MTBC, which develops cloud-based software for healthcare and revenue cycle management tools, closed its acquisition this week of CareCloud, whose electronic health record and practice management technologies are used by more than 7,000 providers.
WHY IT MATTERS
The acquisition, reported to be valued as much as $40.5 million, will bring Miami-based CareCloud's suite of tools for independent physician practices – EHR, PM, RCM, patient experience, billing, analytics and more – into MTBC's own offerings.
The company says CareCloud’s integrated clinical and financial tools will help it offer its healthcare customers more ways to streamline physician workflows, improve patient outcomes and increase practice profitability.
THE LARGER TREND
CareCloud, founded in 2009, has long been at the leading edge of cloud-hosted health IT, alongside its competitor athenahealth. Among its bona fides, it has been named one of the 50 most disruptive tech companies by Black Book.
In 2018, CareCloud joined the Google Cloud Technology Partner Program, harnessing Google’s healthcare API to extend its services to ambulatory customers.
ON THE RECORD
"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 of MTBC in a statement. “The acquisition also brings a Miami-based team of talented professionals with expertise in primary care and specialty physician practice operations."
"CareCloud has built a strong brand with its advanced technology, award-winning design, and innovative team,” added MTBC CEO Stephen Snyder, in a statement. "We believe that our combined businesses will accelerate growth, yield greater operating efficiencies and provide more flexibility for future expansion through our combined offering."
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