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CareCloud, Inc.
Company typePublic
Nasdaq: CCLD
Russell Microcap Index component
IndustryHealthcare IT
Founded1999; 25 years ago (1999)
FounderMahmud Haq
HeadquartersNew Jersey, U.S.
Key people
Products
RevenueIncrease $139 Million (2021)
Number of employees
4,000+
Websitehttps://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

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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.”[13][14]

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.[8]

In 2021, they changed the corporation name to CareCloud, Inc.[19][20][21]

The company also has operations in Pakistan and Sri Lanka.[22]

Acquisitions

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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),[23] Renaissance Physician Services (2016),[24][25] MediGain (2016),[26][27] Orion (2018).[28][29]

CareCloud's office in Bagh, Azad Jammu Kashmir

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.[30][31][32]

Products and services

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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][37]

Awards

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In 2020, CareCloud (as MTBC) was awarded public company of the year by TechUnited New Jersey.[38][39] In years 2009-2012 and 2016, the company was included in the Deloitte Technology Fast 500 list as a fastest growing US tech company.[40][41][42] In years 2010-2013, they were included in the Inc. 5000 as a fastest growing US company.[43] In 2012, CareCloud was nominated for the US Secretary of State's Award for Corporate Excellence.[11] In 2015, they were ranked as a Top 50 EHR software company by Medical Economics.[44]

References

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  1. ^ "KLAS Research Vendors Profile". KLAS. Retrieved 27 February 2014.
  2. ^ "Making global move". Retrieved 27 February 2014.
  3. ^ Nouri, Paul (April 30, 2015). "Recent IPO Medical Transcription Billing Looks Like A Value Play With Growth Opportunities". seekingalpha.com. Archived from the original on 2015-05-19. Retrieved November 5, 2020.
  4. ^ Jordan, George. "Making a global move". Retrieved 28 April 2014.
  5. ^ "Dynamic healthcare IT organization dishing out employment opportunities". Retrieved 28 April 2014.
  6. ^ "Ambassador Munter Commends Rawalpindi's Top Business Leaders for Creating Business Opportunities in Pakistan". Retrieved 28 April 2014.
  7. ^ "MTBC - MTBC Inc Company Profile - CNNMoney.com". money.cnn.com. Retrieved 2020-12-04.
  8. ^ a b "Medical Transcription Billing Corp. changes name to MTBC". www.spglobal.com. Retrieved 2020-12-04.
  9. ^ "Business week listing". Business Week. Archived from the original on February 27, 2014. Retrieved 27 February 2014.
  10. ^ "MTBC WebEHR2.0 achieves 2014 edition complete Healthcare IT certification". Retrieved 27 February 2014.
  11. ^ a b "MTBC Appoints Former U.S. Ambassador to Board of Directors". Retrieved 28 April 2014.
  12. ^ "Initial Public Offering". Retrieved 1 August 2014.
  13. ^ a b "Closing of Initial Public Offering". Retrieved 1 August 2014.
  14. ^ a b "Nasdaq Profile". Retrieved 1 August 2014.
  15. ^ "Stock Market Insights | Seeking Alpha". SeekingAlpha. Retrieved 2020-11-05.
  16. ^ "MTBC names electronic health record entrepreneur to lead final stage of TalkEHR". www.spglobal.com. Retrieved 2020-11-05.
  17. ^ "How MTBC's Continued Market Consolidation Makes Them the Next ATHN | Tailwinds Research Group". Retrieved 2020-11-05.
  18. ^ "What Happened To MTBC Stock On Tuesday? - mckennaa20'". Seeking Alpha. Retrieved 2020-11-05.
  19. ^ "MTBC is Now CareCloud". finance.yahoo.com. Retrieved 2021-04-01.
  20. ^ Your Doctor's Office is more Innovative that you Think - Introducing CareCloud, archived from the original on 2021-12-15, retrieved 2021-04-01
  21. ^ ""MTBC Announces Name Change to CareCloud, Inc., Doubles Down on Innovation & Growth"". Nasdaq. March 1, 2021. Retrieved March 1, 2021.
  22. ^ "MTBC Contact Page". www.mtbc.com. Archived from the original on 2015-06-01. Retrieved 2020-12-05.
  23. ^ "Medical Transcription Billing makes first RCM acquisition of 2016". www.beckershospitalreview.com. Retrieved 2020-11-05.
  24. ^ "MTBC Acquires Renaissance Medical Billing | Mergr". mergr.com. Retrieved 2020-11-05.
  25. ^ "Street Talk Episode 70 - Banks' Liquidity Conundrum Could Fuel M&A Activity". www.spglobal.com. Retrieved 2020-11-05.
  26. ^ Korn, Bill (2016-10-19). "Explaining MTBC's Acquisition Of MediGain". Seeking Alpha. Retrieved 2017-02-14.
  27. ^ http://pages/hit-consultant-llc/302199219847409 (2016-10-05). "MTBC Acquires Revenue Cycle Management Company MediGain". Retrieved 2020-11-05.{{cite web}}: CS1 maint: numeric names: authors list (link)
  28. ^ http://pages/hit-consultant-llc/302199219847409 (2018-05-08). "MTBC to Acquire Assets of Orion Healthcorp to Increase Revenues". Retrieved 2020-11-05.{{cite web}}: CS1 maint: numeric names: authors list (link)
  29. ^ Pizzutillo, Rich (2018-07-03). "MTBC wraps up Orion Healthcorp deal". ROI-NJ. Retrieved 2020-11-05.
  30. ^ "CareCloud acquired by MTBC". Healthcare IT News. 2020-01-09. Retrieved 2020-11-05.
  31. ^ "MTBC acquires healthcare technology company Meridian Medical Management". www.spglobal.com. Retrieved 2020-11-05.
  32. ^ a b "MTBC Acquires Cloud-based EHR Platform CareCloud - Healthcare M&A". 2020-01-08. Retrieved 2020-11-20.
  33. ^ "MTBC, Inc. SEC Filing, 8-K Aug. 18, 2020 9:05 AM". Seeking Alpha. Retrieved 2020-11-20.
  34. ^ "MTBC Announces New Partnership with Lake Health Alliance". AiThority. 2020-08-04. Retrieved 2020-11-20.
  35. ^ "MTBC's PrecisionBI Releases Healthcare Analytics & BI Platform". AiThority. 2020-08-24. Retrieved 2020-11-20.
  36. ^ "Bienestar Health Group Chooses MTBC to Deliver Telehealth Solutions". AiThority. 2020-07-10. Retrieved 2020-11-20.
  37. ^ Inc, CareCloud (2020-06-17). "MTBC Acquires Meridian Medical Management, a Former GE Healthcare IT Company". GlobeNewswire News Room. Retrieved 2021-05-03. {{cite web}}: |last= has generic name (help)
  38. ^ CFO Bill Korn on MTBC’s recent award as the 2020 Public Company of the Year, archived from the original on 2021-12-15, retrieved 2021-04-01
  39. ^ "TechUnited Announces Winners of 24th Annual Awards Celebration - TechUnited:NJ". Retrieved 2021-04-01.
  40. ^ "INC. Listing". INC. Retrieved 27 February 2014.
  41. ^ "Deloitte Listing" (PDF). Archived from the original (PDF) on 4 May 2013. Retrieved 27 February 2014.
  42. ^ "Deloitte 2016 Fast 500 Winners" (PDF). Deloitte. Archived (PDF) from the original on 2016-12-02. Retrieved November 19, 2020.
  43. ^ "MTBC on Inc.com". Inc.com. Archived from the original on 2013-02-12. Retrieved 2020-11-20.
  44. ^ "Top 50 EHR software companies of 2014". Medical Economics. Retrieved 2020-11-20.
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