DrChrono Raises $20 Million Growth Capital Round to Accelerate Growth
The company is expanding into large practice markets and investing in the platform: EHR, Billing, RCM, Machine Learning, API software and services
SUNNYVALE, Calif., January 13, 2020-- DrChrono Inc., the company developing the essential platform and services for modern medical practices to make care more informed, more interactive, and more personalized announced it has raised a $20 million growth capital round from ORIX Growth Capital to spur expansion and increase market share through further investing in the technology platform (EHR, medical billing and API) and expansion of engineering, sales, and support functions.
“The ORIX team has funded some of the best healthcare entrepreneurs and companies in the world. We are extremely excited about this partnership,” said Daniel Kivatinos, Co-Founder and COO of DrChrono. “With our platform and services evolving and maturing, we are in an excellent position to bring the DrChrono platform to larger facilities and specialty practices. Our goal with this additional funding from the ORIX team will be to make the software experience even more amazing, and make critical hires to ensure DrChrono provides the most innovative technology to medical practices.”
DrChrono is growing at a rapid rate. To date, the platform is used by thousands of physicians and has over 17.8 million patients under the care of DrChrono providers. The platform has facilitated the booking of 69 million appointments and the processing of more than $11 billion of medical billing to date.
“After meeting the DrChrono executive team, we were excited about their vision of the future, where healthcare will simply work for physicians and for their patients on a modern platform,” said David Orlandella of ORIX Growth Capital. “Clearly having a modern cloud-based platform is part of the future. We loved the ecosystem of extendible apps that can be layered onto the platform, making it a powerful operating system of any medical practice.”
ORIX Growth Capital
ORIX Growth Capital specializes in designing highly customized financing solutions for high-growth companies with investments starting around $5 million and growing to $50 million. The team has committed $1.8 billion to more than 150 companies. ORIX Growth Capital is a business unit of ORIX Corporation USA (ORIX USA), a financial services firm that has been providing innovative capital solutions that clients need to propel their business to the next level since 1981. ORIX USA and its subsidiaries—Boston Financial Investment Management, Hunt Real Estate Capital, Lancaster Pollard, NXT Capital, Mariner Investment Group, RB Capital and RED Capital Group—include a team of more than 1,000 employees spanning 30+ offices across the U.S. and Brazil. ORIX USA and its family of companies have $64 billion of assets under management, administration and servicing (including more than $9 billion held by the company and its subsidiaries).* Its parent company, ORIX Corporation, is a publicly owned international financial services company with operations in 37 countries and regions worldwide. ORIX Corporation is listed on the Tokyo Stock Exchange (8591) and New York Stock Exchange (IX). For more information on ORIX USA, visit www.orix.com.
*All figures are as of March 2019.
DrChrono develops the essential platform and services for modern medical practices to make care more informed, more interactive, and more personalized. The open DrChrono Platform powers electronic health record (EHR), practice management, medical billing, and revenue cycle management solutions for physicians and patients, and is fully extensible via a robust API and the marketplace of applications and services. The Platform is used by thousands of physicians and over 17.8 million patients, and has facilitated the booking of 69 million appointments and the processing of more than $11 Billion of medical billing. For more information about DrChrono, visit www.drchrono.com
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