CareCloud Adds Remote Patient Monitoring to Its Suite of Digital Health Solutions

Rhea-AI Summary

CareCloud, a leader in healthcare technology, announced the launch of its Remote Patient Monitoring (RPM) solution, enhancing its CareCloud Wellness product line. RPM enables healthcare providers to monitor patients' health remotely, improving proactive care management. Utilizing connected electronic devices, RPM captures real-time health data, driving evidence-based clinical decisions. With $5.2 million in organic recurring bookings in Q2 2022 and expectations for continued growth, CareCloud aims to support providers in adopting value-based care models.

Positive

• Launch of Remote Patient Monitoring (RPM) to enhance patient care.
• Reported $5.2 million in organic recurring bookings for Q2 2022.
• Expectations for ongoing growth with RPM expected to drive revenue opportunities.
• Seamless integration of real-time health data into provider systems.
• Improved claims processing and reimbursement when combined with existing services.

Negative

• None.

Remote Patient Monitoring helps providers transition into the next generation of healthcare with new data-driven tools that support proactive care management

SOMERSET, N.J., Sept. 29, 2022 (GLOBE NEWSWIRE) -- CareCloud, Inc. (Nasdaq: MTBC, MTBCO, MTBCP), a leader in healthcare technology solutions for medical practices and health systems nationwide, today announced the launch of its Remote Patient Monitoring (RPM) solution. RPM is the latest addition to the CareCloud Wellness product line, a comprehensive suite of digital health solutions that includes Chronic Care Management (CCM). RPM gives healthcare providers the ability to monitor aspects of their patients’ health outside the clinical setting to proactively improve patient care.

CareCloud’s new RPM solution utilizes electronic devices, connected through cellular technology, to track and document real-time patient health, such as blood pressure or pulse rate. These devices enable providers with a data-driven understanding of a patients’ disease state to proactively support evidence-based clinical decisions and care.

“We are helping practices transition into the next generation of healthcare with the addition of Remote Patient Monitoring to our suite of digital health solutions,” said CareCloud CEO and President Hadi Chaudhry. “The government's focus on value-based care models and the growth of Internet of Medical Things (IoMT) technology is creating a shift from reactive care to proactive data-enabled care driven by physicians. The addition of RPM to our CareCloud Wellness product line will allow practices to re-frame the patient-provider relationship and enhance their delivery of care.”

CareCloud’s RPM solution delivers:

• A turnkey approach to implementing devices that enhance the delivery of care for chronic conditions without cost to patients or healthcare providers.
• Devices to capture real-time patient health data that seamlessly integrates into provider systems.
• System-driven indicators that alert physicians to critical patient readings outside the clinic to proactively drive care to the patient.
• A dedicated team will execute care plans and patient engagement.
• Improved revenue opportunities for physicians by participating in the government’s RPM program, without having to expand operations.
• Enhanced claims processing and reimbursement management when combined with CareCloud’s industry leading revenue cycle management services.

“Research suggests the IoMT market will reach $188 billion - a CAGR of nearly 30% by 2028,” Chaudhry continued. “CareCloud’s vision to invest in the development and delivery of the next generation of healthcare, like the IoMT, over the past 20 years has allowed us to provide one of the most comprehensive, end-to-end solutions in the industry. CareCloud reported $5.2 million in organic recurring bookings for the second quarter of 2022, of which approximately one third was from CareCloud Wellness, and said it is expected similar or higher results for the third quarter. We are excited to report we expect to surpass those expectations, with another record quarter for organic bookings*, and look forward to providing additional value to healthcare providers and patients with the launch of RPM.”

To learn more about Remote Patient Monitoring, visit www.carecloud.com/remote-patient-monitoring/.

*Bookings are based on anticipated annual recurring revenues, but actual revenues may vary.

About CareCloud 

CareCloud (Nasdaq: MTBC, MTBCO, MTBCP) brings disciplined innovation to the business of healthcare. Our suite of technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care while reducing administrative burdens and operating costs. Learn more about our products and services including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, telehealth and patient experience management (PXM) at www.carecloud.com.

Follow CareCloud on LinkedIn, Twitter and Facebook.

SOURCE CareCloud 

Company Contact: 
Bill Korn 
Chief Financial Officer 
CareCloud 
bkorn@carecloud.com

Investor Contact: 
Gene Mannheimer 
ICR Westwicke 
CareCloudIR@westwicke.com

Media Inquiries: 
Alexis Feinberg 
ICR Westwicke 
alexis.feinberg@westwicke.com

FAQ

What is CareCloud's new Remote Patient Monitoring solution?

CareCloud's Remote Patient Monitoring (RPM) solution allows healthcare providers to monitor patients' health remotely, enhancing proactive care management.

How much did CareCloud report in organic recurring bookings for Q2 2022?

CareCloud reported $5.2 million in organic recurring bookings for the second quarter of 2022.

What are the expected benefits of CareCloud's RPM solution for healthcare providers?

The RPM solution is expected to improve patient care delivery, enhance provider revenue through government programs, and streamline claims processing.

What is the growth forecast for the Internet of Medical Things (IoMT) market?

Research suggests the IoMT market will reach $188 billion, with a CAGR of nearly 30% by 2028.

What company operates under the ticker symbols MTBC, MTBCO, and MTBCP?

CareCloud operates under the ticker symbols MTBC, MTBCO, and MTBCP.