Welcome!

Containers Expo Blog Authors: Elizabeth White, Liz McMillan, Pat Romanski, Destiny Bertucci, Stackify Blog

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
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
Imagine if you will, a retail floor so densely packed with sensors that they can pick up the movements of insects scurrying across a store aisle. Or a component of a piece of factory equipment so well-instrumented that its digital twin provides resolution down to the micrometer.
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 settle...
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.
BnkToTheFuture.com is the largest online investment platform for investing in FinTech, Bitcoin and Blockchain companies. We believe the future of finance looks very different from the past and we aim to invest and provide trading opportunities for qualifying investors that want to build a portfolio in the sector in compliance with international financial regulations.
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, provided a fun and simple way to introduce Machine Leaning to anyone and everyone. He solved a machine learning problem and demonstrated an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intelligence and B...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
We are given a desktop platform with Java 8 or Java 9 installed and seek to find a way to deploy high-performance Java applications that use Java 3D and/or Jogl without having to run an installer. We are subject to the constraint that the applications be signed and deployed so that they can be run in a trusted environment (i.e., outside of the sandbox). Further, we seek to do this in a way that does not depend on bundling a JRE with our applications, as this makes downloads and installations rat...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
DX World EXPO, LLC, a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lead...
Digital Transformation (DX) is not a "one-size-fits all" strategy. Each organization needs to develop its own unique, long-term DX plan. It must do so by realizing that we now live in a data-driven age, and that technologies such as Cloud Computing, Big Data, the IoT, Cognitive Computing, and Blockchain are only tools. In her general session at 21st Cloud Expo, Rebecca Wanta explained how the strategy must focus on DX and include a commitment from top management to create great IT jobs, monitor ...
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
The IoT Will Grow: In what might be the most obvious prediction of the decade, the IoT will continue to expand next year, with more and more devices coming online every single day. What isn’t so obvious about this prediction: where that growth will occur. The retail, healthcare, and industrial/supply chain industries will likely see the greatest growth. Forrester Research has predicted the IoT will become “the backbone” of customer value as it continues to grow. It is no surprise that retail is ...