CareCloud’s medSR Division Optimizes Operations and Drives Cost Savings for East Tennessee Children’s Hospital

Rhea-AI Summary

CareCloud (Nasdaq: MTBC, MTBCO, MTBCP) has partnered with East Tennessee Children’s Hospital (ETCH) to enhance patient experience and cost efficiency through supply chain improvements. The collaboration will implement a new Enterprise Resource Planning (ERP) system that aims to streamline hospital operations and reduce expenses. medSR, CareCloud's division, has been addressing supply chain issues at ETCH for eight months, resulting in a significant drop in purchase order exceptions. This partnership signals a promising step towards operational excellence in healthcare.

Positive

• Partnership with ETCH aims to enhance patient experience and cost efficiency.
• Implementation of ERP system expected to streamline operations and reduce costs.
• Significant reduction in purchase order exceptions from over 500 to less than 30 within six months.

Negative

• None.

Implementation of a New Enterprise Resource Planning (ERP) System Will Strengthen Hospital’s Supply Chain Improvement Efforts

SOMERSET, N.J., Oct. 25, 2022 (GLOBE NEWSWIRE) -- CareCloud, Inc. (Nasdaq: MTBC, MTBCO, MTBCP), a leader in healthcare technology solutions for medical practices and health systems nationwide, has announced a partnership between CareCloud’s medSR division and East Tennessee Children’s Hospital (ETCH) that will enhance patient experience and increase cost efficiency at the hospital through supply chain improvement.

Heading the partnership is medSR, which has been working with the hospital for the past eight months to solve costly supply chain problems. medSR and ETCH now plan to implement an enterprise resource planning (ERP) system that will bolster efforts already underway by medSR to update the hospital’s processes and operations, reduce costs, refine strategic and financial planning, while simultaneously providing better patient care. The engagement demonstrates how CareCloud and medSR can provide comprehensive supply chain services for health systems by working top to bottom to revamp procurement activities that are customized to fit clients’ existing systems.

“Supply chain represents the second largest expense for any healthcare institution, and the current raw material and labor shortages make navigating supply procurement that much harder,” said Dwight Garvin, medSR’s executive vice president and chief operating officer. “medSR can help alleviate some of those burdens by acting as an extension of ETCH. The implementation of the ERP will increase business intelligence for the hospital by automating processes and improving the accuracy of data which can help ETCH make better decisions and, ultimately, improve the patient experience.”

“Our former supply chain system lacked oversight and clinical trust, and we had very few ways to bridge those gaps,” said Caryn Hawthorne, ETCH vice president of finance. “This would have taken years for our current team to rectify. We needed a solution, and medSR provided it.”

Lesa Hawkins, ETCH’s financial controller, added, “The hospital’s business process has been synchronized with the help of medSR and our accounts payable and supply chain staff. We went from more than 500 purchase order exceptions to less than 30 in under six months' time. This cleaned up our month-end process significantly, allowing us to close faster and with greater confidence in the accuracy of our numbers.”

medSR is a premier information technology and operations consulting team that specializes in planning and executing transformational projects. To learn more about medSR’s advisory and consulting capabilities, visit medSR.com.

Follow medSR on LinkedIn, Twitter and Facebook.

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 the recent partnership announced by CareCloud?

CareCloud has partnered with East Tennessee Children’s Hospital to improve supply chain efficiency and enhance patient experience.

What technology will be implemented at East Tennessee Children’s Hospital?

An Enterprise Resource Planning (ERP) system will be implemented to streamline operations and reduce costs.

How many purchase order exceptions did ETCH have before medSR's involvement?

ETCH had over 500 purchase order exceptions before medSR's intervention.

What are the stock symbols for CareCloud?

The stock symbols for CareCloud are MTBC, MTBCP, and MTBCO.