DrChrono, a cloud-based healthcare practice management solutions provider, raised $12 million in growth capital from ORIX Growth Capital.
The company plans to use the funding to expand the company’s new telehealth offerings on the DrChrono platform. Additionally, the funding will help expand all operations and provide enhancements across the other key product areas, including EHR, practice management, medical billing, and the company’s core partner API.
In March 2021, DrChrono launched an all-in-one telehealth app on iOS and iPadOS along with a freemium telehealth option for life to its network of physicians. Currently used by thousands of physicians, the platform has over 28 million patients under the care of DrChrono providers.
Daniel Kivatinos, COO and Co-Founder of DrChrono, said: “ORIX USA’s Growth Capital team has been a terrific partner for us over the recent months as this year has been an enormously challenging one for our customers. We are going to be growing quickly in 2021 across all areas of our business and appreciate the support from ORIX USA’s Growth Capital group as our technology continues to help modern practices improve the quality of patient care”.
“We first invested in DrChrono a year and a half ago and are impressed that during an incredibly difficult year, they were building out telehealth technology to meet providers’ needs, continuing to sign new partners, win industry awards, and went live with its FHIR API to support mobile device health records. We look forward to DrChrono expanding its core platform and API for providers across the country as in-person appointments rise again and telehealth appointments continue to be vital”, said David Orlandella, Managing Director and Healthcare Lead with ORIX USA’s Growth Capital team.
According to Mercom’s Digital Health Funding and M&A Report Q1 2021, Healthcare practice management companies raised more than $200 million in Q1 2021.