– MTBC acquires cloud-based, practice management EHR platform CareCloud on a cash-free, debt-free basis.
– Founded in 2009, CareCloud’s integrated clinical and financial platform technology and its suite of solutions enables clients to increase profitability, streamline workflow and improve patient care outcomes nationwide.
MTBC, Inc., a leading provider of cloud-based healthcare IT and revenue cycle management solutions, today announced the closing of its acquisition of CareCloud which provides its proprietary, enterprise EHR cloud platform and business solutions to more than 7,000 healthcare providers nationwide.
“This is a transformative opportunity to accelerate the build-out of our strategic roadmap to provide world-class technology and services to more providers. CareCloud’s cutting-edge cloud-based software, which, through its existing partnerships, leverages Amazon and Google cloud platforms, brings to MTBC exciting new technology integrations,” said A. Hadi Chaudhry, President, MTBC. “The acquisition also brings a Miami-based team of talented professionals with expertise in primary care and specialty physician practice operations.”
CareCloud EHR + PM for High Medical Groups
Founded in 2009, CareCloud is a Miami, FL-based healthcare technology company specializing in software and services – which has been rated among the top industry solutions by Gartner, KLAS Research, and Black Book Research – to high growth independent physician practices. Founded in 2009 as a practice management software company, CareCloud subsequently evolved to serve the full spectrum of practice workflows, including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), and patient experience management (PXM).
CareCloud’s integrated clinical and financial platform technology and its suite of solutions enables clients to increase profitability, streamline workflow and improve patient-care outcomes nationwide across 50 specialties in 47 states. From its Miami headquarters to the Boston and Salt Lake City offices, CareCloud maintains over 4.5 million patients and has been entrusted with over $2 billion in accounts receivable from clients.
“CareCloud has built a strong brand with its advanced technology, award-winning design, and innovative team,” said Stephen Snyder, CEO, MTBC. “CareCloud and MTBC are highly synergistic and we believe that our combined businesses will accelerate growth, yield greater operating efficiencies and provide more flexibility for future expansion through our combined offering.”
MTBC is a healthcare information technology solution provider that offers hospitals and physician practices a comprehensive product portfolio of fully integrated clinical, revenue cycle and practice management solutions and other related business services including transcription and data management. MTBC serves a wide array of diverse healthcare entities across the healthcare continuum – from single physician, medium-sized practices to independent physician associations – which is a testament to the functionality and flexibility of our core solutions.
Financial Details
MTBC acquired CareCloud on a cash-free, debt-free basis, with neutral working capital on January 8, 2020, through the closing of an agreement and plan of merger. Canaccord Genuity Group Inc. acted as financial advisor to CareCloud and its Board of Directors in connection with the transaction.
