COMPUTER PROGRAMS & SYSTEMS INC - CPSI STOCK NEWS

CPSI reported significant growth in their fourth quarter and full-year results for 2022. Fourth quarter revenue reached $83.2 million, a 12% increase from $74.0 million in 2021, largely driven by a 29% growth in TruBridge revenue cycle management (RCM) revenue, which accounted for 55% of total revenue. Full-year revenue also saw an increase to $326.6 million from $280.6 million. The company provided revenue guidance for 2023, expecting between $340 million and $350 million. CEO Chris Fowler emphasized the company's focus on innovation and new client acquisition, reflecting a retention rate exceeding 95%.

CPSI announced it will release its financial results for Q4 and the full year ending December 31, 2022, on February 14, 2023, after market close. The company will host a conference call at 4:30 p.m. Eastern Time on the same day. Interested parties can listen to the live broadcast on the company’s website, www.cpsi.com, with a replay available for 30 days post-broadcast.

CPSI provides healthcare solutions for community hospitals and their facilities, with a commitment to enhancing patient care and improving financial operations.

CPSI has announced significant executive changes aimed at enhancing its strategic direction and improving access to healthcare. Following the appointment of Chris Fowler as CEO, the company has designated Dawn Severance as Chief Sales Officer, overseeing sales across all units, while David Dye transitions to COO to unify business operations. Newly appointed leaders for revenue cycle management, patient engagement, and electronic health records have extensive industry experience, positioning CPSI for growth. The restructuring aligns with CPSI's commitment to serving healthcare providers and improving patient care.

CPSI reported third quarter 2022 revenues of $82.8 million, up from $70.1 million year-over-year. GAAP net income was $2.2 million, or $0.15 per diluted share, compared to $2.7 million, or $0.19 per diluted share in Q3 2021. Adjusted EBITDA was $13.3 million, with cash from operations at $11.1 million, significantly up from $1.3 million in the same period last year. Nine-month totals showed revenues at $243.4 million and net income at $13.4 million. Net debt increased to $124.8 million from $98.1 million.

CPSI (NASDAQ: CPSI) will announce its third-quarter financial results for the period ended September 30, 2022, on November 1, 2022, after market close. Following the release, a conference call will take place at 4:30 p.m. Eastern Time that same day. Interested parties can listen to the call live via CPSI’s website, with a replay available for 30 days after the broadcast. As a provider of healthcare solutions, CPSI focuses on improving patient care and financial operations across community hospitals and post-acute care facilities.

CPSI (NASDAQ: CPSI) has partnered with i2i Population Health to enhance population health management capabilities. This collaboration aims to improve patient satisfaction and community health while enabling CPSI clients to boost quality performance, resulting in increased revenue and reimbursement. The integrated platform allows clients to analyze data from the Evident EHR system, helping to close gaps in care and meet quality program performance demands. The partnership addresses the growing need for healthcare providers to engage in alternative payment models (APMs) effectively.

Iodine Software has partnered with TruCode, a CPSI company, to enhance clinical documentation improvement (CDI) for healthcare organizations. The integration of TruCode Encoder Essentials into Iodine's AwareCDI suite aims to streamline workflows, reduce physician burnout, and improve revenue capture. This collaboration targets the significant revenue losses—estimated at $5-10M for a typical 250-bed hospital—caused by inaccurate documentation. Iodine's AwareCDI, recognized as the 2022 Best in KLAS CDI Software, uses advanced AI technology to maximize coding efficiency and support accurate claim reimbursement.

CPSI (NASDAQ: CPSI) has extended its $30 million stock repurchase program to September 4, 2024. Initially approved on September 4, 2020, the program allows the repurchase of shares through various means, including open market purchases. As of August 2, 2022, CPSI has repurchased 146,200 shares worth $4.4 million, leaving $25.6 million for future repurchases. The program will be funded via cash on hand and operating cash flow, adjusting based on market conditions.