CareCloud closes oversubscribed capital raise of $2.3 million for healthcare IT ecosystem

CareCloud, a provider of web-based physician practice software and services, today announced it has closed an oversubscribed capital raise of $2.3 million. Investors include a cadre of prominent entrepreneurs and business leaders.

Internet-based software solutions are severely lacking in the healthcare industry. CareCloud is one of the few companies to deliver a truly modern, web-based solution to medical practices. The Company's cloud-computing platform provides physicians the opportunity to adopt world-class technology with little to no capital investment.

CareCloud connects users through a social networking-based business and clinical system. "The CareCloud platform treats healthcare and its participants as an ecosystem whereby physicians, patients and others can transact on a business level and collaborate on a human level," said Albert Santalo, CareCloud's founder and CEO. CareCloud also provides a revenue cycle management service that liberates the practice from managing expensive back-office posting and collections efforts.

CareCloud is currently servicing a limited number of clients on its practice management software and revenue cycle management service as it prepares for full product launch in Q2 2010. CareCloud is utilizing the proceeds of this round for development of its electronic medical records product and ongoing sales and marketing efforts.

The Company will be presenting at the 2010 Florida Venture Forum Conference, a statewide event that has attracted more than $1.9 billion dollars in venture capital funding for Florida-based companies since its inception. For additional information about the conference visit the web site at www.floridaventureforum.org.