DrChrono Raises $12m Series A Financing Round to Build the Medical Practice of the Future
Posted On April 6, 2017
Runa Capital leads round to create a better medical experience for physicians and patients
Mountain View, CA — April 6, 2017 — drchrono Inc., the provider of the Electronic Health Record (EHR), practice management, medical billing, revenue cycle management, and healthcare API platform on iPad, iPhone and web, today announced its 12 million dollar Series A round of funding.
Runa Capital led the 12 million dollar round with other investors including Maxfield Capital, Eric Dunn (CEO of Quicken Inc. and Intuit’s first CTO), and FundersClub participating. The Series A round will fuel the company’s growth in larger healthcare organizations and revenue cycle management (RCM) business. The funding will enable the company to invest in platform innovation, talent acquisition, operation expansion to support their growth demand and also focus on advancing iOS apps as an Apple mobility partner.
“drchrono is at a pivotal stage in the company’s growth,” said Michael Nusimow, cofounder and CEO of drchrono. “Our platform is crossing a continuum of care as we expand our customer base from solo practices to midsize and now larger health organizations with an all-in-one EHR, practice management and RCM solution.” Michael goes on to say, ”The support of our investors allows us to expand our successful platform to meet the needs of physicians and practices of all sizes, and across all specialties, and continue to innovate in mobile healthcare technology.”
With the ever changing electronic medical records market, doctors are relying on outdated, legacy EHRs that are rapidly falling behind. drchrono has long been an innovator in mobile healthcare applications across iPad and iPhone and most recently with Apple Watch. Now, the company is expanding its EHR features, capabilities and RCM services for larger healthcare organizations as well as its industry leading API to allow other developers to build on top of the drchrono platform. Hundreds of developers have integrated apps on the platform from startups like Eko Devices wearable digital stethoscope, to Health Gorilla, which allows practices to connect to any lab company. Larger companies like ZocDoc and DemandForce have also integrated with drchrono to create a better provider experience.
Over the last several years, drchrono has experienced massive growth and has over $12M in annual recurring revenue. The platform has over 8 million patients under the care of drchrono physicians. More than $3.5 billion in medical claims have been submitted through drchrono. Physicians are now leveraging different aspects of the platform including electronic health records, practice management, patient education, as well as medical billing and RCM services to manage and grow their practices.
“drchrono has always been an innovator in mobile healthcare, and has recently made impressive inroads in the enterprise market selling to large healthcare organizations and building revenue cycle management into its platform,” said Andre Bliznyuk, Partner at Runa Capital. “As drchrono is poised to be a major EHR player not only with smaller physician practices but with major healthcare organizations, we are excited to invest in the company and help drchrono during its next stage of growth.”
Daniel Kivatinos, cofounder and COO of drchrono mentions, “If you look at the incumbent EHRs, many of them are practically unusable. We are developing a healthcare platform that allows physicians to focus on their patients, also enabling a better patient journey. Technology should help doctors to provide patient focused care.” Daniel goes on to say, “We believe healthcare will become increasingly mobile focused, and part of this funding is going towards our mobile initiative to modernize medical records. Our mission is to get the best healthcare enabled technology into the hands of physicians around the world.”
Andre Bliznyuk from Runa Capital and Oleg Koujikov from Maxfield Capital have joined the drchrono board of directors as part of this funding round.
drchrono creates the best electronic health record (EHR), practice management, and revenue cycle management experience for physicians and patients; the drchrono platform was built for iPad, iPhone, Apple Watch and the web. The drchrono platform includes customizable medical forms, e-prescribing, real-time patient eligibility checks, patient portal, medical billing and more. The platform also provides a multitude of healthcare apps that the practices can leverage and a medical API for healthcare app developers. The company is scheduling over 1 million appointments per month. drchrono is ranked by Inc. 500 as one of the fastest growing private companies in America, and the platform was voted the #1 mobile EHR 4 years in a row by Black Book Rankings. For more information about drchrono, visit www.drchrono.com
Big Swing Communications