DrChrono raises new round of growth capital as it expands health platform and launches telehealth initiatives
SUNNYVALE, Calif., June 23, 2021 (GLOBE NEWSWIRE) — DrChrono Inc., a company developing an essential platform and services for modern medical practices, today announced it has raised a new round of over $12 million in growth capital from ORIX Corporation USA’s Growth Capital team (ORIX Growth Capital).
The new funding from ORIX Corporation USA (“ORIX USA”) will be used 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.
DrChrono has experienced tremendous growth in the last year, especially as telehealth became a priority for providers and patients during the pandemic. In March 2021, DrChrono launched an all-in-one telehealth app experience on iOS and iPadOS as well as freemium telehealth option for life to its network of physicians. Its platform, which offers EHR, practice management, medical billing, revenue cycle management, and API solutions, is currently used by thousands of physicians and has over 28 million patients under the care of DrChrono providers. DrChrono has facilitated millions of appointments and the processing of more than $11 billion of medical billing to date.
“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,” said David Orlandella, Managing Director and Healthcare Lead with ORIX USA’s Growth Capital team. “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.”
“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,” said Daniel Kivatinos, COO and Co-Founder of DrChrono. “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.”
Steve Miller, SVP of Finance & Administration of DrChrono, adds, “The ORIX Growth Capital team has been a great partner since the get go. With this growth capital we will be able to reach even more patients and providers in need of healthcare technology modernization.”
DrChrono develops the essential platform and services for modern medical practices to make care more informed, more interactive, and more personalized. The open platform powers electronic health record (EHR), practice management, medical billing, and revenue cycle management solutions for thousands of physicians and millions of patients, and is fully extensible via a robust API and marketplace of applications and services. The platform is facilitating millions of patient appointments and is processing billions of dollars in medical billing. For more information about DrChrono, visit www.drchrono.com.
About ORIX USA’s Growth Capital business
ORIX Corporation USA’s Growth Capital business is a leading growth lending platform
providing flexible debt capital to valuable, high-growth businesses primarily in the technology and healthcare sectors in the U.S. and Canada. Since 2001, we’ve funded nearly $2 billion to more than 175 companies. Since 1981, ORIX USA has provided innovative capital solutions that clients need to propel their business to the next level. With a focus on merchant banking, commercial finance, and asset management, ORIX USA and its subsidiaries — Boston Financial Investment Management, Lument, NXT Capital, RB Capital, Signal Peak Capital Management and ORIX Capital Partners—have more than 1200 employees across the U.S. and Brazil. ORIX USA and its family of companies have $78.1 billion of assets under management, and $11 billion in proprietary assets as of March 2021. 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, visit orix.com.
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