CareCloud’s Year End Review 2022

Table of Content

[1] Introduction

[2] CareCloud at a Glance

[3] Events we Attended

[4] Events we Commenced

[5] Our Corporate Social Responsibility

[6] Key Milestones

[7] Awards, Certifications, and Achievements

[8] Financial Performance of CareCloud

[9] Meet our Ace Team

[10] Conclusion

Introduction

CareCloud experienced its own share of highs and lows in 2022, a year that was nothing short of a rollercoaster ride. Fortunately, the positive aspects were more prevalent and helped the Nasdaq-listed company achieve its set goals. The negative aspects helped us identify our weaknesses and focus on improving these areas.  

The leadership team believes it is beneficial to take some time to think about what was done well and what could be improved. We thought it would be helpful to share the details with all our business stakeholders, as it enables our strategic leaders to plan with better zeal and outlook. 

This article will explore and discuss the events that took place in CareCloud, including financial growth, new products or services, or marketing aspects.  

CareCloud at a Glance

CareCloud’s technology-enabled suite of solutions has helped clients increase financial and operational performance, streamline clinical workflows, and improve the patient experience. Solution offerings include practice management (PM), electronic health records (EHR), business intelligence, telehealth, revenue cycle management (RCM), and patient experience management (PXM). 

• Initial Public Offering – CareCloud initiated its IPO in 2014.
• Industry Leaders – The company offers industry-leading software solutions across the clinical, financial, and patient experience.
• $6 Billion – Powering healthcare transactions at scale, including $6 billion in insurance claims and patients’ receivables.
• 4,000 Employees – We have a global workforce of more than 4,000, with over 500 research and development and information technology staff members.
• Empowering Physicians – CareCloud serves approximately 40,000 providers with its innovative products and services in 80 medical specialties.
• Facilitating Healthcare Organizations – Serving more than 2,600 large and small medical practices, hospitals, and health systems in all 50 states.

The Events We Attended 

Events Covered in the U.S.

The events we targeted for exhibition or sponsorship in the U.S. enabled us to create a presence in the relevant market segments. So, we successfully positioned our tailored health IT solutions, which led to more business prospects and revenue. 

• 45th Annual APPNA Convention

CareCloud exhibited and sponsored at the 45th Annual APPNA Convention, held July 13-17, 2022, in Atlantic City, NJ.  At the event, CareCloud showcased its revenue cycle management (RCM) and electronic health records (EHR) solutions, which are designed to be efficient and easy-to-use in medical practices. 

• 2022 FIME

We also had a booth at the 2022 Florida International Medical Expo (FIME), held July 27-29, 2022, at the Miami Convention Center. At this event, CareCloud’s sales team explained how our digital health solutions can help healthcare facilities use innovative technologies to enhance patient engagement and satisfaction.   

• Becker’s Annual Meeting 2022

From April 25-28, CareCloud’s leadership team from its medSR division exhibited at Becker’s Annual Meeting 2022 in Chicago, an event focused on healthcare technology, revenue cycle management, and digital health. Our representative not only shared RCM values with healthcare providers in the U.S. but also better understood the information technology issues in healthcare and how innovation is changing how care is delivered. 

• Somos Summit 2022

CareCloud representatives also attended the Somos Summit 2022, which took place Sept. 27-28 at the Hilton Denver City Center in Colorado. The Somos Summit in 2022 was to connect with entrepreneurs and provide them with the best design and development services so they can be successful. Our company employs a professional team of designers and developers who work diligently to create tools and apps that automate tasks or streamline business workflows. By collaborating with our specialists, entrepreneurs can gain an advantage over the competition, as we have a proven track record of success. 

• AMBA Conference 2022

CareCloud became a network partner of the American Medical Billing Association (AMBA). Each year, AMBA hosts a grand event, which is an excellent opportunity for medical professionals and industry exhibitors to connect and work together to improve the healthcare industry. The primary objective of this conference is to share ideas, come up with new concepts, and collaborate. We participated in this conference to achieve the same. 

• 108th RSNA Annual Meeting

Our medSR division exhibited at the Scientific Assembly and Annual Meeting of the Radiological Society of North America (RSNA) on November 27-30 at McCormick Place Convention Center in Chicago. The 108th annual event explored radiology’s impact on the patient experience. At this event, medSR’s leadership team discussed how healthcare providers could harness medSR’s advisory and consulting capabilities to improve processes and increase efficiencies. 

Events Covered in Pakistan 

In Pakistan, we mostly went to events like open houses at universities or job fairs to build up our global workforce. Our team provides us with a competitive advantage by allowing us to offer tailored health IT solutions to our clients that fit their individual practice needs. Thus, the significant events we attended across Pakistani cities included:  

• SHEC Career Connect 2022  
• NUML Open House & Job Fair  

These events allowed us to bring new talent onboard, giving them a chance to further their career while providing us with a good mix of developers, accountants, doctors, lawyers, and more. 

The Event We Commenced

• CareCloud’s Virtual Analyst & Investor Day 2022

On Monday, December 12th, 2022, CareCloud, a leading healthcare IT service firm, held its first Virtual Analyst and Investor Day. CareCloud’s leadership team used this virtual event to share their plans to change healthcare for the better with innovative technology, reliable operations, and new, exciting products. It was an excellent opportunity for all investors looking to gain an advantage during these economic uncertainties.

The event was also held in Pakistan’s major cities, with potential investors physically attending. We had an incredible turnout for both our virtual and physical events, and we are feeling positive about the future of CareCloud. 

What We Have Done In 2022 to Ensure We Stay Socially Responsible! 

• Flood Relief Drive

Employees at CareCloud initiated a giving campaign to aid flood relief and recovery efforts in Pakistan. CareCloud leadership further bolstered the support by matching staff donations dollar for dollar. 

Pakistan has experienced a devastating situation due to the terrible floods caused by the longer-than-typical monsoon rains that started in mid-June and continued through August. More than 46,000 square miles of land were covered in water, destroying crucial infrastructure. Approximately 1,700 people have died, and 33 million have been forced to leave their homes. According to recent reports, children account for about one-third of the total number of casualties in Pakistan. They still face increased risks from hunger, waterborne illnesses, and drowning. 

As a result, all employees at CareCloud gave up one day’s salary to help those affected by the floods in Pakistan. Furthermore, our workforce distributed food and household items, established medical camps, and provided and installed shelters for people experiencing homelessness.  

• The HeadStart School

CareCloud set up a smart school with high-tech equipment in Bagh, Pakistan, to help improve the quality of education in the area. U.S. Ambassador to Pakistan Donald Blome joined CareCloud representatives at the launch of a new HeadStart school in Bagh that uses cutting-edge technology. With more than 500 students enrolled, the school embodies the company’s mission to empower youth through technological excellence. The school provides high-quality education to its students, preparing them for the future. The new facility has been established to improve educational standards for Bagh residents and provide more opportunities to people living in the area. 

“[CareCloud] is a fantastic example of the kind of quality investment that brings economic growth and development, and Pakistan has enormous potential for more of this,” said Blome, who has served as U.S. Ambassador to Pakistan since April 2022. “This is an American firm that adheres to its principles of corporate social responsibility. They brought a beautiful school here and became part of the community. Pakistan can be a place that can draw this kind of investment, and I think the world has to see more of it – has to see examples like this.” 

GlobeNewsWire 

The Key Milestones We Achieved in the Year 2022 

• PrecisionBI Platform Update

CareCloud announced the release of version 7 of their PrecisionBI (PBI) software – a significant platform upgrade designed to support current customers and enable future growth. PBI, CareCloud’s healthcare analytics and business intelligence platform, has been updated to be cloud-based, scalable, and platform agnostic. 

The seventh version of PBI has been completely updated to use Angular JS and Microsoft.NET to run on a single, cutting-edge SaaS-based platform. Furthermore, its service-oriented architecture (SOA) has been used to create more reliable, scalable, and manageable API requests. 

• Patient Engagement Solution – Breeze Update

CareCloud’s patient engagement contactless solution, Breeze, recently introduced a new smart scheduler feature set to help streamline patient visits. In addition, a new pay-by-text service was also added to facilitate patients with ease of payment and flexibility. 

• CareCloud Connector – Interoperability Solution

CareCloud Connector was the first product released as part of CareCloud’s new technological platform, CareCloud Conductor. This new platform allows users to connect and share data between different software applications. A series of technologies were created to facilitate connectivity, interoperability, and data transformation between other computer systems. CareCloud has announced they will introduce new products in the Conductor suite in the next few years to support the growing importance of health IT developers and investments in digital health. 

“As one of the industry’s first true libraries of plug-and-play integration and customizable tools, CareCloud Connector transforms laborious developmental projects into simple and secure activations,” said Adeel Sarwar, Chief Technology Officer, CareCloud. “Connector makes data exchange and management simple and cost-effective for industry participants.” 

GlobeNewsWire 

• talkEHR Technology Platform Update

In the same year, talkEHR released a new update that added several features designed to give physicians more power. 

• CareCloud’s Wellness Suite Bring Next-Generation CCM Services

CareCloud also rolled out its new CareCloud Wellness Chronic Care Management (CCM) product to its clients. Since the beginning of Q2 2022, customers have signed up for CareCloud Wellness in 12 states and nine practice specialties. CareCloud’s expanding array of digital health solutions helps clients offer software-enabled CCM services, which enhances patient care and providers’ income streams. 

• CareCloud Adds RPM to Its Suite of Digital Health Solutions

CareCloud also added remote patient monitoring (RPM) services to its CareCloud Wellness product line, which offers various digital health solutions. RPM lets medical professionals improve patient care by tracking some aspects of their health outside the clinic. 

CareCloud’s new RPM solution, which uses electronic devices connected via cellular technology, tracks, and documents patient health in real-time, such as blood pressure or pulse rate. These tools help healthcare professionals make clinical decisions and care for patients by giving them data-driven information about their illnesses. 

Our Awards, Certifications & Achievements

• CureAct certifications for talkEHR, Charts, and VertexDR.
• Toyota Supplier Excellence Award.
• Recognized in 2022 Best in KLAS Small Practice Ambulatory EMR/PM Category.
• Business.com Best Medical Billing Service.
• Business News Daily Best Workflow-Best Medical Software Review.
• TechRadar named CareCloud one of the best medical billing services in 2022.
• Market Leader Featured Customers’ 2022.
• CareCloud featured by Forbes Advisor.
• Medical PM Software Customer Success Report.
• Serving the US healthcare space for more than two decades.
• More than forty-thousand healthcare providers were leveraging our products and services.
• More than seventy medical specialties served with ready-to-use templates.
• Launched three transformational products, including CareCloud Remote, CCM, and RPM.
• Quick onboarding and consolidation of existing client relationships.

Overview of the Financial Performance of the Year 2022 

Q1 2022 – Highlights 

• Our revenue in Q1 was $35.3 million, which was 19% up compared to Q1 of 2021. 
• GAAP net income of $1.1 million, vs. a $2 million GAAP net loss in the first quarter of 2021. 
• Moreover, our adjusted net income in Q1 2022 was $3.5 million, or $0.23 per share. 
• While our adjusted EBITDA was $4.7 million, it was $1 million up from last year’s adjusted EBITDA, which was $3.7 million. 

Hadi Chaudhry, CareCloud’s Chief Executive Officer and President, said we’re delighted with our first quarter performance, which positions us to meet or surpass our annual expectations. He said we generated positive GAAP net income for the third quarter in a row, and Q1 2022’s revenue was a new record for us.  

We’re grateful for the creative work our product teams did in launching CareCloud Wellness and CareCloud Remote, two more digital health solutions. We had a great start, with seventy-five clients expressing interest in CareCloud Wellness in the first week. 

Q2 2022 – Highlights 

• Revenue in Q2 was $37.2 million, up 9% from Q2 2021. 
• In Q2 2021, there was a net loss of $2.7 million, while this year, we experienced a GAAP net income of $3.9 million. 
• Moreover, we have $5.6 million adjusted net profits or $0.37 per share. 
• Adjusted EBITDA of $7.0 million, up $1.3 million from Q2 2021’s adjusted EBITDA of $5.7 million. 

According to Mr. Chaudhry, during the second quarter, we inked organic recurring bookings that were projected to produce $5.5 million of annual sales, which is the biggest in CareCloud’s history and nearly double what we signed last year.  

This means our emphasis on organic growth is working. We’re happy to report $7.0 million in adjusted EBITDA, positive GAAP net income of $2.7 million, a new record, and 9% higher sales of $37.2 million compared to last year’s second quarter. 

Q3 2022 – Highlights 

• Revenue of $33.7 million, a 12% decline from Q3 2021 
• GAAP net income of $1.1 million, compared to net income of $1.5 million in Q3 2021 
• Adjusted net income of $3.3 million, or $0.21 per share 

• Adjusted EBITDA of $4.8 million, compared to $6.7 million in Q3 2021 

We beat our previous record for organic, recurring bookings in Q3. We also signed some good contracts this quarter that we thought would give us $7.1 million every year, which makes this year’s total $14.3 million more than any other year in our history.  

CareCloud Wellness, Remote Patient Monitoring, and Chronic Care Management also allowed physicians to improve patient care and pay for our services, which was a great way to cross-sell and accelerate our development. 

Year End – Highlights 

As of December 9, 2022,  

What We Expect to Achieve in 2023

We’ll have a similar situation in 2023 and plan accordingly for customer switches and retirements. For the first time ever, we’re looking at growth that doesn’t come from acquisitions. We plan to generate $4 billion from CareCloud alone.  

We expect the EBITDA margin will be steady from 2021 to 2022. The medSR business we acquired in 2021 should see 20% growth by 2023. We can’t predict the value of our share in the future, but if we’re patient, it might even out. 

Also, we’re changing our Nasdaq ticker from MTBC to CCLD on Tuesday, January 10, 2023. This will finish our transition, that’s been a long time coming. 

We’re a leading cloud-based corporation with an offshore services team. We’re looking forward to continuing our business and making our investors happy in the coming years. 

Meet Our Ace Team that Made It All Possible! 

A. Hadi Chaudhry

CEO & President

A. Hadi Chaudhry joined CareCloud, formerly MTBC, in October 2002 as Manager of IT, and later served as General Manager and Chief Information Officer through his appointment as Vice President of Global Operations in October 2016 and President in 2018. Today, he serves as CareCloud’s CEO and President. 

Steve Links

Chief Operating Officer 

30 years of experience in the healthcare and financial services industries, including 8.5 years at athenahealth. Led high-performance teams responsible for RCM of more than $9 billion in annual deposits.

Dwight Garwin 

Executive Vice President & COO of medSR 

30+ years of experience in healthcare technology, including tenures at athenahealth, Cerner, and Deloitte Consulting. Has experience in project management, ambulatory EHR implementation, revenue cycle management, budgeting, and strategic planning. 

Karl Johnson

President CareCloud Force

30+ years of experience in hospital administration and physician management; founded a large physician management company in 1997, acquired by CareCloud in 2016. 

Adeel Sarwar

Chief Technology Officer

Has spent 18 years at CareCloud, with extensive experience in designing and developing healthcare products’ unique ability to align revenue growth, strategy, and innovation with IT business goals. 

Dr. Iram Fatima

COO, EHR & Digital Health

Has been with CareCloud for 8 years. 5+ years of clinical experience as a hospitalist in medicine, surgery, and ICU. 3+ years of experience in managing the hospital, clinical, and non-clinical operations. 

Bill Korn

Chief Financial Officer 

Served as CFO for six other businesses, where he enabled one business to grow at an 87% CAGR through acquisitions and organic growth. Spent 10 years with IBM as a senior management team member that created IBM’s highly successful services strategy in the 1990s. 

Lorain Goetsch

Division President and Senior Vice President of Integrations 

20 years of experience with an in-depth understanding of the current and evolving needs of CareCloud’s industry and target market. 

Ali Shaukat

General Manager of Offshore Operations 

20 years of experience in healthcare IT, revenue cycle management, and technology industries. 5+ years of management experience with a team of 4,000+ employees delivering offshore operations. 

Bottom Line 

This article briefly overviews what CareCloud achieved in 2022 and plans to accomplish in the coming years. We hope the new year will bring more success to our venture and help us empower healthcare providers and facilities in the best ways possible.