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Computer Programs & Systems Inc (CPSI) is a prominent player in the healthcare technology sector, primarily known for its Electronic Health Record (EHR) systems. CPSI focuses on providing comprehensive IT solutions to rural, community, and critical access hospitals, which often have unique challenges in healthcare delivery. The company's flagship EHR system ensures complete integration of patient data across the healthcare delivery system, improving care delivery and yielding better patient outcomes.
Founded in 1979 and headquartered in Mobile, Alabama, CPSI has been dedicated to enhancing healthcare accessibility and efficiency. The company offers various products and services, including the Thrive EHR system, which is specially tailored for smaller healthcare facilities. CPSI’s solutions encompass a wide range of functionalities such as patient management, clinical management, financial management, and ambulatory solutions.
Recent achievements of CPSI include expanding its customer base and enhancing the capabilities of its EHR systems to meet the evolving needs of the healthcare sector. The company has also been actively involved in partnerships to broaden its service offerings and innovate its technology stack. CPSI’s subsidiary, TruBridge, Inc., provides business, consulting, and managed IT services that further support healthcare organizations in optimizing operations and reducing costs.
Financially, CPSI has demonstrated resilience and steady growth, focusing on enhancing shareholder value while maintaining robust financial health. The company continues to invest in research and development to ensure that its products remain at the forefront of technology and regulatory compliance.
CPSI’s commitment to improving rural and community healthcare, combined with its innovative technology solutions, positions it as a critical contributor to the healthcare IT landscape.
CPSI reported second quarter 2022 revenues of $82.7 million, up from $68.5 million year-over-year. GAAP net income was $3.1 million ($0.21 per diluted share), down from $6.1 million ($0.42 per diluted share) a year ago. For the first half of 2022, total revenues reached $160.6 million, an increase from $136.5 million in 2021. Cash provided by operations declined to $7.3 million in Q2 from $19.4 million in the prior year. Matt Chambless, CFO, noted that while the company achieved record bookings, profitability was affected by non-recurring revenue declines and increased costs.
CPSI (NASDAQ: CPSI), a community healthcare solutions company, will release its financial results for Q2 ended June 30, 2022, on Tuesday, August 2, 2022, after market close. A conference call will be held at 4:30 p.m. Eastern Time on the same day to discuss the results. Investors can access the live broadcast via the company's website, www.cpsi.com, with a replay available for 30 days post-event.
CPSI provides healthcare solutions to community hospitals and their clinics, enhancing patient care and operations.
CPSI (NASDAQ: CPSI) has launched a pilot of its Quippe Clinical Lens technology in partnership with Medicomp Systems. This new tool integrates with CPSI's Patient Data Console to streamline access to relevant clinical information, enhancing decision-making for healthcare providers. The technology aims to alleviate the burdens of data management, which are intensified by the ongoing challenges in healthcare staffing and operations. The announcement was made during the National Client Conference held from May 16-19 in St. Louis, Missouri.
CPSI (NASDAQ: CPSI) recently hosted its National Client Conference from May 16 to 19 in St. Louis, Missouri, attracting over 800 attendees from various healthcare sectors. The company introduced the Dream Factory, an initiative designed to streamline the development of innovative healthcare solutions, utilizing technology and employee-generated ideas. This aligns with CPSI's three-year strategic innovation plan. The initiative aims to enhance client services through a collaborative approach, integrating AI technologies and cloud solutions.
CPSI reported first-quarter 2022 revenues of $77.9 million, up from $68.0 million year-over-year. GAAP net income reached $8.1 million ($0.55 per diluted share), increasing from $4.1 million ($0.28 per diluted share) in 2021. Non-GAAP net income was $11.6 million. Adjusted EBITDA stood at $16.2 million, while bookings totaled $20.4 million. Cash from operations was $11.8 million, slightly down from $13.7 million last year. The company also amended its credit facilities to support M&A and organic growth strategies.
CPSI (NASDAQ: CPSI) announced the retirement of Boyd Douglas as President and CEO, effective June 30, 2022. Chris Fowler, the Chief Operating Officer, has been named as his successor. Douglas will remain a senior advisor until December 31, 2022, assisting in the leadership transition. Under Fowler's leadership since 2008, the TruBridge subsidiary saw revenue grow from $25 million to an anticipated $185 million in 2022. The Board expressed confidence in Fowler's ability to lead CPSI during its ongoing transformation towards growth and digital innovation.
CPSI (NASDAQ: CPSI), a community healthcare solutions provider, is set to release its financial results for Q1 ended March 31, 2022, on May 3, 2022, after market close. A conference call will follow at 4:30 p.m. ET, featuring a live broadcast accessible via www.cpsi.com. The call will be available for replay online for 30 days post-event. CPSI, founded in 1979, operates five companies aiming to enhance community health and improve patient care experiences.
American HealthTech (AHT), a subsidiary of CPSI (NASDAQ: CPSI), announced expansions with two clients in the post-acute sector, Central Management and Priority Management. Central Management opted for AHT solutions for a new facility due to positive staff experiences, emphasizing improved clinical workflows and staff efficiencies. Priority Management, with 23 facilities, also chose AHT for four new facilities, focusing on enhancing care quality and staff experience. AHT's partnerships reflect its commitment to innovation and support for client growth.
CPSI has acquired Healthcare Resource Group, Inc. (HRG), enhancing its revenue cycle management services. The transaction aims to address the growing demand for outsourcing RCM operations in healthcare. In 2021, HRG reported revenues of
CPSI reported its fourth quarter 2021 results, with revenues reaching $74.0 million, up from $66.8 million in Q4 2020. GAAP net income was $5.4 million or $0.37 per diluted share, an increase from $3.1 million in the prior year. Total revenues for 2021 were $280.6 million, compared to $264.5 million in 2020. CPSI expects 2022 total revenues between $288 million and $298 million. The company aims for a three-year annual organic recurring revenue growth of 5% to 8%.
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