Tebra, an operating system for independent health care providers, has raised over $72 million in equity and debt funding, reaching a valuation of over $1 billion. Under the leadership of Golub Capital, Tebra’s total investment reached $137 million.
Tebra was formed from last year’s merger between Kareo and PatientPop, two cloud-based software platforms for “clinical, financial and practical growth technologies.” The new funding will allow Tebra to team up with other companies, increase its market share, launch a combined product line and initiate new branding for the company.
Tebra says it currently serves more than 100,000 providers in the United States, providing care to 85 million patients in total.
Dan Rodriguez, co-founder and CEO of Tebra, told TechCrunch in an email that “Tebra’s name comes from the word vetebra,” symbolizing our role as the technology foundation for the practice’s success. Just as individual vertebrae come together to support the human body, our complete operating system supports practices, providers and patients alike.”
He added that as healthcare becomes more consumer-centric, patient expectations are changing, but this is causing service providers to burn out.
“Patients want the same hassle-free digital experience in healthcare as they would in any other aspect of their lives,” he said. “Patients pay more for their healthcare, spend more time searching for providers online, and demand convenient tools like online appointments, telemedicine and two-way messaging.”
He added that the pandemic has “hyper-accelerated” those expectations, but not all doctors have been able to keep up with them. Independent practices can provide patients with the personalized care they want, but they find it difficult to meet administrative and consumer expectations.
Tebra products include an app that connects patients to their nearest healthcare providers. It also provides independent medical practitioners, including those in remote or rural areas, with what he calls “a fully functioning system for successful practice.”
For example, its other features include Tebra Practice Growth, which helps with marketing and patient outreach, as well as healthcare-optimized websites, search engine marketing, reputation management, and digital and social advertising.
Medical care, meanwhile, is increasing the amount of time providers spend with patients, reducing paperwork time and maximizing reimbursement. Patient Experience streamlines communication with patients for needs such as scheduling and billing, while Medical Billing allows providers to register, file, track and reconcile claims.
Rodriguez said the company has previously named NextGen Healthcare, Athenahealth, ZocDoc and Podium as rivals to Kareo and PatientPop, but Tebra is different in that it combines fragmented software solutions into a single platform.
In a prepared statement, Peter Fair, Managing Director of Late Stage Lending at Golub Capital, said: “We are delighted to be a long-term financial partner of Tebra, supporting them through several stages of growth, additional acquisitions and new product development since 2017. Our mission is the success of our clients and the ability to offer flexible solutions to meet their changing business objectives.”
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