True to its name originating from “vertebra,” physician enablement company Tebra closed $72M in growth financing to become the digital backbone for independent healthcare practices.
The funding brings Tebra’s total raise to $137M while minting a new digital health unicorn that’s looking to use the fresh capital to expand its market share, launch additional service lines, and overhaul its branding.
To jog the memory, Tebra was formed through the merger of Kareo and PatientPop late last year, and provides private practices a “complete operating system for practice success.”
- Tebra’s Care Delivery platform enables physicians to operate independently by providing a fully certified EHR, scheduling and billing support, and telehealth capabilities. Its Practice Growth service helps in areas such as patient marketing, website overhauls, and reputation management.
- Since the merger, Tebra has launched a two-way product integration that allows both platforms to share data and optimize performance, and it now supports over 100k providers delivering care to 90M patients.
Physician enablement companies have seen business boom throughout the pandemic as doctors look to keep pace with rising consumer expectations for personalized and remote care.
- Tebra counts athenahealth, ZocDoc, and Privia among its direct competitors, but new entrants like NexHealth and Podium have also been raising some huge funding rounds to compete in the healthcare arena.
- Tebra points to its unification of fragmented software as its biggest differentiator, and outside of combining Kareo and PatientPop’s solutions, it’s been building its all-in-one platform through acquisitions such as billing-automation company PatientlySpeaking and patient-communications tool DoctorBase.
As healthcare systems invest heavily in digital innovation, Tebra’s practice management platform is a lifeline for private practices trying to keep up. Without the financial buffer of larger systems, independent physicians have acutely felt the pandemic-driven declines in patient volumes, and Tebra’s new funding should help it support these practices by letting them offload administration and growth functions so that they can focus on delivering care.