Clinicient secures $15M in Series C funding round

March 5
2:02 PM 2014

Cloud-based solutions Clinicient has bagged $15 million in its Series C round, VentureBeat reported.

Catalyst Investors of New York led the funding round for the Portland, Oregon startup which has already raised $26 million so far. The services and solutions of Clinicient are geared towards physical therapists. Through Clinicient's integrated solutions, physical therapists allow clients to manage their payment and billing operations from a single platform. The company earns by charging a percentage of the total cost of treatment of each individual patient, the report said.

Clinicient Chairman and Chief Executive Officer Rick Jung told VentureBeat, "We've put a bow on the revenue-based financial and clinical side and the revenue management cycle." He added that even if there are a lot of rivals in the space, Clinicient is unique because of the myriad of services that it offers. Aside from processing, handling and paying out money to its customers composed of doctors, physical therapists and insurance firms, the company's cloud-based platform also keeps a client and patient database, the report said. In its website, the company's tagline is "Managing Patient to Payment."

Jung said its rivals in the space are Kareo and Athenahealth. Kareo is an online medical billing company while Athenahealth is another management firm that focuses on electronic health records. Unlike their rivals which Jung describes as "horizontal" providers, Clinicient, according to the newly-appointed CEO, is "vertical" which does not only offer software but the entire service. Thus, Jung has full confidence that their software licensing model will be effective, the report said.

In addition to these advantages, Clinicient also reduces clients' waiting time to receive payments. A testament to the efficacy of its operations can be seen in the fact that in just ten years of existence, there are already "thousands" of doctors and physical therapists in 45 states using the platform. While Jung did not state the company's revenues, he said they now handle billing payments amounting to $1 billion, the report said.

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