On Monday, December 12th, 2022, CareCloud successfully held its first Virtual Analyst and Investor Day. After delivering insightful presentations, its leadership team and clients participated in Q&A sessions with the event attendees.
Nathalie Garcia, Associate General Counsel and CareCloud’s Chief Compliance Officer, greeted the audience and commenced the event. She read the disclaimer, which noted that all predictions made in the webcast were not promises or guarantees of the future and were subject to various risks and uncertainties.
Hadi Chaudhry, CEO of CareCloud, then joined the webcast. After a brief self-introduction, he conversed about CareCloud’s past. Hadi discussed the history of CareCloud, including how an American entrepreneur Mahmud Haq founded it as MTBC in 1999. Medical billing problems prevented Mr. Haq’s wife, a physician, from providing proper patient care.
Mr. Haq then created MTBC, which is currently known as CareCloud. While initially concentrating on manual medical billing transcription, the company soon realized that other healthcare technology solutions were also necessary for high-quality patient care. To manage data, communicate securely with staff, and provide patients with follow-up care, medical practices can now benefit from CareCloud’s comprehensive healthcare technology solutions.
“To adjust to the change in need of the US healthcare system, and healthcare providers will need the right technology services and solutions that provide data and insights. As one the largest provider of healthcare solutions, CareCloud is uniquely positioned to help healthcare providers move past these burdens and easily transition into the next generation of healthcare.” – Hadi Chaudhry, CEO CareCloud
He continued by updating the audience on CareCloud’s current situation, noting that while it still upholds the founding ideals, it has since expanded and improved its offerings to better meet the healthcare industry’s demands. In all 50 states of the United States, 40,000 providers across 80 medical specialties use the solutions and services provided by CareCloud, which has a global team of 4,000 employees.
After acquiring the software-focused healthcare IT company in 2020, MTBC underwent a complete rebranding and evolved into CareCloud. Since then, they have acquired Santa Rosa Staffing, MedMatica Consulting Associates, and Meridian Medical Management, which provides industry-leading RCM and EHR solutions. It aided CareCloud in establishing a more substantial presence in the healthcare field.
Since the COVID-19 pandemic, more people have started using healthcare technologies and tech-enabled solutions because they are the building blocks of the industry’s future. Hadi described how CareCloud hopes to influence these developments because they continually present new challenges for healthcare professionals. Although CareCloud has recently experienced tremendous success and growth, it is now focusing on organic growth. After briefly introducing the company’s leadership team and webcast speakers, the CEO handed the session off to CareCloud’s chief operating officer, Steve Link.
Steve emphasized CareCloud’s statistical data, which included the number of delivery teams, each of which has 4,000 employees worldwide. Our readers can take a look at the summary of his portion of the session below.
- CareCloud has four offshore delivery facilities across Sri Lanka and Pakistan.
- California, Florida, New Jersey, and Connecticut each have four delivery centers.
- They’ve worked with more than 80 different medical specialties.
- They have years of experience in both financial and medical fields.
- CareCloud’s total annualized revenue is $6 billion.
- More than 40,000 medical professionals are using their products.
Steve turned the meeting over to CareCloud’s offshore leaders, Ali Shaukat, General Manager of CareCloud’s offshore operations, and Division President and Senior Vice President of integrations, Loraine Goetsch, after going into great detail about the company’s financial success.
They gave the attendees a virtual tour of CareCloud’s biggest offshore office in Bagh AJK, Pakistan. The thorough tour illustrated CareCloud’s dedication to its staff and the AJK neighborhood. Although CareCloud has offices all over Pakistan, its Bagh facility is the biggest, employing more than 2,500 people, nearly 20% of whom are women.
During the tour, attendees met several CareCloud team leads and managers, who described their positions, how CareCloud had significantly impacted the healthcare industry, and the teams that had made it happen. Additionally, two of CareCloud’s top customers, Dr. Carey Sambogna, VP of Client Services for Fox Rehabilitation, and Dashun Monk, CFO of Hutchinson Clinic, elaborated on their experiences at the virtual analyst and investor day about how the company’s solution and collaboration enabled them to give patients better care.
“Thank you for inviting me to join you today. I feel honored to share about our partnership as a lot of blood, sweat, and tears have gone into the work we do together to get it to the place we are today.” – Dr. Carey Sambogna , Vice President of Client Services, Fox Rehabilitation
The event was continued by Dwight Garvin, Executive Vice President and Chief Operating Officer of medSR, a subsidiary of CareCloud. He described medSR’s history, services, and particular difficulties in detail. In 2021, CareCloud acquired medSR after its creation through the merger of MedMatica Consulting Associates, Inc. and Santa Rosa Staffing, Inc. With the help of CareCloud’s worldwide workforce and 150 US-based consultants with an average of 20 years of experience, this new organization has assisted 225 hospitals over the last several years.
The combination of MedMatica’s revenue cycle advisory services and Santa Rosa’s demand staffing, technology transformation, and implementation practice learning and advisory services, along with CareCloud’s revenue cycle management services, credentialing robotic processing automation, BI tools, and staff augmentation, resulted with medSR’s four unique service lines, including:
- Technology transformation services
- Advisory services
- Revenue cycle practices
- On demand subscription-based services
After that, President of CareCloud Force, Karl Johnson, continued the discussion by going over CareCloud’s sales and marketing initiatives and market position. Along with describing the elements of CareCloud’s expansion plan, he illustrated his points with descriptive data about healthcare spending, which is projected to reach $8.3 trillion by 2040. He also informed the audience that technology spending rises more quickly in healthcare, rising 33% between 2019 and 2020 to reach over $11 billion.
He emphasized how CareCloud offers software solutions that give doctors payment reminders, personalized websites, revenue management, and other technology-enabled solutions to meet the growing demands of healthcare technology concerns.
The webcast continued with a presentation by Mr. Adeel Sarwar, CTO of CareCloud, who elaborated on the company’s product journey and portfolio. Adeel began his presentation by listing the following CareCloud products along with their year of release:
- 2003- 2004: 1st generation Practice Management solution, revenue cycle management solution and clearing house.
- 2005: 1st generation Electronic Health Records
- 2006: Claim scrubbing engine which was integrated in HER and RPM
- 2007: Patient Experience Management solutions
- 2008: Products were upgraded to Microsoft. Net Technology
- 2009: 2nd generation EHR solutions
- 2010: Cloud-based technology solutions, Cloud-based HER
- 2012: 3rd generation cloud-based EHR solution
- 2015: 4th generation EHR solution with the integration of virtual assistant – Allison
- 2017: Upgraded RCM to cloud-based technology
- 2018: Telehealth platforms
- 2020- Patient experience management solution (Breeze), Precision BI and Robotic process automation.
- 2021: CareCloud Connector with resolved interoperability concerns
- 2022: CareCloud Wellness solution focusing on value-based care; Chronic Care Management and Remote Patient Monitoring.
This effectively demonstrates CareCloud’s mission to digitize the healthcare sector. As a healthcare IT company, they offer their clients cutting-edge technology and routinely update their infrastructure to ensure that their customers can access tech-enabled solutions.
The next presenter on the Virtual Analyst and Investor Day was Dr. Iram Fatima, who is the Chief Operating Officer for EHR and Digital Health. After a warm welcome, she exhibited a video clip that helped attendees understand more about CareCloud Wellness, which deals with Chronic Care Management and Remote Patient Monitoring. Following this, she also talked about the ongoing difficulties brought on by the rise in chronic care patients and how CareCloud solutions understand barriers faced by healthcare providers; therefore, Wellness was developed.
She also went over the main features of CareCloud’s Wellness suite and the value it creates for both patients and providers. To support her statement, Dr. Iram provided a case study of CareCloud’s client, Rocky Mountain, highlighting the advantages the practice enjoys using this product. She spoke about the next-generation integrated health ecosystem, which automates all facets of a practice’s administrative and clinical operations.
The final presenter of the event was Bill Korn, CareCloud’s Chief Financial Officer, who elaborated on the financial aspects of the company. CareCloud has grown at a 44% compound annual growth rate from 2017 to 2022. Most of this growth was with the aid of acquisitions which fell under the category of inorganic growth. CareCloud invested more in sales and marketing for organic growth rate increments instead of acquiring another organization for this year.
He informed attendees that this year’s three organic sources of new revenue would allow CareCloud to grow even without acquisitions.
The live webcast ended with a thorough and interactive Q&A session where attendees could quickly get in touch with any member of the leadership team or one of CareCloud’s clients to learn more about the company and its upcoming technological endeavors.
The recorded video of this event can be found on CareCloud’s IR Calendar. For more information, visit CareCloud or set up an appointment today.
Healthcare Business Today is a leading online publication that covers the business of healthcare. Our stories are written from those who are entrenched in this field and helping to shape the future of this industry. Healthcare Business Today offers readers access to fresh developments in health, medicine, science, and technology as well as the latest in patient news, with an emphasis on how these developments affect our lives.