iCoreConnect Inc. Announces Strategic Acquisition of Teamworx Dental
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Insights
The acquisition of Teamworx Dental by iCoreConnect represents a strategic move to enhance its product offerings in the healthcare SaaS market. The integration of Teamworx's patient education and lead generation software into iCoreConnect's portfolio is expected to strengthen the company's competitive position within the dental practice niche. By providing high-definition, 3D virtual-treatment planning and case acceptance videos, iCoreConnect is likely to see an increase in demand from dental practices looking to improve treatment plan acceptance rates and patient education.
From a market perspective, this acquisition could potentially open up new revenue streams for iCoreConnect while also offering cross-selling opportunities to its existing customer base. The ability to offer a more comprehensive suite of services can be a significant differentiator in the crowded SaaS market, potentially leading to increased market share and customer loyalty. The emphasis on not only English but also Spanish language support reflects an understanding of the diverse linguistic needs in the healthcare sector, which could further broaden the appeal of iCoreConnect's services.
Financially, the acquisition of Teamworx Dental is likely to influence iCoreConnect's revenue growth and profitability margins. Given that Teamworx's solutions have been shown to improve treatment plan acceptance rates, this can directly correlate with an increase in revenue for dental practices. For iCoreConnect, this means a value proposition that can justify a premium pricing model for their expanded services. Furthermore, the long-term financial health of iCoreConnect could benefit from the recurring revenue model inherent in SaaS offerings, which tends to provide stable cash flows and high customer lifetime value.
Investors should monitor the integration costs and how quickly iCoreConnect can realize synergies from the acquisition. The company's ability to effectively integrate Teamworx's offerings and leverage its existing infrastructure to scale the solutions will be crucial in determining the financial success of this strategic move. The market will also be looking at how this acquisition affects iCoreConnect's earnings per share (EPS) and whether it leads to upward revisions in future earnings forecasts.
The integration of Teamworx's patient education and lead generation software into iCoreConnect's offerings is indicative of the growing trend in healthcare towards technology solutions that enhance patient engagement and practice efficiency. Patient education is critical in ensuring treatment adherence and satisfaction, which can lead to better health outcomes and patient retention. By incorporating 3D virtual-treatment planning, iCoreConnect is addressing a gap in the market for interactive and immersive patient education tools.
Moreover, the adoption of such technologies by dental practices aligns with the broader shift towards value-based care, where providers are incentivized to improve the quality of care while reducing costs. Tools that can increase case acceptance rates not only boost practice profitability but also ensure that patients receive the necessary treatments in a timely manner. The dual-language capability of Teamworx's software also highlights an increased focus on accessibility and inclusivity in healthcare, catering to a wider patient demographic.
Acquisition Expands the Company’s Portfolio With Launch of iCoreAcademy Solution
OCOEE, FL, Jan. 04, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire – iCoreConnect Inc. (NASDAQ: ICCT)(“iCore” or the “Company”), a leading cloud-based software and technology company focused on increasing workflow productivity and customer profitability through its enterprise and healthcare workflow platform, announced today its strategic acquisition of Teamworx Dental (“Teamworx”). This acquisition continues to expand iCoreConnect's portfolio of SaaS software that serves the healthcare market.
Teamworx provides patient education and lead generation software for dental practices with over 100 high-definition, 3D virtual-treatment planning and case acceptance videos that span Oral Surgery, Implants, Pediatrics, and more. Its patient education videos are available in both English and Spanish.
Teamworx brings a critical solution to dental practices to increase and optimize their treatment plan acceptance rates, an essential part of a practice’s revenue and profitability. Teamworx software and videos have proven to not only boost plan acceptance rates among patients, but also improve the patient's well-being, which together have helped increase the profitability and efficiency of the practices that have implemented Teamworx solutions.
Robert McDermott, President and CEO of iCoreConnect, commented, "The integration of Teamworx into iCoreConnect's Platform represents the continued execution of our strategic mission to provide comprehensive, integrated technology solutions. We are excited about the possibilities this acquisition brings to our company and our customers. iCoreAcademy adds to our extensive portfolio of software solutions we bring to our customers to help them optimize operations and increase the profitability of their practices. We plan to leverage our current subscriber base to introduce this new offering.”
McDermott continued, “We have a strategic vision to bring all our SaaS solutions under one enterprise platform with single sign-on capabilities. We are planning to launch the iCoreEnterprise platform in the second quarter of 2024.”
"Being acquired by iCoreConnect signifies a transformative chapter for Teamworx Dental," said Dr. Ryan Morrison, CEO of Teamworx Dental. "We are excited about the endless possibilities ahead as we integrate our patient education expertise with iCoreConnect's enterprise and healthcare cloud technology. Incorporating our patient education platform into iCoreConnect’s existing suite of offerings positions us to further elevate workflow productivity and boost provider profitability."
About iCoreConnect, Inc. (NASDAQ: ICCT)
iCoreConnect Inc. is a market leading, cloud-based software and technology company focused on increasing workflow productivity and practice profitability through its enterprise and healthcare workflow platform of applications and services. iCoreConnect is most notably known for its innovation in solving healthcare business problems. iCoreConnect’s philosophy places a high value on customer feedback, positioning iCoreConnect to respond to the market’s needs. iCoreConnect touts a platform of 16 SaaS enterprise solutions and more than 100 product endorsements with state or regional healthcare associations across the United States.
Forward-Looking Statements
Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, the Company’s ability to successfully integrate the FeatherPay acquisition and to rollout its iCoreAcademy product line. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including ‘believes,’ ‘estimates,’ ‘anticipates,’ ‘expects,’ ‘plans,’ ‘projects,’ ‘intends,’ ‘potential,’ ‘may,’ ‘could,’ ‘might,’ ‘will,’ ‘should,’ ‘approximately’ or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including those discussed under Item 1A. “Risk Factors” in the Company’s most recently filed Form 10-K filed with the Securities and Exchange Commission (“SEC”) and updated from time to time in its Form 10-Q filings and in its other public filings with the SEC. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.
Investor Contacts:
Davis Snyder or Nick Nelson
ICCT@alpha-ir.com
312-445-2870
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