CareCloud, Inc. Partners with DrFirst to Enhance Medication Adherence and Reduce Healthcare Costs
CareCloud, Inc. (Nasdaq: CCLD) has expanded its partnership with DrFirst to include RxInform functionality, aimed at improving medication adherence and reducing healthcare costs. This integration enhances CareCloud's platform by:
1. Addressing financial challenges through notifications and coupons for patients
2. Offering a seamless notification system for prescription updates
3. Providing text alerts throughout the prescription process
4. Incorporating coupons and discount cards to alleviate financial burdens
The partnership aims to reduce prescription abandonment, improve patient engagement, and ultimately lead to better health outcomes. DrFirst's RxInform has maintained a 95% satisfaction rate based on over 20 million patient ratings.
- Integration of RxInform functionality to improve medication adherence
- Potential reduction in prescription abandonment rates
- Enhanced patient engagement through text alerts and notifications
- Incorporation of coupons and discount cards to lower out-of-pocket costs for patients
- Expansion of existing partnership with DrFirst, including e-prescribing and PDMP solutions
- None.
Insights
The expansion of CareCloud's partnership with DrFirst to include RxInform is an important development that could have significant financial implications. From a financial perspective, enhancing medication adherence by addressing cost barriers and improving patient engagement can result in better health outcomes, which translates into higher demand for CareCloud's solutions. This increased demand can potentially boost the company's revenue and market share.
Medication adherence is a critical factor in healthcare management. By providing patients with timely notifications and financial assistance through coupons and discount cards, CareCloud is addressing one of the main reasons for prescription abandonment—cost. This move can lead to improved patient retention and satisfaction, which are key metrics in healthcare technology adoption.
In the short term, this partnership could drive more healthcare providers to adopt CareCloud's platform due to the enhanced functionality and patient-centric approach. In the long term, better health outcomes and reduced healthcare costs can position CareCloud as a leading player in the healthcare technology space. However, the impact on the stock price will depend on the company's ability to effectively market and leverage this new functionality to grow its user base and increase revenue.
The market will closely watch how this integration translates into financial performance in upcoming quarters, with a particular focus on growth in new provider sign-ups and patient engagement metrics.
The integration of RxInform into CareCloud's platform represents a significant step towards improving medication adherence, which is a well-documented challenge in healthcare. Medication adherence refers to whether patients take their medications as prescribed and it is a critical factor in achieving desired health outcomes.
By addressing barriers such as cost and forgetfulness through timely notifications and financial incentives, CareCloud is tackling key issues that contribute to non-adherence. Research shows that non-adherence can lead to worsening health conditions, increased hospitalizations and higher overall healthcare costs. Therefore, improving adherence can have substantial benefits not only for patients but also for the healthcare system as a whole.
This strategic integration is likely to enhance the effectiveness of CareCloud's platform by making it easier for patients to manage their prescriptions and adhere to treatment plans. The satisfaction rate of 95% cited by DrFirst based on 20 million patient ratings indicates a strong user approval, which bodes well for the adoption and effectiveness of this functionality.
For investors, the key takeaway is that CareCloud's focus on improving health outcomes through innovative tech solutions can strengthen its value proposition to both healthcare providers and patients, potentially leading to higher adoption rates and long-term growth. The success of this integration will be measured by metrics such as improved medication adherence rates and positive patient feedback.
From a market perspective, the integration of RxInform into CareCloud’s platform can significantly enhance its competitive edge in the healthcare technology market. The healthcare market is increasingly prioritizing patient engagement and cost reduction and CareCloud’s new functionality directly addresses these priorities.
The addition of RxInform can differentiate CareCloud in a crowded market by offering tangible benefits to both patients and healthcare providers. By reducing prescription abandonment rates through financial assistance and real-time notifications, CareCloud not only improves patient outcomes but also strengthens the loyalty and satisfaction of its provider network.
Furthermore, the healthcare technology market is driven by the adoption of solutions that can demonstrate clear improvements in patient care and operational efficiency. The success of this initiative could attract more providers to CareCloud’s platform, given the growing emphasis on value-based care, where healthcare providers are rewarded based on patient health outcomes rather than the volume of services provided.
For investors, understanding these market dynamics is crucial. CareCloud’s approach aligns with broader industry trends towards patient-centered care and cost-efficiency, which could enhance its market positioning and drive long-term growth.
SOMERSET, N.J., July 17, 2024 (GLOBE NEWSWIRE) -- CareCloud, Inc. (Nasdaq: CCLD, CCLDO, CCLDP), a leader in healthcare technology and generative AI solutions for medical practices and health systems nationwide, is pleased to announce the expansion of its strategic partnership with health technology pioneer DrFirst to now include integrated RxInform functionality, which is designed to improve medication adherence by increasing patient engagement and reducing the burden of high prescription costs.
“Through this new functionality, our platform is better positioned to reduce prescription abandonment by, among other things, addressing the financial challenges patients face when insurance does not fully cover medication costs through enabling our providers to generate relevant notifications and coupons to their patients,” said Al Nardi, CareCloud’s SVP Strategy and Chief Compliance Officer. “These coupons can substantially lower out-of-pocket costs for the millions of patients on CareCloud’s platform. This initiative not only alleviates financial burdens but also encourages adherence to prescribed treatments, leading to better health outcomes.”
CareCloud currently offers fully integrated DrFirst e-prescribing for controlled substances (EPCS) and prescription drug monitoring program (PDMP) solutions to its network of providers. With the incorporation of RxInform, it enhances its seamless notification system that keeps patients informed throughout the prescription process. Patients now receive text alerts when their prescription is sent, when it is ready for pick-up, and when coupons and discount cards are available, ensuring timely updates and convenience. By offering coupons, discount cards and reminders, CareCloud aims to support its practices who are striving to alleviate the negative effects of poor medication adherence.
DrFirst CEO G. Cameron Deemer explained, “When patients don’t pick up their prescriptions, it’s typically because they forget, they can’t afford the medication, or they are unsure about the instructions from their last office visit. Now doctors on the CareCloud platform can engage directly with patients on their mobile devices minutes after a new prescription is sent to the pharmacy. Over the past six years, RxInform has consistently received a satisfaction rate of
The expansion of this strategic partnership between CareCloud and DrFirst represents a significant advancement towards enhancing patient engagement and medication adherence. This collaboration is poised to reduce financial barriers, improve prescription pick-up rates, and ultimately lead to better health outcomes.
About CareCloud
CareCloud (Nasdaq: CCLD, CCLDP, CCLDO) brings disciplined innovation and generative AI solutions 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.
About DrFirst
Since 2000, healthcare IT pioneer DrFirst has empowered providers and patients to achieve better health through intelligent medication management. We improve healthcare efficiency and effectiveness by enhancing e-prescribing workflows, improving medication history, optimizing clinical data usability, and helping patients start and stay on therapy. In the last few years, DrFirst has won over 25 awards for excellence and innovation, including winning Gold in the prestigious Edison Awards in 2023, recognizing our game-changing use of AI to streamline time-consuming healthcare workflows and prevent medication errors. Our solutions are used by more than 350,000 prescribers, 71,000 pharmacies, 270 EHRs and health information systems, and over 2,000 hospitals in the U.S. and Canada. To learn more, visit DrFirst.com and follow @DrFirst.
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SOURCE CareCloud
Company Contact:
Al Nardi
anardi@carecloud.com
FAQ
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