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INVESTMENT NEWS
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Irvine-based Kareo secures $9.5 million

The medical software firm will use the funds to bolster its customer service offerings, among other efforts.

By Kristen SchottPublished: September 13, 2010 02:33 PM

Courtesy of Fotolia
Irvine-based medical software firm Kareo Inc. has closed a $9.5 million investment from Boston's OpenView Venture Partners. The funds support the company's recent growth and will be used to boost its customer service offerings, expand its sales and marketing initiatives, and grow its team.

As part of the investment, Adam Marcus, a principal at OpenView, will join Kareo's board of directors.

"Kareo is profitable, growing rapidly and offers a solution that hits the sweet spot for small medical offices," said Marcus.

The company's Web-based medical billing platform helps physicians in small practices manage their business. The software allows users to schedule appointments, verify insurance, send electronic claims, receive payments and manage accounts receivables, among other offerings.

"Kareo is growing quickly because we offer a solution that makes it remarkably easy for physicians in small medical practices to run their business and get paid by insurance companies and patients," said Dan Rodrigues, founder and CEO of Kareo.

Additionally, the software helps to increase reimbursements and reduce administrative costs at small medical offices – which represent the "backbone" of the nation's health-care industry, according to the company.

"We are very bullish on Kareo's ability to provide a simple, yet elegant solution that will capture a significant share of the small-practice segment," finished Marcus.

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