SUNNYVALE — DrChrono Inc., a company that operates a platform for medical practices, has raised a $10 million venture debt round to accelerate growth, invest in the technology platform, expand engineering, sales, and support and grow market share.
SQN Venture Partners, a venture debt firm founded by veteran finance executives and entrepreneurs, has provided the growth capital term loan to DrChrono as it continues to rapidly expand its business.
“The team at SQN Venture Partners are passionate entrepreneurs who immediately understood our long-term vision with DrChrono and how we are scaling and building a new operating system for healthcare,” said Daniel Kivatinos, Co-Founder and COO of DrChrono. “With our platform and services continuing to evolve and mature, we are poised to accelerate growth, bringing the platform to larger facilities and specialty practices. With this additional funding from SQN, we will be hiring across departments, putting resources in place to ensure DrChrono brings the most innovative technology to clinical care teams.”
DrChrono has booked over 41.6 million patient appointment visits and 13.2 million patients are under the care of DrChrono providers. Over $3 billion in medical claims are being processed per year through the platform.
“DrChrono has clearly demonstrated its value in the market, working with tens of thousands of physicians and millions of patients across the country to provide a better EHR experience,” said Ryan McCalley, Managing Partner and Founder of SQN Venture Partners. “The company is now ready to move squarely into the enterprise market of larger practices and medical facilities. This funding will help DrChrono execute on its business plan faster, putting more resources into product development with a bigger sales and support team to reach more customers. We’re excited to work with the very senior executive team at DrChrono who has been dominating the mobile EHR space to help them scale the company quickly.”
DrChrono helps physicians provide the best care to patients with a flexible platform that can be completely tailored to any medical practice—small, large, enterprise, or specialty. The platform is comprehensive including: EHR, practice management, medical billing, revenue cycle management and patient portal. DrChrono also built the very first iPad EHR and the health platform was built for iPad, iPhone, Apple Watch and the web. Some features include customizable medical forms, e-prescribing, real-time patient eligibility checks and more.