CareCloud, a Miami, FL-based provider of electronic health records and medical billing software and services, received a $25.5m debt financing.
Hercules Technology Growth Capital (NYSE: HTGC), a specialty finance company focused on lending to venture capital-backed companies in technology-related markets, including technology, biotechnology, life science, and energy & renewable technology industries, at all stages of development, provided the proceeds.
The company, which last year raised $9m from Adams Street Partners, intends to use the capital to expand technology solutions.
Founded in 2010 by CEO Albert Santalo, CareCloud provides cloud-based practice management, electronic health records (EHR), and medical billing software and services. The company’s platform currently supports thousands of providers in 48 states and manages more than $3 billion in annualized accounts receivables on behalf of its clients.