Tebra clinched $72 million in new funding to scale up its all-in-one digital platform that supports medical practices and drive investment in R&D.
The company, the result of a recent merger between Kareo and PatientPop, will use the capital infusion to accelerate its merger plans like growing market share, developing and launching the combined product line and advancing the new branding for the company.
Tebra supports over 100,000 providers who are delivering care to more than 90 million patients in the U.S., according to the company.
The latest funding round, which includes both growth equity and debt financing, was led by Golub Capital and boosts the company's valuation to greater than $1 billion, executives said.
With the combination of medical software developer Kareo and healthcare marketing company PatientPop, Tebra helps providers to access PatientPop’s services to grow their practice and gain new patients alongside Kareo’s clinical software for electronic health records and billing.
Tebra executives say the company is building the "digital backbone for independent healthcare practices."
Patients are demanding a more modern healthcare experience in the digital age, but many practices are unable to meet those expectations on their own. In many ways, while other industries have become more consumer-focused and modernized, healthcare has been left behind in a sea of complexity and fractured solutions, executives said.
“One of the challenges that many of these provider organizations face is just how fragmented the vendor landscape is today,” Dan Rodrigues, co-founder and CEO of Tebra, told Fierce Healthcare last year. “Many of them are using four or five different products in their practice, they have no in-house IT, and it’s really hard to stitch together a solution that way.”
Tebra offers a platform of tools built for the new era of healthcare by connecting patients to the best providers in seconds and delivering a modern, digital-first patient experience.
The company offers modern websites, messaging and scheduling, telehealth, EHR, care delivery, practice management, billing, payments and analytics.
Since the companies merged in late 2021, the company has launched a two-way product integration that allows both platforms to share scheduling information and physician availability. The integrated solution also reviews appointment information and sends out surveys for better reputation management. Over 800 providers now use the combined operating system, and the company plans to grow significantly both into their existing base and the healthcare industry at large.
“With this new investment from Golub Capital, we’ll be able to accelerate Tebra’s mission to unlock better healthcare by helping independent practices bring modernized care to patients everywhere,” Rodrigues said in a statement. “Simultaneously, we will broaden our market reach and launch new solutions, helping an even larger number of physicians with digital tools and support to attract new patients, get paid quicker, and operate their practice more efficiently.”
Golub Capital also banked the company's 2021 merger with $65 million in growth funding, bringing its total commitment in the last year to more than $137 million.
Other investors include CommonFund, HLM Venture Partners, OpenView Venture Partners, StepStone Group, Stripes Group, Montreux Equity Partners, Toba Capital, Transformation Capital and Vivo Capital.