Tebra raises $72 million to scale its operating system for independent practices

As medical practices strive to modernize their technology and become more consumer-focused, their efforts are often complicated by a slew of vendor point-of-sale solutions.

A startup wants to change that.

“A lot of them use four or five different products in their practice and don’t have in-house IT. It’s hard to put a solution together this way,” said Dan Rodrigues, co-founder and CEO of Tebraa company created last year to solve this problem.

Tebra was based in November following a merger between PatientPopa provider of marketing and practice management software, and Kareo, which sells cloud-based clinical and financial software. On Thursday, the company, which has two headquarters in Newport Beach and Santa Monica, announcement it raised over $72 million in funding and reached a valuation of over $1 billion. Golub Capital led the investment, which includes both growth capital and debt financing.

By Combining technology from PatientPop and Kareo, Tegra creates a unique platform that Rodrigues hopes physicians can rely on to modernize and grow their practices.

“The name Tebra comes from ‘vertebra’, symbolizing our role as the technological backbone for the success of the practice,” he said. “Just as individual vertebrae come together to support the human body, our comprehensive operating system supports practices, providers and patients.”

The company’s platform offers a suite of practice management solutions covering the following four areas: practice growth, patient experience, billing and care delivery.

Tebra’s practice growth technology offers tools for search engine optimization, digital ad serving, website design, and reputation management. Its patient experience software streamlines communication with patients, from scheduling to appointment reminders to payment. The medical billing solution allows practices to register, submit, track and reconcile claims in one place.

Clinically, Tebra’s EHR solution is designed to reduce documentation so clinicians have more time to spend with their patients. It offers tools for clinical record creation, automated patient documentation, electronic prescriptions, and telehealth appointment hosting.

Tebra sells its software to independent firms of all sizes. The company’s platform is used by more than 100,000 providers serving 90 million patients, according to Rodrigues.

While he used to identify NextGen Healthcare, Athenahealth, ZocDoc and Podium as competitors of Kareo or PatientPop, Roridgues says they don’t feel the same way after the merger. He said Tebra is the first company to serve as a “complete operating system for practices” and argued that no other company can solve the problem of fragmented healthcare software vendors as well as its own. Tebra declined to give details of its annual revenue and profitability.

The company, which currently has more than 1,000 employees, will use its new funding to scale its sales and marketing teams. This will help increase Tebra’s market share and reinforce its new brand image, according to Rodrigues.

As the company continues to grow, he said he sees several opportunities for features Tebra could add to its platform in the future.

For example, the company dips its toes into the world of credit card processing. Since an increasing share of doctors’ income comes from credit cards, he said it made sense to integrate this treatment into Tebra’s platform. The company is also considering the possibility of creating an online network that connects patients to the right telehealth or in-person care providers.

Photo: Witthaya Prasongsin, Getty Images

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