Practice Better, a practice management platform for health and wellness practitioners, announced it raised $13 million in growth capital funded by CIBC Innovation Banking.

The funding comes one year after Practice Better scored a $27 million growth investment led by Five Elms Capital. 

WHAT IT DOES

Practice Better provides a suite of tools that integrate scheduling, telehealth, client engagement and billing, with the aim of helping practitioners save time on administrative tasks and concentrate on delivering client-centric care.

The company will use the funds to enhance its platform with AI, increase its product development, and scale its sales and marketing efforts.

"Since day one, our goal has always been to support practitioners and their clients by providing them with the tools they need for long-term success, and this partnership with CIBC Innovation Banking will allow us to accelerate that mission," Nathalie Garcia, cofounder of Practice Better, said in a statement.

"We’re excited to continue to solve real problems for our practitioners by expanding our platform and continuing to empower practitioners to run more efficient and successful practices." 

MARKET SNAPSHOT

Another company in the practice management space is Elation Health, which offers tools for telehealth, patient engagement and an EHR geared toward primary care providers.

In 2022, Elation scored $50 million in Series D funding, bringing its total raise to $108.5 million. The company secured $40 million in Series C financing in 2020. 

Another company offering technology and practice support services is UpStream Healthcare, which provides technology and support services for value-based primary care practices.

UpStream raised $140 million in Series B funding in 2022, bringing its total raise to nearly $185 million. A year before, UpStream raised $45 million in a Series A round.