Practice management software company Tebra secured more than $72 million in equity and debt financing from Golub Capital, boosting its valuation to over $1 billion.

WHAT IT DOES

Tebra is the result of a recent merger between Kareo, which offers clinical and financial software, and PatientPop, which provides tools for patient engagement and practice growth. The deal closed in November.

The combined company includes products for building a medical practice's website and advertising its services, online scheduling and patient reminders, telehealth, an EHR, billing and payment, as well as data analytics. 

Tebra will use the capital to accelerate its post-merger plans, like growing market share, developing and launching products as a combined company and branding the new entity. 

"With this new investment from Golub Capital, we’ll be able to accelerate Tebra’s mission to unlock better healthcare by helping independent practices bring modernized care to patients everywhere," CEO and cofounder Dan Rodrigues said in a statement.

"Simultaneously, we will broaden our market reach and launch new solutions, helping an even larger number of physicians with digital tools and support to attract new patients, get paid quicker and operate their practice more efficiently."

MARKET SNAPSHOT

PatientPop raised $50 million in Series C funding in 2020 and $25 million in 2018. According to Crunchbase, Kareo last raised nearly $10 million in 2018. It also acquired billing-automation company PatientlySpeaking last year, and patient-communications tool DoctorBase in 2015.

Another company in the practice management space, NexHealth, announced it had wrapped up a $125 million Series C funding round in April, bringing the company to a $1 billion valuation. It offers tools for online scheduling, marketing and patient engagement.

Patient communication platform Luma Health scored $130 million late last year. Change Healthcare recently unveiled a new suite of engagement tools that were designed in collaboration with Luma.

Meanwhile, SocialClimb, which is focused on marketing medical practices, announced a $12 million raise early last year.