Kareo, which is backed by Montreux Equity Partners and Golub, has merged with PatientPop to form Tebra, a healthcare tech platform. No financial terms were disclosed.
IRVINE, Calif. & SANTA MONICA, Calif.–(BUSINESS WIRE)–Kareo, a leader in cloud-based clinical and financial software, and PatientPop, a leader in practice growth technology, today announced the closing of their merger and the unveiling of the combined company’s new name. Tebra combines leading technologies from both companies, which currently support more than 100,000 healthcare providers, to deliver an all-in-one platform purpose-built to drive practice success and modernize every step of the patient journey.
The consumerization of healthcare has finally arrived at your local doctor’s office. Patients are paying more for their healthcare, spending more time searching for providers online, and demanding convenient tools like online scheduling, telehealth, and two-way messaging. The COVID-19 pandemic has hyper-accelerated these trends as providers adopt digital technology to extend access to care and stay connected to patients.
“Patients today expect a seamless, digital experience from healthcare like they have in every other aspect of their lives. But unfortunately, not all doctors have been able to keep pace with these expectations like other industries have,” Dan Rodrigues, CEO and founder of Kareo, said. “That’s why we’re so excited to join forces with PatientPop to help doctors grow their practices online and deliver a modern experience.”
PatientPop contributes technology to support practice growth, including practice websites, online appointment booking, search marketing, digital registration, messaging, and more. Kareo contributes technology to support practice operations, including a fully certified Electronic Health Record (EHR), scheduling, insurance billing, patient payments, and more. Together as Tebra, PatientPop and Kareo will support the connected practice of the future and modernize every step of the patient journey.
“PatientPop helps doctors attract more patients, manage their reputation, and grow their business,” Luke Kervin, co-CEO and co-founder of PatientPop, said. “But the one thing our customers have been asking for over the years is a deeper integration with their clinical and financial system of record. Now with Kareo we can finally bring to the market the all-in-one platform our practices have been demanding.”
The name Tebra is derived from the word “vertebrae” and symbolizes the role the new company serves as the backbone of practice success, delivering digital technology to connect providers and their patients. The combined company currently has approximately 1,000 employees supporting more than 100,000 healthcare providers who are delivering care to more than 85 million patients in the U.S.
“Tebra is building the operating system for the connected practice of the future with solutions to support practice growth, the patient experience, care delivery, and the billing and payments process,” Travis Schneider, co-CEO and co-founder of PatientPop, said. “But this merger also creates a network of providers and patients and we’re excited to bring new solutions to the market built on top of our network.”
Tebra will leverage the expertise of the PatientPop and Kareo founders, executive teams, and boards of directors. Kareo CEO and founder Dan Rodrigues will serve as the CEO of Tebra. PatientPop co-CEOs and co-founders Luke Kervin and Travis Schneider will serve as Tebra’s Chief Innovation Officer and Chief Corporate Development Officer, respectively. Tebra has formed a new executive team and board of directors comprised of executives and board members drawn from both PatientPop and Kareo. Tebra has received $65 million in additional growth financing from Golub Capital to support the merger.
PatientPop and Kareo will continue to operate under their respective brands for now. With Tebra, joint customers will be able to use PatientPop and Kareo together powered by a deep, seamless product integration. Both companies also remain committed to supporting and expanding integrations with EHR and practice management partners and other third-party healthcare technology products.
J.P. Morgan Securities LLC acted as exclusive financial advisor to Kareo. Fenwick & West LLP provided legal counsel to Kareo. Cooley LLP provided legal counsel to PatientPop.
For more information and updates on the merger, visit www.tebra.com.
PatientPop is an industry leader in practice growth technology with a platform that helps thousands of providers promote their practice, attract and acquire patients, and retain them, for a thriving business. The integrated platform eases and enhances the patient journey from start to finish, with a streamlined digital workflow that significantly reduces work for providers and staff. PatientPop has been recognized with many industry awards and accolades including the Inc. 500, Deloitte Fast 500, Entrepreneur 360, Consumer World Awards, Capterra Shortlist, G2 Leader, and Silicon Review 50 Fastest Growing Companies. PatientPop has headquarters in Santa Monica, California. For more information, visit www.patientpop.com.