CareCloud explained

CareCloud, Inc.
Type:Public
Traded As:NASDAQ:
Russell Microcap Index component
Industry:Healthcare IT
Founder:Mahmud Haq
Location:New Jersey, U.S.
Products:
Num Employees:4,000+
Revenue: $139 Million (2021)
Homepage:https://www.carecloud.com/

CareCloud, Inc. (formerly MTBC) is a publicly traded American healthcare information technology company that provides services, to healthcare providers and hospitals.[1] The Company maintains its headquarters in Somerset, New Jersey, and employs approximately 4,000 workers worldwide.[2]

CareCloud’s common stock trades on the Nasdaq Global Market under the ticker symbol “CCLD,” and its Series A (11%), and Series B (8.75%) Preferred Stocks trade on the Nasdaq Global Market under the ticker symbols “MTBCP” and “MTBCO.”[3]

History

CareCloud was founded as Medical Transcription Billing Corporation (MTBC) in 1999 by American entrepreneur Mahmud Haq.[4] The earliest days of the company were focused on providing transcription and manual medical billing to healthcare providers primarily located in New Jersey.[5] [6] [7] [8]

In 2004, the company developed a fully integrated suite of services that includes a proprietary practice management platform, ONC-ACB, meaningful use stage 2 certified complete electronic health records software and a revenue cycle management service.[9] [10]

On June 6, 2013, former ambassador to Pakistan Cameron Munter joined MTBC's Board of Directors.[11]

On July 23, 2014, the company went public on NASDAQ Capital Market under the ticker symbol "MTBC."[12] [13] [14] The preferred stock trades under “MTBCP.”

In 2017, the company launched talkEHR, the industry’s first voice-enabled electronic health record.[15] [16] [17] [18]

In 2019, they changed the corporation name from Medical Transcription Billing Corp. to MTBC, Inc.

In 2021, they changed the corporation name to CareCloud, Inc.[19] [20]

The company also has operations in Pakistan and Sri Lanka.[21]

Acquisitions

Post-IPO, the company (as MTBC) made 16 acquisitions including revenue cycle management and healthcare IT companies in the United States. Some of the key acquisitions include Gulf Coast Billing (2016),[22] Renaissance Physician Services (2016),[23] [24] MediGain (2016),[25] [26] Orion (2018).[27] [28]

In 2020, CareCloud (formerly MTBC) made two major acquisitions of healthcare technology companies; CareCloud Corporation and Meridian Medical Management for reportedly up to $40M and $24.8M, respectively.[29] [30] [31]

Products and services

CareCloud offers Software-as-a-Service (or SaaS) platform that includes revenue cycle management (RCM), business intelligence, telehealth, practice management (PM) electronic health record (EHR), patient experience management (PXM), Robotic Process Automation (RPA), and solutions for high-performance medical groups.[32] [33] [34] [35] [36]

Awards

In 2020, CareCloud (as MTBC) was awarded public company of the year by TechUnited New Jersey.[37] In years 2009-2012 and 2016, the company was included in the Deloitte Technology Fast 500 list as a fastest growing US tech company.[38] [39] [40] In years 2010-2013, they were included in the Inc. 5000 as a fastest growing US company.[41] In 2012, CareCloud was nominated for the US Secretary of State's Award for Corporate Excellence. In 2015, they were ranked as a Top 50 EHR software company by Medical Economics.[42]

Notes and References

  1. Web site: KLAS Research Vendors Profile. KLAS. 27 February 2014.
  2. Web site: Making global move. 27 February 2014.
  3. Web site: Nouri. Paul. April 30, 2015. Recent IPO Medical Transcription Billing Looks Like A Value Play With Growth Opportunities. live. https://web.archive.org/web/20150519031133/http://seekingalpha.com:80/article/3121126-recent-ipo-medical-transcription-billing-looks-like-a-value-play-with-growth-opportunities? . 2015-05-19 . November 5, 2020. seekingalpha.com.
  4. Web site: Jordan. George. Making a global move. 28 April 2014.
  5. Web site: Dynamic healthcare IT organization dishing out employment opportunities. 28 April 2014.
  6. News: Ambassador Munter Commends Rawalpindi’s Top Business Leaders for Creating Business Opportunities in Pakistan. 28 April 2014.
  7. Web site: MTBC - MTBC Inc Company Profile - CNNMoney.com. 2020-12-04. money.cnn.com.
  8. Web site: Medical Transcription Billing Corp. changes name to MTBC. 2020-12-04. www.spglobal.com. en-us.
  9. Web site: Business week listing. https://archive.today/20140227165242/http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=7828151. dead. February 27, 2014. Business Week. 27 February 2014.
  10. Web site: MTBC WebEHR2.0 achieves 2014 edition complete Healthcare IT certification. 27 February 2014.
  11. News: MTBC Appoints Former U.S. Ambassador to Board of Directors. 28 April 2014.
  12. Web site: Initial Public Offering. 1 August 2014.
  13. Web site: Closing of Initial Public Offering. 1 August 2014.
  14. Web site: Nasdaq Profile. 1 August 2014.
  15. Web site: Stock Market Insights Seeking Alpha. 2020-11-05. SeekingAlpha. en.
  16. Web site: MTBC names electronic health record entrepreneur to lead final stage of TalkEHR. 2020-11-05. www.spglobal.com. en-us.
  17. Web site: How MTBC's Continued Market Consolidation Makes Them the Next ATHN Tailwinds Research Group. 2020-11-05. en-US.
  18. Web site: What Happened To MTBC Stock On Tuesday? - mckennaa20'. 2020-11-05. Seeking Alpha. en.
  19. Web site: MTBC is Now CareCloud. 2021-04-01. finance.yahoo.com. en-US.
  20. News: March 1, 2021. "MTBC Announces Name Change to CareCloud, Inc., Doubles Down on Innovation & Growth". Nasdaq. March 1, 2021 .
  21. Web site: MTBC Contact Page. live. https://web.archive.org/web/20150601024409/http://www.mtbc.com:80/about-us/contact-us . 2015-06-01 . 2020-12-05. www.mtbc.com.
  22. Web site: Medical Transcription Billing makes first RCM acquisition of 2016. 2020-11-05. www.beckershospitalreview.com.
  23. Web site: MTBC Acquires Renaissance Medical Billing Mergr. 2020-11-05. mergr.com.
  24. Web site: Street Talk Episode 70 - Banks' Liquidity Conundrum Could Fuel M&A Activity. 2020-11-05. www.spglobal.com. en-us.
  25. News: Korn. Bill. 2016-10-19. Explaining MTBC's Acquisition Of MediGain. en-US. Seeking Alpha. 2017-02-14.
  26. Web site: http://pages/hit-consultant-llc/302199219847409. 2016-10-05. MTBC Acquires Revenue Cycle Management Company MediGain. 2020-11-05. en-US.
  27. Web site: http://pages/hit-consultant-llc/302199219847409. 2018-05-08. MTBC to Acquire Assets of Orion Healthcorp to Increase Revenues. 2020-11-05. en-US.
  28. Web site: Pizzutillo. Rich. 2018-07-03. MTBC wraps up Orion Healthcorp deal. 2020-11-05. ROI-NJ. en-US.
  29. Web site: 2020-01-09. CareCloud acquired by MTBC. 2020-11-05. Healthcare IT News. en.
  30. Web site: MTBC acquires healthcare technology company Meridian Medical Management. 2020-11-05. www.spglobal.com. en-us.
  31. Web site: 2020-01-08. MTBC Acquires Cloud-based EHR Platform CareCloud - Healthcare M&A. 2020-11-20. en-US.
  32. Web site: MTBC, Inc. SEC Filing, 8-K Aug. 18, 2020 9:05 AM. 2020-11-20. Seeking Alpha. en.
  33. Web site: 2020-08-04. MTBC Announces New Partnership with Lake Health Alliance. 2020-11-20. AiThority. en-US.
  34. Web site: 2020-08-24. MTBC’s PrecisionBI Releases Healthcare Analytics & BI Platform. 2020-11-20. AiThority. en-US.
  35. Web site: 2020-07-10. Bienestar Health Group Chooses MTBC to Deliver Telehealth Solutions. 2020-11-20. AiThority. en-US.
  36. Web site: Inc. CareCloud. 2020-06-17. MTBC Acquires Meridian Medical Management, a Former GE Healthcare IT Company. 2021-05-03. GlobeNewswire News Room. en.
  37. Web site: TechUnited Announces Winners of 24th Annual Awards Celebration - TechUnited:NJ. 2021-04-01. en-US.
  38. Web site: INC. Listing. 27 February 2014. INC.
  39. Web site: Deloitte Listing. dead. https://web.archive.org/web/20130504125641/http://www.deloitte.com/assets/Dcom-UnitedStates/Local%20Assets/Documents/TMT_us_tmt/us_tmt_fast500_rankings_020713.pdf. 4 May 2013. 27 February 2014.
  40. Web site: Deloitte 2016 Fast 500 Winners. live. https://web.archive.org/web/20161202170615/https://www2.deloitte.com/content/dam/Deloitte/us/Documents/technology-media-telecommunications/us-tmt-2016-fast-500-winners-brochure.pdf . 2016-12-02 . November 19, 2020. Deloitte.
  41. Web site: MTBC on Inc.com. live. https://web.archive.org/web/20130212124023/http://www.inc.com:80/profile/mtbc . 2013-02-12 . 2020-11-20. Inc.com. en.
  42. Web site: Top 50 EHR software companies of 2014. 2020-11-20. Medical Economics.

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