CareCloud’s Business Intelligence Platform Key in Assisting Providers Identify Revenue-Generating Opportunities

Rhea-AI Summary

CareCloud (Nasdaq: MTBC, MTBCP) reported a 20% client growth for its PrecisionBI healthcare analytics platform, showcasing its value in revenue generation amid pandemic challenges. Major clients such as Piedmont Healthcare and Starling Physicians have joined the roster, boosting the client retention rate to 95%. The platform's analytics assist providers in navigating reimbursement trends and identifying operational inefficiencies, vital for improving margins and operational performance.

Positive

• 20% growth in PrecisionBI client base.
• 95% client retention rate indicating strong satisfaction.
• New major clients added, enhancing market position.

Negative

• None.

CareCloud’s PrecisionBI (PBI) solution experiences client growth of 20% as providers discover revenue-saving potential of healthcare analytic tools.

SOMERSET, N.J., July 28, 2021 (GLOBE NEWSWIRE) -- CareCloud, Inc. (Nasdaq: MTBC) (Nasdaq: MTBCP), a leader in healthcare technology solutions for medical practices and health systems nationwide, is proud to announce that its leading healthcare analytics and business intelligence platform, PrecisionBI (PBI), has proven to be an indispensable solution for practices looking to consolidate, manage and leverage their financial, clinical, and business data across their enterprise.

PrecisionBI is a leading healthcare analytics and business intelligence platform that enables practices to make better financial, clinical, and operational decisions. Despite economic setbacks caused by the pandemic, medical practices and hospital systems are finding that taking control of their data is vital to closing care gaps, identifying revenue opportunities, improving margins, and adjusting workflow inefficiencies that may exist in their organizations.

“PBI has empowered us with the data we need to remind payers of correct reimbursement terms, giving us the ability to quickly recover lost revenue,” said Jenna Coffman, Healthcare Business Analyst, Primary Care Partners. “Like so many providers, telehealth has become a critical part of our patient care, and PBI has helped us keep track of our telehealth appointments by provider, giving us a clear view of reimbursement trends and payment gaps.”

During the height of the pandemic, PrecisionBI experienced a client growth of nearly 20%, and added major organizations such as Piedmont Healthcare, Starling Physicians, and Premier Medical Associates to its client roster. Many clients are using PBI to plan ahead and explore new revenue opportunities.

“PBI is helping us prepare for the future,” added Coffman. “We are using our usage reports, powered by PBI, to predict what telehealth volume and what E&M codes we should plan for on-going.”

In a year where the healthcare industry experienced sweeping changes due to COVID-19, CareCloud’s PrecisionBI solution has experienced an impressive client retention rate of roughly 95%.

“This is a testament to our platform’s unique ability to give clients true visibility across the entirety of their organization,” said Stephen Snyder, Chief Strategy Officer, CareCloud. “We help our clients identify revenue-generating trends and opportunities while pinpointing areas for cost-savings, something that is becoming increasingly paramount in today’s highly complex and competitive healthcare environment.”

Click here to learn more about CareCloud’s PrecisionBI.

About CareCloud
CareCloud (Nasdaq: MTBC) (Nasdaq: 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.

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SOURCE CareCloud

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

Investor Contact:
Matt Kreps
Managing Director
Darrow Associates Investor Relations
mkreps@darrowir.com

Media Inquiries:
Kaitlyn Mode
Corporate Communications Manager
CareCloud
kmode@carecloud.com

FAQ

What is the significance of CareCloud's PrecisionBI client growth for MTBC?

CareCloud's PrecisionBI experienced a 20% client growth, indicating rising demand for its healthcare analytics solutions, which may positively impact MTBC's revenue.

Which organizations recently adopted CareCloud's PrecisionBI?

Recent additions to CareCloud's PrecisionBI client list include Piedmont Healthcare, Starling Physicians, and Premier Medical Associates.

What is the current client retention rate for CareCloud's PrecisionBI?

CareCloud's PrecisionBI boasts an impressive client retention rate of approximately 95%.

How does PrecisionBI assist healthcare providers?

PrecisionBI helps healthcare providers analyze reimbursement trends, identify revenue opportunities, and manage data for better operational decisions.