Kareo

Kareo is an Irvine, CA Software-as-a-Service (SaaS)-based medical practice management software and medical billing services provider. The company offers a cloud-based suite of products and services for Electronic Health Record (EHR) management, practice management and medical billing services (Revenue Cycle Management). In 2013, the company reported over 20,000 medical providers are using Kareo’s software for practice management, medical billing services, and Electronic Health Record management, processing over $6B in medical billing.

History

Kareo was established by former Scour Inc. founder Dan Rodrigues, in 2004. The company is headquartered in Irvine, CA and has offices in Las Vegas, NV and Indianapolis, IN.

In July 2013, Kareo made its first acquisition of a full-service provider of medical billing and associated solutions company, ECCO Health, LLC.

Over the years, the company has received funding from a variety of venture capital firms including CNET founder Halsey Minor's Minor Ventures and OpenView Venture Partners.

On March 14, 2014, Kareo EHR achieved Meaningful Use 2014 Edition Stage 2 certification by the Drummond Group, which is an Office of the National Coordinator Authorized Certification Body (ONC-ACB).

Products

Kareo offers three tiers of practice management services:

Free EHR - a cloud-based, iOS compatible system allowing users to review patient records, chart patient visits, prescribe medications, and achieve Meaningful Use incentives.

Practice Management - a practice management service combining Kareo's free EHR with functions to support practice management, including document management, claims processing, scheduling and storing patient information, sending insurance claims and collecting balances.

Billing Services - Practice management software services combined with additional financial metric tracking and outsourced claim management services.

Recognition

For two years in a row (2013 and 2014), Kareo has been recognized as the number one rated EHR, revenue cycle and practice management application, by Clearwater, FL-based Black Book Market Research. Kareo was also named one of America’s most promising companies by Forbes in 2013 and again in 2014.

In 2014, Kareo made the Red Herring (magazine) Top 100 Technology Company in North America list.

In 2013, Kareo was awarded the "2013 North American Physician Practice Management Customer Value Enhancement Award" by Mountain View, CA-based global growth consulting firm Frost & Sullivan. Deloitte also ranked Kareo in the 2013 Technology Fast 500 Rankings.

The company was deemed one of the fastest growing private companies by Inc. Magazine in 2012 and was named a Top Workplace by the Orange County Register.

Investors

• Greenspring Associates with participation from OpenView Venture Partners and Silicon Valley Bank invested $29.5M in 2014
• Stripes Group invested $20.5M in 2013
• Greenspring Associates invested $10M in 2011
• OpenView Venture Partners invested $9.5M in 2010
• Investment by OpenView Venture Partners, OpenView
• Western Technology Investments

References

***How Kareo Billing helpful in your business Crystalvoxx September 2014