CareCloud, Inc. (formerly MTBC) is a publicly traded American

healthcare Health care or healthcare is the improvement of health via the prevention, diagnosis, treatment, amelioration or cure of disease, illness, injury, and other physical and mental impairments in people. Health care is delivered by health profe ...

information technology Information technology (IT) is the use of computers to create, process, store, retrieve, and exchange all kinds of data . and information. IT forms part of information and communications technology (ICT). An information technology system (I ...

company that provides services, to healthcare providers and hospitals. The Company maintains its headquarters in Somerset, New Jersey, and employs approximately 4,000 workers worldwide. CareCloud’s common stock trades on the Nasdaq Global Market under the ticker symbol “CCLD,” and its Series A (11%), and Series B (8.75%) Preferred Stocks trade on the Nasdaq Global Market under the ticker symbols “MTBCP” and “MTBCO.”

History

CareCloud was founded as Medical Transcription Billing Corporation (MTBC) in 1999 by American entrepreneur Mahmud Haq. The earliest days of the company were focused on providing transcription and manual medical billing to healthcare providers primarily located in New Jersey. In 2004, the company developed a fully integrated suite of services that includes a proprietary practice management platform, ONC-ACB,

meaningful use The Health Information Technology for Economic and Clinical Health Act, abbreviated the HITECH Act, was enacted under Title XIII of the American Recovery and Reinvestment Act of 2009 (). Under the HITECH Act, the United States Department of Health ...

stage 2 certified complete electronic health records software and a revenue cycle management service. On June 6, 2013, former ambassador to Pakistan

Cameron Munter Cameron Munter (born 1954) is a retired diplomat, academic, and executive who now works as a global consultant. He was President and CEO of the EastWest Institute (EWI) in New York from 2015 to 2019, directing conflict resolution projects in Rus ...

joined MTBC's

Board of Directors A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organiz ...

. On July 23, 2014, the company went public on NASDAQ Capital Market under the ticker symbol "MTBC." The preferred stock trades under “MTBCP.” In 2017, the company launched talkEHR, the industry’s first voice-enabled electronic health record. In 2019, they changed the corporation name from Medical Transcription Billing Corp. to MTBC, Inc. In 2021, they changed the corporation name to CareCloud, Inc. The company also has operations in

Pakistan Pakistan ( ur, ), officially the Islamic Republic of Pakistan ( ur, , label=none), is a country in South Asia. It is the world's List of countries and dependencies by population, fifth-most populous country, with a population of almost 24 ...

and

Sri Lanka Sri Lanka (, ; si, ශ්‍රී ලංකා, Śrī Laṅkā, translit-std=ISO (); ta, இலங்கை, Ilaṅkai, translit-std=ISO ()), formerly known as Ceylon and officially the Democratic Socialist Republic of Sri Lanka, is an ...

Acquisitions

Post-IPO, the company (as MTBC) made 16 acquisitions including revenue cycle management and healthcare IT companies in the United States. Some of the key acquisitions include Gulf Coast Billing (2016), Renaissance Physician Services (2016), MediGain (2016), Orion (2018).

In 2020, CareCloud (formerly MTBC) made two major acquisitions of healthcare technology companies; CareCloud Corporation and Meridian Medical Management for reportedly up to $40M and $24.8M, respectively.

Products and services

CareCloud offers

Software-as-a-Service Software as a service (SaaS ) is a software licensing and delivery model in which software is licensed on a subscription basis and is centrally hosted. SaaS is also known as "on-demand software" and Web-based/Web-hosted software. SaaS is cons ...

(or SaaS) platform that includes revenue cycle management (RCM),

business intelligence Business intelligence (BI) comprises the strategies and technologies used by enterprises for the data analysis and management of business information. Common functions of business intelligence technologies include reporting, online analytical pr ...

telehealth Telehealth is the distribution of health-related services and information via electronic information and telecommunication technologies. It allows long-distance patient and clinician contact, care, advice, reminders, education, intervention, mon ...

practice management Practice management is the term used in General practice for the person who manages the finance and administration of a doctor's office or an office of a medical professional in one of many types of specialties in medicine. This is distinct from ...

(PM)

electronic health record An electronic health record (EHR) is the systematized collection of patient and population electronically stored health information in a digital format. These records can be shared across different health care settings. Records are shared throu ...

(EHR), patient experience management (PXM),

Robotic Process Automation Robotic process automation (RPA) is a form of business process automation technology based on metaphorical software robots (bots) or on artificial intelligence (AI)/digital workers. It is sometimes referred to as ''software robotics'' (not to be ...

(RPA), and solutions for high-performance medical groups.

Awards

In 2020, CareCloud (as MTBC) was awarded public company of the year by TechUnited New Jersey. In years 2009-2012 and 2016, the company was included in the

Deloitte Deloitte Touche Tohmatsu Limited (), commonly referred to as Deloitte, is an international professional services network headquartered in London, England. Deloitte is the largest professional services network by revenue and number of profession ...

Technology Fast 500 list as a fastest growing US tech company. In years 2010-2013, they were included in the

Inc. 5000 ''Inc.'' is an American business magazine founded in 1979 and based in New York City. The magazine publishes six issues per year, along with surrounding online and social media content. The magazine also produces several live and virtual events ...

as a fastest growing US company. In 2012, CareCloud was nominated for the US Secretary of State's Award for

Corporate A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity (a legal entity recognized by private and public law "born out of statute"; a legal person in legal context) and re ...

Excellence. In 2015, they were ranked as a Top 50 EHR software company by Medical Economics.

References

{{health software Companies listed on the Nasdaq Health care companies based in New Jersey Electronic health record software companies