Business
CareCloud Reports Second Quarter 2023 Results
SOMERSET, N.J., Aug. 03, 2023 (GLOBE NEWSWIRE) -- CareCloud, Inc. (the “Company” or “CareCloud”) (Nasdaq: CCLD, CCLDO, CCLDP), a leader in healthcare
About this update from Carecloud, Inc.
[{"type":"text","content":"SOMERSET, N.J., Aug. 03, 2023 (GLOBE NEWSWIRE) -- CareCloud, Inc. (the “Company” or “CareCloud”) (Nasdaq: CCLD, CCLDO, CCLDP), a leader in healthcare technology solutions for medical practices and health systems nationwide, today announced financial and operational results for the quarter ended June 30, 2023. The Company’s management will conduct a conference call with related slides today at 8:30 a.m. Eastern Time to discuss these results and management’s outlook. “CareCloud’s year-to-date performance reflects the Company’s ongoing transformation with new business lines, investments in organic growth and exciting developments with our technology platform,” said A. Hadi Chaudhry, president and chief executive officer of CareCloud. “We recognize that our second quarter results were disappointing, and based on our current position, we feel it is important to reset expectations for the rest of the year.” “This quarter, there were several developments that leave us feeling more excited than ever about our long-term prospects,” Mr. Chaudhry continued. “We have launched our expansion into new markets in the Middle East, pursuing customers outside the U.S. for the first time in our Company’s history. We are enthusiastic about the reception our new chronic care management and remote patient monitoring offerings, known as CareCloud Wellness, have received. Even though we did not meet our revenue goals this quarter, we see signs that these will play an increasing role in our future revenue growth.” “Our recent partnership announcement with Google Cloud to integrate generative AI and Enterprise Search technology into CareCloud’s solutions marks an important milestone for the healthcare industry,” said Mr. Chaudhry. “This innovation will allow healthcare providers using CareCloud solutions to leverage more comprehensive and inclusive AI-generated healthcare information. CareCloud will utilize its access to more than two decades of clinical data and financial information to train Google’s generative AI models with properly anonymized data, enabling the creation of personalized care plans for physicians, personalized estimates of insurance coverage and out-of-pocket expenses for patients, and insights into estimated patient responsibilities for clinicians. The first CareCloud solution using generative AI is expected to launch in the coming mo...