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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 (NASDAQ: CPSI) reported first quarter 2021 revenues of $68.0 million, down from $69.8 million year-over-year. GAAP net income remained stable at $4.1 million, or $0.28 per diluted share. Cash from operations increased to $13.7 million, up from $7.6 million in Q1 2020. The company's recurring revenues grew 7%, representing 90% of total revenue. Despite challenges from the COVID pandemic, CPSI aims to meet its annual bookings goal of $8.7 million and is focused on enhancing shareholder value through operational improvements and an innovation-driven culture.
CPSI, a community healthcare solutions company, has appointed Wes Cronkite as its new Chief Innovation Officer, effective May 3, 2021. Cronkite, with over 10 years of experience in healthcare technology, will focus on driving innovation in digital health and patient experience as part of CPSI's three-year strategic plan. His leadership is expected to enhance CPSI's single solution strategy and support growth in dynamic markets. CEO Boyd Douglas highlighted the importance of Cronkite's role in fostering a culture of innovation, integral to CPSI's growth trajectory.
CPSI, a community healthcare solutions company, will release its Q1 financial results on May 10, 2021, after market close. A conference call will follow on May 11, 2021, at 9:00 a.m. ET. The live broadcast can be accessed through www.cpsi.com, with a 30-day replay available shortly after the call ends. Founded in 1979, CPSI focuses on enhancing healthcare services for community hospitals and their affiliates through various solutions, including EHR and business services.
CPSI (NASDAQ: CPSI) has appointed Amaris McComas as its new Chief People Officer, effective May 3, 2021. McComas, who brings over 15 years of human resources experience, will oversee leadership development, talent management, and employee benefits for approximately 2,000 employees. She previously held senior roles at Equitable and TIAA, where she led HR transformations. CPSI's CEO, Boyd Douglas, expressed enthusiasm about McComas's potential to foster a collaborative culture as the company pursues its strategic growth plan.
Get Real Health, part of the CPSI family, joins the CommonTrust Network, enhancing patient engagement tools focused on secure health information access. This partnership addresses the need for verified COVID-19 testing and vaccination records, crucial for travelers as countries ease restrictions. Get Real Health's platform now provides certified lab and vaccine records, supporting various entities in verifying health status. The alliance aims to empower individuals and protect their data privacy while aiding public health efforts during the pandemic.
Get Real Health, part of the CPSI family, participated in the Advancing Standards in Precision Medicine (ASPM) pilot project, partnering with ONC and NIH's All of Us program. The initiative aims to enhance patient care by promoting individualized treatment strategies based on unique patient characteristics. Get Real Health showcased the interoperability of patient data from mobile devices with electronic health records, using athenahealth's EHR system. The pilot successfully demonstrated data sharing from various health metrics, supporting the mission of personalized, patient-centered care.
American HealthTech, a subsidiary of CPSI, has been selected by Charter Senior Living to implement its cloud-hosted EHR Solution in new skilled rehab suites opening this spring. The partnership, facilitated through Medtelligent, aims to enhance the quality of care and streamline operations for residents and staff. Charter Senior Living, recognized for its commitment to residents, seeks a solution that integrates with existing software. CPSI's CEO remarked on the growing effectiveness of partnerships in improving patient care across senior living and skilled nursing sectors.
CPSI (NASDAQ: CPSI) announced that its subsidiary, TruBridge LLC, has been selected by Jackson Hospital and Clinic to implement its Revenue Cycle Management (RCM) suite. Jackson Hospital, a 344-bed not-for-profit facility in Alabama, aims to enhance its financial performance and improve payer opportunities through TruBridge's technology. The partnership is expected to facilitate better denial management and accurate payment validations, ultimately supporting Jackson Hospital's mission to deliver cost-effective care to its community.
CPSI (NASDAQ: CPSI) announced that Trace Regional Hospital has chosen the Evident electronic health record (EHR) solution to enhance care at its three affiliated clinics. The fully integrated cloud-hosted solution includes clinical and financial products, addressing prior inefficiencies from using separate systems. Key benefits include improved patient data accessibility and financial operations via TruBridge's Revenue Cycle Management products, enhancing cash flow and billing efficiency for the hospital.
CPSI reported its fourth quarter and full year 2020 results, with total revenues of $66.8 million for Q4, down from $70.6 million in Q4 2019. GAAP net income for Q4 2020 was $3.1 million, significantly lower than $11.2 million a year earlier. For the full year, revenues totaled $264.5 million, compared to $274.6 million in 2019. Despite challenges from the pandemic, operating cash flows reached $16.2 million, marking a 13% annual growth. Looking ahead, CPSI projects organic recurring revenue growth of 5% to 8% and total revenues between $270 and $280 million for 2021.
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