CareCloud Announces Major Credentialing Partnership with Leading Healthcare Technology Company

Rhea-AI Summary

CareCloud announces major credentialing partnership with a large US corporation in the healthcare technology sector

Positive

• CareCloud extends its credentialing services to the Company, expanding its reach to a vast customer base
• Credentialing-related denials plague over 50% of medical practices, creating financial burdens and hindering patient access
• CareCloud's credentialing technology accurately tracks and monitors the entire end-to-end credentialing process
• CareCloud is actively pursuing NCQA CVO certification, which can reduce turnaround times by up to 50%
• CareCloud's launch of certification for delegated credentialing is scheduled for the second half of 2024

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• None.

SOMERSET, N.J., Oct. 17, 2023 (GLOBE NEWSWIRE) -- CareCloud, Inc. (Nasdaq: CCLD, CCLDP, CCLDO), a leader in healthcare technology solutions for medical practices and health systems nationwide, today announced a major credentialing partnership with a large, publicly-traded U.S. corporation that stands as a frontrunner in the healthcare technology sector (referred to as "the Company”).

CareCloud initiated its partnership with the Company in late 2022 when the Company engaged in a substantial multi-million dollar agreement to leverage CareCloud Force, a workforce extension solution designed to bolster healthcare capabilities. As part of this evolving collaboration, CareCloud will now extend its credentialing services to the Company, thereby expanding the reach of CareCloud's credentialing services to a vast customer base encompassing tens of thousands within the Company's network.

According to Medical Group Management Association, credentialing-related denials plague more than 50% of medical practices, unleashing a chain of consequences with broad implications. These rejections result in postponed payments, amplified workloads, and substantial financial burdens. Furthermore, they can hinder patient access to preferred providers.

In the intricate world of healthcare credentialing, CareCloud distinguishes itself as a reliable partner, providing streamlined solutions that alleviate administrative complexities and streamline processes. CareCloud's credentialing technology accurately tracks and monitors the entire end-to-end credentialing process. This is supported by a proficient team of Certified Provider Credentialing Specialists and Certified Provider Enrollment Specialists.

CareCloud is also actively pursuing National Committee for Quality Assurance (NCQA) Credentials Verification Organization (CVO) certification. This certification further broadens CareCloud’s credentialing services by offering delegated credentialing tasks for organizations, particularly payers. This reduces administrative burdens on payers and can cut turnaround times by up to 50%. Achieving accreditation or certification from the National Committee for Quality Assurance (NCQA) is significant, as it demonstrates alignment with payer standards.

Karl Johnson, president of CareCloud Force, stated, "The Company, specializing in revenue cycle management services, found itself struggling with the challenge of client credentialing. CareCloud's comprehensive credentialing can help tie things together for this Company, streamlining the process, reducing errors, and ensuring timely enrollment.

“Furthermore, we're proud to report significant progress in our journey toward achieving certification for delegated credentialing. Our scheduled launch is set for the second half of 2024 and will begin with the top three commercial payers. This will be a pivotal step in streamlining the credentialing process and securing a competitive advantage."

To learn more about CareCloud’s comprehensive suite of technology-enabled services and solutions, visit carecloud.com/solutions.

About CareCloud
CareCloud (Nasdaq: CCLD, CCLDP, CCLDO) brings disciplined innovation to the business of healthcare. Our suite of technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care while reducing administrative burdens and operating costs. Learn more about our products and services, including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, patient experience management (PXM) and digital health, at www.carecloud.com.

Follow CareCloud on LinkedIn, Twitter and Facebook.

SOURCE CareCloud

Company Contact:
Larry Steenvoorden
Chief Financial Officer
CareCloud
ir@carecloud.com

Investor Contact:
Asher Dewhurst
ICR Westwicke
CareCloudIR@westwicke.com

Media Inquiries:
Alexis Feinberg
ICR Westwicke
CareCloudPR@westwicke.com

FAQ

What is the major partnership announced by CareCloud?

CareCloud has partnered with a large US corporation in the healthcare technology sector to extend its credentialing services.

What percentage of medical practices experience credentialing-related denials?

Over 50% of medical practices experience credentialing-related denials, causing financial burdens and hindering patient access.

What does CareCloud's credentialing technology do?

CareCloud's credentialing technology accurately tracks and monitors the entire end-to-end credentialing process.

What certification is CareCloud actively pursuing?

CareCloud is actively pursuing NCQA CVO certification, which can reduce turnaround times by up to 50%.

When is CareCloud planning to launch certification for delegated credentialing?

CareCloud is scheduled to launch certification for delegated credentialing in the second half of 2024.