A Comprehensive Review of CareCloud’s Q4 Achievements with a Detailed Comparative Analysis


CareCloud – a leading health IT service firm, recently shared its fourth quarter 2022 results on March 2, 2023, at 8:30 am EST. 

After a thorough investigation, its performance report is here – let’s dive into everything it achieved in Q4 and FY 2022, including key milestones, events attended, and how it positioned itself for 2023. 

Moreover, this article comprises of detailed comparative analysis between CareCloud and other Healthcare IT service firms in the US.

“2022 was a successful transformational year for CareCloud.”

Hadi Chaudhry , CareCloud’s CEO

CareCloud Remote for home healthcare and CareCloud Wellness broadened their digital health offering to serve the rising demand for Chronic Care Management (CCM) and Remote Patient Monitoring (RPM). 

According to A. Hadi Chaudhry, in 2022, CareCloud had record bookings—more than double what they had seen the year before—largely thanks to the efforts to expand service offerings and successful focus on organic growth. He reiterated that CareCloud is well-positioned to capitalize on this growing demand for innovative, technology-enabled healthcare revenue cycle solutions in 2023.

Since CareCloud’s anticipations are clear, without further ado, let’s dive deeper into all the happenings that went down the Q4 2022, leading to a positive outlook by the leadership team for the coming years!  

But before that, here’s a quick overview of the company and its operations for the unversed.

A Quick Peek into CareCloud!

CareCloud’s range of technology-enabled solutions have helped its customers boost revenue and efficiency, simplify clinical processes, and enhance the quality of patient care. Practice management (PM), Electronic Health Records (EHR), Business Intelligence (BI), Telemedicine, Revenue Cycle Management (RCM), and Patient Experience Management (PXM) are some of the many solutions offered by the company.

  • In 2014, CareCloud launched its IPO.
  • The company offers leading solutions in clinical care, financial management, and patient experience.
  • It handles large-scale healthcare transactions, including $6 billion in insurance claims and patient receivables.
  • It employs over 4,000 people globally, including over 500 in IT and research & development.
  • Empowering healthcare providers to become more independent. 
  • About 40,000 providers use CareCloud’s cutting-edge products and services across 80 medical specialties.
  • Supporting over 2,600 clinics, hospitals, and health networks across the United States.

A Glimpse into CareCloud’s Achievements in Q4

  • CareCloud’s Electronic Health Record (EHR) system and Practice Management (PM) software have earned it recognition by KLAS research for the 2022 Best in KLAS Small Practice Ambulatory EMR/PM category.
  • CareCloud has been ranked as the top Revenue Cycle Management (RCM) software by FeaturedCustomers in their Summer 2022 Medical Practice Management Software Customer Success Report. Besides, CareCloud Central has been hailed by FeaturedCustomers as an excellent option for medical office management.
  • Its CareCloud Charts,  VertexDR and talkEHR’s Electronic Health Record (EHR) systems are now 21st Century Cures Act Final Rule compliant after receiving the Office of the National Coordinator for Health Information Technology (ONC) certification.
  • CareCloud Charts and CareCloud Central were recognized by Business News Daily’s Best Medical Software of 2022 list for their best workflow, promoting efficient data and patient information use.
  • Chief Information Officer (CIO) Carl Smith at King’s Daughters Medical Center (Mississippi) has been named a 2022 Info-Tech CIO Award winner thanks to the hospital’s implementation of an IT strategy developed by CareCloud’s medSR business.

Prominent Client Acquisitions Leading to a Brighter Future

East Tennessee Children’s Hospital (ETCH) has partnered with CareCloud’s medSR division to enhance cost efficiency, patient experience, and patient care quality through the supply chain operations.

Rocky Mountain Internal Medicine (RMIM) has collaborated with CareCloud so that RMIM may use its remote patient monitoring (RPM) service to better manage its patient health. RMIM uses a variety of innovative CareCloud solutions, including RPM, to provide top-notch medical attention to underserved communities in Colorado’s central plains.

To enhance its capabilities and drive better financial outcomes, Cornerstone Specialty Hospitals West Monroe has chosen CareCloud to manage their revenue cycle management (RCM) services

With the help of CareCloud’s medSR division, the professionals at Russell Medical Center in East Central Alabama have chosen and implemented the Meditech as a Service electronic health record (EHR) system. The Centers for Medicare & Medicaid Services gave their highest possible rating of five stars to only three hospitals in Alabama, including Russell Medical Center, first accredited in 1959. With the help of medSR, Russell Medical Center was able to determine its top priorities and determine which platforms would best serve its objectives at the lowest possible cost of deployment.

To streamline its administrative processes and boost cash flow, Alpine Ear, Nose, and Throat PC in Colorado has chosen CareCloud’s Meridian division‘s revenue cycle management system.

CareCloud Held Its First Virtual Analyst and Investor Day 2022

CareCloud hosted its first-ever Virtual Analyst and Investor Day on Monday, December 12th, 2022. The executive team of CareCloud used this online forum to discuss their strategies for improving healthcare delivery through ground-breaking research and development, dependable operations, and cutting-edge technologies. 

Given the current economic climate, this was a golden chance for all investors. Many potential investors also attended events in several major cities across Pakistan in person. According to reports, attendance at both online and offline events was phenomenal, and as a result, the company’s leadership team is optimistic about the future of CareCloud.

An Uptick to CareCloud’s Automated Services Demand

 “Since 2020, and more importantly in recent months, we’ve answered many questions from medical clinics wishing to automate their processes,”

Carinda Cox, CareCloud’s VP Sales Operations

 According to Carinda Cox, more than 90% of the medical practices they speak with face a staff shortage and are looking for automation solutions that may take activities off their shoulders enabling them to focus on patient care.

 Medical facilities are actively looking for answers to these pressing problems. The healthcare industry’s future depends on tech-enabled solutions that help fortify the healthcare workforce by improving workflows, and these solutions are the key to overcoming the current issues. CareCloud provides three distinct sorts of services designed to help medical office workers maximize their efficiency:

  • Whole system solutions that include EHR, PM, and PE management
  • Tools for managing chronic conditions and keeping tabs on distant patients are among the many benefits of digital health systems.
  • Workforce extension for jobs that robots can’t completely automate, and robotic process automation for the rest.

Cox also remarked that CareCloud’s services could boost productivity, streamline operations, and enrich the patient’s stay. Putting solutions to use in the areas where the practice needs them most can generate the highest return on investment and pave the way for its continued success.

How CareCloud is Paving the Way Towards a Sustainable Future with Corporate Social Responsibility

HeadStart School

CareCloud built a state-of-the-art “smart school” in Bagh, Pakistan, to raise the education standards in the region. At the opening of this high-tech new HeadStart school in Bagh, U.S. Ambassador to Pakistan Donald Blome joined executives from CareCloud. 

The school, which has over 500 kids enrolled, represents the company’s goal to inspire the next generation via technological mastery. Students receive an excellent education that will serve them well in the years ahead.

The ambassador praised the American firm for its significant contributions to the local community, contributing to increased economic development. One such contribution was building a local educational institution that serves the needs of CareCloud workers and their families.

Flood Relief Drive

CareCloud employees started a fundraising drive to support Pakistani flood victims and their communities. CareCloud leadership further bolstered the support by matching staff donations dollar for dollar.

The monsoon rains in Pakistan began in mid-June and persisted into August, causing catastrophic flooding. 

Important infrastructure was wiped out as water levels rose to cover more than 46,000 square kilometers of land. There have been about 1,700 fatalities, and an estimated 33 million people have been displaced. According to sources, approximately one-third of the casualties in Pakistan are youngsters. The hazards of starvation, water contamination, and drowning remain elevated.

As a result, all CareCloud’s staff donated one day’s pay to the relief efforts for the victims of the flooding in Pakistan. On top of that, the team set up medical clinics, distributed food and household goods, and built and installed emergency shelters for the homeless.

CareCloud Enhanced Its Presence in the Market by Attending Relevant Events in Fourth Quarter


On October 20 and 21, CareCloud exhibited at the 22nd Annual National Medical Billing Conference in Las Vegas, Nevada, hosted by the American Medical Billing Association (AMBA). Besides, the company was also a gold sponsor of this event.

BTIG Digital Health Forum & Sidoti Virtual Micro-Cap

Bill Korn, Chief Financial Officer of CareCloud, attended two events, the Sidoti Virtual Micro-Cap Conference and BTIG Digital Health Forum, in the fourth quarter. CareCloud leveraged these conference appearances to discuss its business strategies and newly released solutions, such as remote patient monitoring and chronic care management offerings.


At the Radiological Society of North America’s Scientific Assembly and Annual Meeting, held from November 27-30 at Chicago’s McCormick Place Convention Center, its medSR division exhibited. At the 108th annual event, speakers discussed how radiology affects the patient care they provide. medSR’s representative discussed how its healthcare IT and operational consulting services might assist providers in deftly navigating the rising pressures of the healthcare business.


It became a sponsor for the Association of Physicians of Pakistani Descent (APPNA) 2022 Winter Meeting, held from December 22-25, 2022, at the Nishtar Medical University in Multan, Pakistan. There were CME sessions, a young professionals council seminar, a research competition, and plenty of opportunities to network during this year’s winter meeting in Pakistan, which included approximately 150 physicians of Pakistani descent currently working in the United States. It was one of APPNA’s four annual domestic and international meetings.

Where Do the Competitors Stand? – A Detailed Comparative Analysis


The Nasdaq-listed firm has not yet announced its official Q4 2022 earnings, but as per the preliminary reports, its anticipated earnings were as follows:

  • Preliminary unaudited revenue for the fourth quarter of fiscal 2022 is estimated to be between $150 and $152 million, up from $144.2 million in the same period last year.
  • The fourth quarter of fiscal 2022 is anticipated to set a new quarterly record of roughly $41 million in bookings.
  • Preliminary unaudited fully diluted net income per share for the fiscal year 2022 fourth quarter is estimated to be between $0.00 and $0.02, compared to a net loss per share of $0.01 in the same period a year ago.
  • Preliminary fully diluted earnings per share for the fourth quarter of fiscal 2022 are estimated to be between $0.18 and $0.20, down from $0.21 in the same period a year ago.


Allscripts recently rebranded itself as Veradigm. According to BusinessWire the March 1 earnings teleconference that the company had planned has been postponed until after Form 10-K has been filed with the following changes.

  • The previous estimate of $640m-$660m has been lowered to a more realistic $625m-$645m.
  • The previous range of $0.90–$1.00 for non-GAAP EPS has been replaced with an estimated range of $0.80–$0.90.


According to report, the following stats are available:

  • Oracle now has visibility into over $13 billion in committed backlog thanks to Cerner, of which about $4.1 billion is projected to be recognized as sales in the future year. 
  • Another aspect that makes the backlog estimation conservative is that it does not factor in contract cancellation clauses (which are rarely exercised). 
  • If factored in, these contract supplements would increase the share of backlog projected to be recognized as revenue next year by almost $1.2 billion. 
  • The grand total is probably more than $17 billion if you add to the backlog.


  • In December 2022 – AthenaHealth ranked in the 2022 KLAS midsize/large practice management report. 
  • In December 2022 – It expanded its global CSR program by adding 24 clinics to its U.S. Free Clinical Partnership program and establishing another mobile unit in India. 
  • In November 2022 – It announced a 30-member clinical advisory board, including its existing customers, to get ideas to improve its health IT solutions. 
  • In October 2022 – For the company’s annual ‘September is for service’ program, volunteers spent 1300 hours with 52 nonprofit organizations. 
  • It is also a Nasdaq-listed company with a stock price range of 134.97-135, according to as of March 2, 2023.

eClinical Works

  • In December 2022 – Downtown Pediatrics P.C. selects its cloud-based EHR system.
  • In December 2022 – Mississippi health center partnered with eClinalWorks EHR to streamline its clinical and administrative operations. 
  • In December 2022 – American Endovascular and Amputation Prevention LLC chose the company’s health IT solutions. 
  • In October 2022 – eClinicalWorks reported $800 million in revenue. 
  • In October 2022 – The company rolled out a new EHR version. 
  • In October 2022 – Texas FQHC partnered and implemented eClinicalWorks EHR. 
  • It is a private company that answers only to customers.


  • Kareo and Patient Pop joined forces to form Tebra.
  • In November 2022 – Tebra CTO Kyle Ryan was named to the healthcare technology report’s list of top healthcare technology CTOs of 2022 
  • In November 2022 – Tebra’s Patient Pop partnered with Elite Dermatology, which resulted in better operational efficiency and more business. 
  • In October 2022 – Tebra CEO Dan Rodrigues was named to the Software Report’s list of the top 50 SaaS CEOs of 2022 
  • Tebra is not a Nasdaq-listed company.

CareCloud’s Financial Performance Overview

Recap to Q3 2022 – Highlights

  • The revenue of Q3 2022 was $33.7 million – down by 12% compared to Q3 2021.
  • $1.1 million GAAP net income, in Q3 2021, net income was $1.5 million
  • Profit after tax of $3.3 million, or $0.21 per share after adjustments
  • Total Adjusted EBITDA of $4.8M, down from Q3 2021’s $6.7M

In Q3, CareCloud experienced an all-time high in organic, recurring bookings. Meanwhile, it signed some promising contracts that it anticipated would bring in $7.1 million annually.

Physicians could enhance patient care using CareCloud Wellness, Remote Patient Monitoring, and Chronic Care Management. They paid for its services, which was a fantastic opportunity for cross-selling and speed up the company’s growth.

Fourth Quarter 2022 – Highlights

  • Comparatively lower sales of $32.5 million compared to $37.5 million in Q4 2021
  • Profit of $499,000 according to GAAP, down from Q4 2021’s $3.5 million
  • Earnings per Share after Adjustments of $3.9 Million
  • The company’s adjusted earnings came in at $5.7m, down from $6.1m in Q4 2021.

The loss of the two significant clients contributed heavily to a 13% drop in revenue to $32.5 million in the fourth quarter of 2022, compared to the same period in 2021.

Income from operations in the fourth quarter of 2022 was $499,000, which is considerably lower than the fourth quarter of 2021, when net income was $3.5 million. While the management team primarily uses adjusted EBITDA and cash flow from operations to determine whether or not the company is growing sustainably, Bill Korn, CareCloud’s Chief Financial Officer, noted the company’s positive GAAP profitability for six consecutive quarters is encouraging. The net loss per share attributable to common shareholders in the fourth quarter of 2022 was $0.22.

Full Year Financial Review


  • The revenue was $138.8 million, down from $139.6 million in 2021.
  • A staggering GAAP net income of $5.4 million, up from a $2.8 million in 2021.
  •  Adjusted net income of $16.3 million or $1.07 per share, compared to $18.5 million or $1.24 per share in 2021
  •  $22.2 million in adjusted EBITDA, up $129,000 from $22.1 million in 2021

Full Year 2022 Results

According to CareCloud’s CFO Bill Korn, when CareCloud purchased Meridian Medical Management in mid-2020, their two main clients were health systems which had each been acquired in 2016 and 2018 and were in the process of transitioning away from Meridian onto the platforms utilized by their acquirers. 

Since a sizable investment had already been made in this move, the leadership team knew they would eventually lose this revenue, even if they had yet to learn how long it would take. 

By mid-2022, both clients had completed the bulk of their migrations. Without these customers, CareCloud’s 2021 revenue of $139.6 million would have been $118.1 million, and 2022 revenue would have been $126.7 million. Thus, if they had not had these clients in any year, their revenue would have increased by 7% in 2022.

Moreover, in 2022, technology-enabled business solutions accounted for over 88% of CareCloud’s total revenue. Around 52% of its income came from customers using its technology-enabled revenue cycle management services; over 90% came from customers using its electronic health record (EHR) or practices management software. 

Besides, its cloud-based software generates about 12% of its revenue. Contrarily, its professional services, such as medSR professional services for hospitals and major health systems and CareCloud FORCE staff augmentation, generate about 24%. Thus, it can be concluded that cutting-edge technology and exceptionally efficient, world-class staff are at the heart of each of these profit centers.

10% of our income comes from clients that have us oversee their complete medical practice, and 2% comes from other services.

Compared to 2021, when CareCloud’s net income was $2.8 million, its GAAP net income in 2022 was $5.4 million. After its first public offering in 2014, CareCloud has seen positive GAAP net income for two consecutive years, an increase of over 92% from the previous year. Accounting for preferred stock dividends paid out throughout the year, the net loss attributable to common shareholders was $0.67 per share.

Profit after tax and other non-GAAP measures in 2022 was $16.3 million, or $1.07 per share. Earnings before interest, taxes, depreciation, amortization and the gain from the change in contingent consideration are not included in the non-GAAP adjusted net income.

Despite losing income from the two large clients who were acquired and were previously quite lucrative, and despite increasing its sales and marketing expenses by nearly $1 million, its Adjusted EBITDA was $22.2 million, an increase of $129,000 from $22.1 million last year.

Bottom Line

Given the achievements and financial performance of CareCloud, the company is in a good position to grow in the coming years. However, it can be a tough tug-of-war game for market share with competitors like NextGen and Cerner. But there is a catch; the way CareCloud is expanding its offerings towards more advanced digital health solutions like CCM and RPM, it can enjoy an edge in the coming years if its competitors do not intercept soon enough to share the growing market demands.

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