CareCloud raises $20.1 Million for Medical Professionals Cloud

CareCloud, the Miami-based cloud provider for healthcare business, recently announced the end of a funding round which has brought the company the amount of $20.1 million. This funding round has been led by the Silicon Valley-based Intel Capital along with the Norwest Venture Partners.

Albert Santalo, the CEO and founder of the company, has stated the following: “They must believe in us if they’re willing to spend money on frequent cross-country flights for meetings.”

The company specialises in providing cloud-based practice management tools for all the healthcare providers. This means that CareCloud creates applications which are used by medical professionals in their business. These applications also include a community collaboration and communication platform which guarantees a secure share of the patient’s information. There is also an application which provides medical practice management systems for billing and scheduling, just as there is a revenue cycle management application. It will not be long until the company will also provide electronic medical records. The money received in this round of funding is intended to be used in order to develop the technologies which are to serve the needs of the healthcare providers.

Santalo also declared the following: “This industry is one that tends to lag behind the general tech industry. We believe a big part of what we have to do is continue innovating. To do this we will increase our geographic footprint and expand our sales and marketing teams.”

At the moment, the company has 85 employees, but Santalo announced that he intends to have more than 100 by the end of this year. The company has been launched in 2010 and, by this moment, its accounts exceed the amount of $500 million which have been received under management for physicians and healthcare providers.

Santalo stated the following: “The cloud is the place where all of the people in healthcare are playing a roll. We use it to connect all of the different players. Healthcare at is core is a social industry, but there’s wasn’t a good infrastructure to connect everyone.”

Concerning the shut down of Google Health, Santalo believes that it is related to the fact that the platform did not strive to be social. Related to this, he declared the following: “It’s difficult to build a consumer-side platform and swim upstream. The platform has to be built by the people providing the care. Also, it’s hard for a company like Google or Microsoft to be so many things. Healthcare requires a company that doesn’t care about anything else that’s going on.”

During the last year, CareCloud has received numerous awards, including the one offered by IBM’s SmartCamp Silicon Valley and the IBM’s SmartCamp World Finals. It was at this moment that the company managed to connect with its actual funders.

Concerning the funding, Santalo stated the following: “The funding environment is interesting now. You read that investment dollars are flowing, but only the best companies and entrepreneurs are the ones getting funding these days.”