT fuels the further transformation recently. How are Big Data and IoT related? In his session at @BigDataExpo, Tony Shan, a renowned visionary and thought leader, will explore the interplay of Big Data and IoT. He will anatomize Big Data and IoT separately in terms of what, which, why, where, when, who, how and how much. He will then analyze the relationship between IoT and Big Data, specifically the drilldown of how the 4Vs of Big Data (Volume, Variety,...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
WebRTC adoption has generated a wave of creative uses of communications and collaboration through websites, sales apps, customer care and business applications. As WebRTC has become more mainstream it has evolved to use cases beyond the original peer-to-peer case, which has led to a repeating requirement for interoperability with existing infrastructures. In his session at @ThingsExpo, Graham Holt, Executive Vice President of Daitan Group, will cover implementation examples that have enabled ea...
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...
Vidyo, Inc., has joined the Alliance for Open Media. The Alliance for Open Media is a non-profit organization working to define and develop media technologies that address the need for an open standard for video compression and delivery over the web. As a member of the Alliance, Vidyo will collaborate with industry leaders in pursuit of an open and royalty-free AOMedia Video codec, AV1. Vidyo’s contributions to the organization will bring to bear its long history of expertise in codec technolo...
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, will discuss recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model f...