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iCoreConnect Inc. develops and markets secure cloud-based HIPAA compliant software services focused on compliance, workflow/productivity, and electronic health records systems. Its core services technology can be adopted to other vertical markets that require a high degree of secure data communication, such as the legal, financial, and education fields. It markets secure HIPAA compliant cloud-based software as a service (SaaS) offering under the names of iCoreExchange, iCoreCodeGenius, iCoreSecure, iCoreMD, iCoreDental, iCoreMobile, iCoreHuddle, iCoreRx, iCorePDMP, iCoreEPCS, and iCorePay. The company's software is sold under annual recurring revenue subscriptions. The company has a single reporting segment for reporting purposes focused on the North American market.
iCoreConnect reported record revenues of $4.9 million for 2021, up 133% from $2.1 million in 2020. Annual Recurring Revenue (ARR) soared to $7.2 million, a remarkable 323% growth from $1.7 million. Subscriber numbers increased significantly, reaching 22,000 by the end of 2021, compared to under 8,000 at the end of 2020. The company launched two new products, iCoreVerify and iCoreCloud, and completed two acquisitions to bolster its services. These achievements underscore iCoreConnect's commitment to enhancing healthcare business operations through innovative SaaS solutions.
iCoreConnect, Inc. (OTCQB: ICCT) announces the expansion of its partnership with the Virginia Dental Association Services, adding the iCoreVerify insurance verification software to its endorsed products. This follows prior endorsements of iCoreExchange and iCoreRx, enhancing iCoreConnect's revenue growth. iCoreVerify allows dental practices to verify insurance coverage in advance, reducing claim denials and operational costs. With access to over 2,100 insurance carriers, this SaaS solution optimizes revenue potential for dental practices, reflecting the company's commitment to improving healthcare workflows.
iCoreConnect (OTCQB: ICCT) announced endorsements from the Kansas Dental Association (KDA) and selection by the Washington State Dental Association (WSDA) for its iCoreRx electronic prescribing software. This cloud-based solution allows dental providers to securely prescribe medications, including controlled substances, while checking patient medication histories. The selection follows new state laws requiring electronic prescriptions for scheduled drugs. iCoreConnect saw significant growth in Monthly Recurring Revenue and expects continued expansion in 2022.
iCoreConnect has received an endorsement for its electronic prescribing software, iCoreRx, from the California Association of Orthodontists (CAO), representing nearly 1,500 orthodontists. This HIPAA-compliant solution allows secure prescription of all medications from any device, aligning with California's mandate for electronic prescriptions by January 1, 2022. According to CEO Robert McDermott, iCoreRx streamlines the prescription process, benefiting both dentists and orthodontists. CAO President Dr. Bahar Ghafouri noted that iCoreRx offers cost savings and ensures compliance without significant overhead.
iCoreConnect (OTCQB: ICCT) announces the launch of Complete Dental IT, a specialized solution for the Michigan Dental Association (MDA). This program aims to ease the technology burden for dental practices by providing tailored IT services, including selection, integration, and management. In partnership with ChoiceTel, iCoreConnect combines expertise in managed services and telecommunications to enhance dental practice infrastructure. Basic consulting services are free for MDA members, with discounted prices available for upgraded services. This initiative supports dentists in focusing on patient care while ensuring robust IT management.
iCoreConnect, Inc. (OTCQB: ICCT) reported a remarkable 158% revenue growth in Q3 2021, reaching $1.4 million compared to $0.5 million in Q3 2020. The increase was attributed to a rise in active subscriptions, now exceeding 18,000, and an expanded service offering.
The gross profit surged 269% to $0.9 million, with a gross margin of 69%. However, total operating expenses rose by 70% to $1.7 million. The company also launched the iCoreVerify platform, enhancing patient benefit verifications.
iCoreConnect (OTCQB: ICCT) has received an endorsement from the California Dental Association (CDA) for its electronic prescribing software, iCoreRx. With 27,000 members, CDA supports dentists in California and emphasizes compliance with the new law mandating electronic prescriptions by 2022. iCoreRx allows dental professionals to securely prescribe medications and access patient histories from any device. The endorsement highlights iCoreRx's efficiency, reducing prescription writing challenges and promoting streamlined workflows within dental practices.
iCoreConnect (OTCQB: ICCT) will announce its Q3 2021 financial results on November 15, 2021, after market closure. Management will hold a conference call on November 16, 2021, at 8:30 am ET to discuss the results and provide a business update. The call can be joined via dial-in or through a live webcast available on the company’s investor relations page. iCoreConnect provides cloud-based Software-as-a-Service solutions, primarily for high-compliance industries, and maintains over 70 partnerships with healthcare associations across the U.S.
iCoreConnect (OTCQB: ICCT) has expanded its partnership with the Michigan Dental Association (MDA), adding five new product endorsements, bringing the total to seven. The newly endorsed products include iCoreVerify, iCoreHuddle, iCoreCloud, iCoreIT, and iCoreDental. This expansion follows record sales of iCoreRx in Michigan, allowing over 4,500 MDA member dentists to leverage iCoreConnect's cloud-based platform, designed to enhance workflow and profitability. iCoreConnect offers member discounts ranging from 22% to 41% on standard pricing.
iCoreConnect, Inc. (OTCQB: ICCT) announced that the Maryland State Dental Association has selected its product, iCoreVerify. This cloud-based solution automates insurance checks for scheduled dental patients, reducing claim denials by up to 90%. The partnership aims to alleviate the administrative burden associated with insurance communications, allowing dental staff to focus more on patient care. iCoreConnect boasts over 40 agreements with healthcare associations and 15 SaaS products, indicative of its commitment to enhancing healthcare business operations.
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