MIAMI — Feb 20, 2013 — CareCloud, a leading provider of cloud-based practice management, electronic health records (EHR), and medical billing software and services, today announced that the company concluded 2012 with its 12th quarter of consecutive revenue growth. Highlights included: the expansion of CareCloud’s customer base of medical groups into 45 states; the achievement of more than $1.5 billion in annualized accounts receivables under management; the inclusion of more than 4.5 million patients on its platform; and the addition of key executives, many from its leading competitors. Across the board, accelerating market demand was driven by practices migrating from outdated client-server technologies to the company’s modern cloud-based clinical and financial applications and services.
“In just three years, CareCloud has made substantial progress in its mission to replace the outdated core of healthcare technology that burdens US medical groups. We experienced our most rapid growth to date during 2012 and concluded the year with more than 2,000 providers in 45 states representing more than 50 specialties, all while securing a 96% client retention rate,” said Albert Santalo, Chairman and CEO of CareCloud. “We also completed a full suite of what is now the industry’s most modern and flexible clinical, financial, and administrative applications. Along the way, CareCloud on-boarded smaller practices at a record pace while also securing significant enterprise accounts.”
Product and Platform Expansion Support Growth
This past year saw CareCloud make substantial innovations to its core software applications and services. The company launched CareCloud Charts, its cloud-based EHR; introduced its new Mobile Patient Portal offering, enabling patients to access their health records through iPhones and iPads; and invested in operational improvements to help practices implement faster, collect more, and run their operations more efficiently. The launch of Charts completed CareCloud’s powerful suite of fully integrated clinical, financial, and administrative applications, accessible by practices 24/7 from any browser, platform, and location. Furthermore, its flexible platform allowed these applications to be made available to practices either as a full suite or on a standalone basis – reflecting a growing market demand.
Company Bolsters Senior Leadership
CareCloud significantly expanded its senior leadership team across sales, marketing, product development, operations, and technology in 2012. The year began with the addition of Brad Blakey as Vice President of Group Sales. Mr. Blakey leads CareCloud’s group practice sales efforts, leveraging more than two decades of sales operational experience from leadership positions at Nextgen Healthcare Solutions and athenahealth. With the addition of these executives and a growing national sales team, CareCloud was able to experience tremendous momentum across all its product lines, achieving more than a 300% increase in year over year new sales bookings.
2012 also saw major strides in CareCloud’s ability to market its cloud-based solutions, generate qualified leads, and drive overall awareness. Joe Sawyer joined as Vice President of Marketing, bringing significant enterprise software and healthcare-specific marketing experience. Mr. Sawyer had previously worked as Vice President of Marketing for American Well, a Boston-based leader in telemedicine technology, as well as at SAP, Accenture, and Forrester Research.
To fuel product, operational, and technology excellence, CareCloud secured a leader in clinical software applications while expanding its account management and support functions. Edwin Miller joined the company as Vice President of Product Management. Mr. Miller, who most recently held leadership positions at Practice Fusion and athenahealth, is now responsible for the design and rollout of CareCloud’s entire product set. In November, Ralph Catalano joined the company as the new Vice President of Operations. He came to CareCloud after spending nearly 10 years at athenahealth where he held various operational leadership positions, including leading all operations. The year concluded with the hiring of John Walsh as Chief Technology Officer. Prior to CareCloud, Mr. Walsh was Senior Vice President, Engineering and Operations for Constant Contact(R), Inc., a leading online marketing company offering email, social media, survey and event marketing tools. He brings unique experience with web-scaling in business-to-business environments that will play a central role in evolving CareCloud’s product architecture moving forward.
Santalo continued, “Heading into 2012, it was critical for CareCloud to recruit and assemble some of the most talented and experienced executives both inside and outside of our industry. I feel we now have an unparalleled senior leadership team. It’s these leaders and their respective teams that will allow us to continue experiencing tremendous growth in all phases of operations, disrupt legacy healthcare IT vendors, and evangelize the ‘cloud’ in healthcare.”
Physicians Making the Switch to the “Cloud”
In 2012, 93 percent of CareCloud’s new customers signed up because they were looking to replace outdated practice management and billing systems, feeling it was critical to maintaining their financial success. During the past year, the government implemented a series of regulations that significantly impact the way doctors and their staffs administer care and gain reimbursement. As a result, these practices discovered that their previous systems – many developed in the 1980s and 1990s – would not easily accommodate the changes.
“As a medical clinic supporting a continuing care retirement community, our patients’ healthcare needs range from routine wellness visits to traditional primary care, as well as coordination with external specialists. This requires us to have the best possible care coordination in place. Having the latest technology to assist us is critical,” said Bill Cohen, Director of the Horizon House Medical Clinic, Seattle, Washington.
“Our clinic needs to stay as current as possible with the changing reimbursement requirements relating to Medicare and other commercial insurance. We found that our client server electronic health record and practice management system was cost prohibitive and the outsourced management of the system was insufficiently responsive to our needs,” added Cohen. “Our switch to a cloud-based system has already allowed us to cut costs while positioning our clinic to stay current with changes in the healthcare system that impact both us and our patients.”
In late 2012, CareCloud made available a guide designed to assist care providers and their staff through the process of assessing practice management needs, finding a new practice management and billing software system, and successfully replacing old systems. The intention was to educate and assist physician practices as they look to learn more about cloud-based technologies.
This white paper and practice management guide, “Time to Switch: Your Complete Guide to Practice Management System Replacement” is available online and marks the beginning of a series of forthcoming market research and analysis focused on improving practice profitability.