California-based DrChrono raises $10 million to expand EHR platform
DrChrono Inc. has raised the funding of $10M venture debt round to speed up growth, invest in the new technology platform, growing engineering, sales, and support, and increase market share.
Based in Mount View California, American Company DrChrono Inc., which is known for enabling the medical practice of the future, has recently announced that it has managed to raise the funding of $10 million from SQN Ventures so as to expand its business worldwide. Initiated in 2009 and led by Daniel Kivatinos, Co-Founder and COO, DrChrono’s all-inclusive platform comprise EHR, medical billing, practice management, revenue cycle management, and patient portal. DrChrono has also created the one of the first iPad EHRs and the health platform was designed for iPad, iPhone, Apple Watch and the web.
DrChrono offers customizable medical forms, real-time patient eligibility checks, e-prescribing, and more. Its App directory provides health care apps for medical practices and an API for developers.
SQN Venture Partners is a venture debt firm which has been founded by experienced finance executives and entrepreneurs, has given the growth capital term loan to DrChrono as it continues to speedily expand its business.
According to Daniel Kivantinos, SQN Ventures partners is a team of passionate entrepreneurs and they were straightaway on board with the long-term vision of DrChrono regarding the scaling and developing a new operating system for healthcare providers.
He further added that as the DrChrono’s platform and services are continuously evolving and growing, the company is all set to accelerate the growth, take the platform to bigger health facilities and speciality practices. With this added funding obtained from SQN, the company is intending to hire new recruits across departments, and setting necessary resources in place to make sure DrChrono can deliver the most ground-breaking technological solutions to clinical care teams.
Ryan McCalley, Managing Partner and Founder of SQN Venture Partners, also shared his views. Based on what he shared, DrChrono has clearly proven its value in the market as it works with thousands of physicians and millions of patients all through the country to deliver an enhanced EHR experience. In addition, DrChrono is ready to move into larger practices’ market and the new funding will help DrChrono in implementing its business plan in a faster way, putting additional resources into product development with larger sales and support team to reach a wide range of customers.
What’s up with DrChrono?
Since its initiation, DrChrono has extended its EHR features, proficiencies and RCM services for larger healthcare organizations along with its API in order to allow other creators to build on top of the DrChrono platform. Several developers have assimilated their apps with the DrChrono platform including startups like Eko Devices wearable digital stethoscope, to Health Gorilla, which enables health practices to get in touch with any lab company.
The company is planning to use the funds to speed up the growth rate, invest in the innovative and futuristic technology platform, develop engineering, sales, and support and develop market share. Till date, the platform has booked more than 41.6 million patient appointment visits and 13.2 million patients are being cared for by DrChrono providers. In addition, over 3 billion dollars of medical claims are being processed every year using DrChrono’s platform.