Health IT · Practice management and EHR
DrChrono
An electronic health record built for the iPad in 2010 and sold to EverCommerce in November 2021 for $181.9 million in cash. The price never appeared in a press release. It appeared four months later in the buyer’s annual report.
Twenty minutes, back turned
Michael Nusimow was a software engineer at Bloomberg in New York, building pieces of the terminal, when his father got sick. He started going along to the appointments.
Some doctors arrived carrying manila folders crammed with paper and spent the visit paging through them. His father was taking more than 20 prescription drugs. Then came a visit to a major New York academic medical center.
“And the doctor spent 20 minutes with his back facing me and my father in the exam room, just hacking away in this computer terminal of computers built into the wall,” Nusimow said later. The software on the screen looked to him like it was already ten or fifteen years old.
In January 2010 Apple released the iPad software development kit. Nusimow and his old college roommate Daniel Kivatinos downloaded it and started writing. When the iPad shipped in April, they shipped too.
“We’re a non-health care company in health care,” Nusimow told Forbes. “We’re a tech company looking for tech solutions.”
What the federal subsidy left out
The timing was not luck. The HITECH Act had set aside billions to move physicians onto electronic records, paying a Medicare physician up to $44,000 over four years. The government picked that number, Nusimow later explained, because it was roughly what a hospital-grade system cost a small practice.
The vendors selling those systems were built around hospitals. Solo doctors were a low-margin afterthought, and the software showed it.
“Technology wasn’t speeding things up; it was built like an enterprise system and the doctor was secondary,” Nusimow said.
DrChrono inverted the price. It gave the certified EHR away free in the App Store and made its money on the back office: billing, claims, revenue cycle management. When PCMag reviewed it in 2018, paid tiers started at $199 per provider per month and the revenue cycle service at 6 percent of claims. The free tier was still there.
Two roommates from Stony Brook
Nusimow and Kivatinos met at Stony Brook University on Long Island, took the same computer science classes and roomed together. Nusimow spent more than seven years at Bloomberg, Kivatinos went to startups, and they reconnected seven or eight years after graduation.
“We went to college together back East and several years after graduating we met up to learn that we both had family members with unfavorable healthcare experiences,” they said in 2013.
They built the first version in New York inside the Rose Tech Ventures incubator, flew to California for Y Combinator planning to go home after three months, and stayed. Seed money followed: $675,000 in July 2011 from General Catalyst, Charles River Ventures, 500 Startups, Paul Buchheit, Matt Cutts and the Start Fund, then a round led by Yuri Milner announced in January 2012.
First on every new device
The company made a habit of arriving with the hardware. It built the iPad EHR against a software kit before anyone had an iPad, then repeated the trick. When Apple released the Watch development kit, DrChrono built against a simulator for months so the app would be in the store the day the hardware shipped.
“Over the past several years we’ve realized we’re creating wearable health records for doctors and patients,” Kivatinos told Healthcare IT News at HIMSS15 in April 2015.
The strategy earned rankings. DrChrono said Black Book named it the number one mobile EHR five years running through 2017, and the company site still carries that claim for 2013 to 2026. What never followed was a large equity round. After the seed money, the capital came from lenders: $10 million from SQN Ventures in 2018, $20 million from ORIX Growth Capital in 2020 in what ORIX called a growth capital debt investment, and more than $12 million from ORIX in 2021.
The exit nobody priced
On November 2, 2021, EverCommerce Inc., a Denver software company that had gone public four months earlier and was buying vertical SaaS businesses steadily, announced a definitive agreement. The release ended with a sentence that is standard and, here, temporary: terms of the acquisition will not be disclosed.
“I’m excited for DrChrono to be a new engine for growth inside of EverCommerce,” Nusimow said.
The deal closed on November 18. On March 15, 2022, EverCommerce filed its annual report, and Note 3 gave the number the releases had withheld.
What is proven, and what is still claimed
| Evidence | What the record shows | Source type |
|---|---|---|
| Acquisition price | EverCommerce’s fiscal 2021 Form 10-K: on November 18, 2021 it acquired 100 percent of DrChrono Inc. for $181.9 million, all cash. Allocation: goodwill $126.9M, customer relationships $53.97M, developed technology $8.48M, trade name $3.25M. Funded with a $155.0 million revolver draw. | Public record |
| Terms as announced | Both November 2021 releases omitted the price, and the first stated that terms would not be disclosed. Trade press reported terms as undisclosed. S&P Capital IQ reported approximately $180 million at the time; the 10-K put it at $181.9 million. | Claim differs from the record |
| Customers at close | More than 4,600 independent practices and 13,000 providers. Repeated by trade press, sourced to the companies. No independent count found. | Company-stated |
| Platform volume claims | Dec 2018: 13.2 million patients. Jan 2020: 17.8 million patients, more than $11 billion in billing to date. Jul 2021: over 28 million patients, still more than $11 billion to date. The patient count rose 57 percent in eighteen months while the cumulative billing figure did not move. | Company-stated |
| ONC certification | DrChrono states that DrChrono EHR 11.0 was certified by Drummond Group on May 31, 2022, CHPL product number 15.99.04.2897.DRCH.11.03.1.220531. The CHPL public API requires a registered key and was not queried here. | Company-stated |
| Corporate status after the sale | EverCommerce Exhibit 21.1 lists DrChrono Inc. as a Delaware subsidiary for fiscal 2021 and 2022, adds DrChrono Merger Sub, Inc. in fiscal 2022, and from fiscal 2023 onward lists EverHealth Solutions Inc. d/b/a DrChrono, still there in the exhibit filed March 12, 2026. | Public record |
| Founders today | The 2026 DrChrono about page lists an EverHealth leadership team under CEO Evan Berlin. Neither founder appears, and no filing states when either left. | Not found |
| Federal contracts | A USAspending.gov search of prime contract awards for DrChrono returned no results. | Not found |
Read plainly: the firmest part of this record is the part the company did not write. Scale and ranking come from DrChrono or its acquirer. Price and structure come from EverCommerce’s filings, which is the only reason the number is known. The $126.9 million of goodwill, 70 percent of the price, is the buyer saying it was paying for a customer base and a brand: developed technology was valued at $8.5 million, under 5 percent of the deal.
What to watch
- Whether the DrChrono brand survives. The legal entity was renamed EverHealth Solutions Inc. between the fiscal 2022 and fiscal 2023 annual reports.
- Evidence behind EverHealth Scribe, launched March 10, 2026. The claims of eight minutes saved per visit and a 32 percent rise in same-day claim submissions are attributed to CarePilot data, not an independent study.
- Certification maintenance. The current certificate dates to May 31, 2022 under the 2015 Edition Cures Update.
- Any impairment of the $126.9 million of goodwill, which would be the first public signal that the buyer thinks it overpaid.
In their words
“And the doctor spent 20 minutes with his back facing me and my father in the exam room, just hacking away in this computer terminal of computers built into the wall.”
Michael Nusimow, co-founder and CEO, founder interview · Interview
“We’re a non-health care company in health care.”
Michael Nusimow, Forbes profile · Independent
“Technology wasn’t speeding things up; it was built like an enterprise system and the doctor was secondary.”
Michael Nusimow, Forbes profile · Independent
“we have a saying inside drchrono, that we are only 1 percent done with our mission.”
The co-founders, Electronic Health Reporter, 2013 · Interview
“Over the past several years we’ve realized we’re creating wearable health records for doctors and patients.”
Daniel Kivatinos, Healthcare IT News, April 2015 · Independent
“Doctors are incredibly busy; drchrono on Apple Watch gives them insights about their practice and patients just by checking their wrist.”
Michael Nusimow, Apple Watch announcement, 2015 · Company release
“I’m excited for DrChrono to be a new engine for growth inside of EverCommerce.”
Michael Nusimow, EverCommerce release, Nov 2, 2021 · Company release
“EverHealth Scribe is a practical, purpose-built tool that fits inside the workflow clinicians already use.”
Evan Berlin, CEO of EverHealth, March 2026 · Company release
Related companies
Sources
- Public recordEverCommerce Inc. Form 10-K, fiscal 2021, Note 3
- Public recordEverCommerce Inc. Exhibit 21.1, subsidiaries, fiscal 2021 to 2025
- Public recordForm D, drchrono Inc., CIK 0001537488
- Public recordFDA, ClinicalTrials.gov, NIH, NSF, PubMed and USAspending searches
- IndependentY Combinator-Bred Drchrono Raises $675K
- IndependentDrchrono Raises $2.8M From Yuri Milner And Others
- InterviewThought Leadership Highlight, the co-founders
- InterviewDrchrono founder interview with Alan Olsen
- Independentdrchrono preps EHR, PHR for Apple Watch
- IndependentDrChrono Raises $10M from SQN Ventures
- IndependentDrChrono closes $20M from ORIX Growth Capital
- IndependentDrChrono acquired by EverCommerce
- IndependentDefinitive agreement to acquire DrChrono for approximately $180 million
- CompanyAcquisition and completion releases
- CompanyDrChrono Ranked Top EHR by KLAS and Black Book in 2017
- CompanyIs DrChrono ONC Certified Health IT?
- CompanyDrChrono Expands AI Capabilities with EverHealth Scribe
Profile researched and written by Healthcare Discovery. Last updated September 29, 2026.
