MTBC

Last updated
CareCloud
Type Public
Nasdaq:  MTBC
Russell Microcap Index component
IndustryHealthcare IT
Founded1999
FounderMahmud Haq
Headquarters New Jersey, U.S.
Key people
  • Mahmud Haq (Executive Chairman)
  • A. Hadi Chaudhry (CEO)
  • Stephen Snyder (Chief Strategy Officer)
  • Bill Korn (CFO)
  • Jonathan Bertman MD (CMO)
  • Nathalie Garcia (Chief Compliance Officer & Corporate Counsel)
  • Kimberly Blanche (General Counsel and VP Compliance)
  • Norman Roth (Controller)
  • Loraine Goetsch (Division President)
  • Lawrence Sharnak (Director)
  • Cameron P. Munter (Director)
  • John Daly (Director)
  • Anne M. Busquet (Director)


Products
Number of employees
3,500+
Website carecloud.com

CareCloud, Inc. (formerly MTBC) is a publicly traded American healthcare information technology company that provides a full suite of proprietary cloud-based solutions, together with related business services, to healthcare providers and hospitals throughout the United States. [1] The Company maintains its headquarters in Somerset, New Jersey and employs approximately 3,500 team members worldwide. [2]

Contents

CareCloud’s common stock trades on the Nasdaq Global Market under the ticker symbol “MTBC,” and its Series A Preferred Stock trades on the Nasdaq Global Market under the ticker symbol “MTBCP.” [3]

History

CareCloud was founded in 1999 by American entrepreneur and businessperson, Mahmud Haq as Medical Transcription Billing, Corp in the United States. [4] The earliest days of the Company were focused on providing transcription and manual medical billing to healthcare providers primarily located in New Jersey. [5] [6] [7] [8] [9]

In 2004 , CareCloud developed a fully integrated suite of services that includes a proprietary practice management platform, ONC-ACB, meaningful use stage 2 certified complete electronic health records software and a revenue cycle management service. [10] [11]

On June 6, 2013, former ambassador to Pakistan, Cameron Munter joined MTBC's Board of Directors. [12]

On July 23, 2014, CareCloud went public on NASDAQ Capital Market under the ticker symbol "MTBC." [13] [14] [15] The preferred stock trades under “MTBCP.” [14] [15]

In 2017, CareCloud launched talkEHR, the industry’s first voice-enabled electronic health record, to provide doctors with a more natural means of charting and documenting encounters. [16] [17] [18] [19]

In 2019, they changed the corporation name from Medical Billing Transcription, Corp to MTBC, Inc. [9]

In 2021, they changed the corporation name to CareCloud, Inc. [20] [21] [22]

The company also has operations in Pakistan and Sri Lanka. [23]

Acquisitions

Post-IPO, CareCloud has 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), [24] Renaissance Physician Services (2016), [25] [26] MediGain (2016), [27] [28] Orion (2018). [29] [30]

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. [31] [32] [33]

Products and Services

CareCloud offers Software-as-a-Service (or SaaS) platform that includes revenue cycle management (RCM), business intelligence, telehealth, practice management (PM) electronic health record (EHR), patient experience management (PXM), and solutions for high-performance medical groups. [33] [34] [35] [36] [37]

Awards

In 2020, CareCloud (formerly MTBC) was awarded public company of the year by TechUnited New Jersey. [38] [39] In years 2009-2012 and 2016, CareCloud was included in the Deloitte Technology Fast 500 list as a fastest growing US tech company. [40] [41] [42] In years 2010-2013, they were included in the Inc. 5000 as a fastest growing US company. [43] In 2012, CareCloud was nominated for the US Secretary of State's Award for Corporate Excellence. [12] In 2015, they were ranked as a Top 50 EHR software company by Medical Economics. [44]

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References

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  4. ↑ Jordan, George. "Making a global move" . Retrieved 28 April 2014.CS1 maint: discouraged parameter (link)
  5. ↑ "Dynamic healthcare IT organization dishing out employment opportunities" . Retrieved 28 April 2014.CS1 maint: discouraged parameter (link)
  6. ↑ "Ambassador Munter Commends Rawalpindi's Top Business Leaders for Creating Business Opportunities in Pakistan" . Retrieved 28 April 2014.CS1 maint: discouraged parameter (link)
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  9. 1 2 "Medical Transcription Billing Corp. changes name to MTBC". www.spglobal.com. Retrieved 2020-12-04.
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  12. 1 2 "MTBC Appoints Former U.S. Ambassador to Board of Directors" . Retrieved 28 April 2014.CS1 maint: discouraged parameter (link)
  13. ↑ "Initial Public Offering" . Retrieved 1 August 2014.CS1 maint: discouraged parameter (link)
  14. 1 2 "Closing of Initial Public Offering" . Retrieved 1 August 2014.CS1 maint: discouraged parameter (link)
  15. 1 2 "Nasdaq Profile" . Retrieved 1 August 2014.CS1 maint: discouraged parameter (link)
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  20. ↑ "MTBC is Now CareCloud". finance.yahoo.com. Retrieved 2021-04-01.
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  44. ↑ "Top 50 EHR software companies of 2014". Medical Economics. Retrieved 2020-11-20.
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