What You Should Know:
– CareCloud, a provider of practice management, healthcare technology, and AI-driven solutions for medical practices acquires RevNu Medical Management (RevNu), an emerging revenue cycle management (RCM) company specializing in audiology.
– Financial details of the acquisition were not disclosed.
Expanding in the Audiology Market
This acquisition represents a strategic move by CareCloud to expand its presence in the U.S. audiology market. The U.S. audiology market is a significant segment, with:
- Approximately 24,000 employed audiologists and hearing aid specialists
- Annual spending on hearing aids exceeding $5 billion
Despite its size, the audiology segment has relatively low penetration by outsourced RCM and practice management vendors.
CareCloud anticipates that the RevNu acquisition, similar to the MesaBilling acquisition that closed a month prior, will be accretive (contributing positively to earnings) within ninety days. The acquisition consideration will be paid quarterly, based on retained revenue.
