CareCloud
Outsourced RCM plus cloud PM and EHR for ambulatory groups
Our take
CareCloud, founded in 1999 as Medical Transcription Billing Corporation (MTBC) and renamed after acquiring CareCloud in 2020, is a Somerset, NJ public company (NASDAQ: CCLD) that combines outsourced revenue cycle management with cloud practice management and EHR software. Its buyers are ambulatory practices, multi-specialty medical groups across 70+ specialties, and medical billing companies that want billing handled for a percent of collections, with a roughly 4,000-person global workforce doing much of the work.
After years of losses, CareCloud turned profitable: FY2025 revenue reached $120.5 million, up 8.7%, with net income of $10.8 million and its first positive GAAP EPS since going public. The 2025 Medsphere acquisition added 600+ hospital clients and inpatient products, and the company bought HFMA's MAP App benchmarking tool. Management is betting on AI, building a large AI engineering center and demoing a live AI front desk agent on earnings calls, with 2026 guidance of $128-132 million.
What it does
- Outsourced medical billing and RCM
- Cloud practice management and EHR
- AI tools: front desk agent, note generation
- Credentialing and enrollment services
- Hospital EHR and supply chain via Medsphere
- Analytics and benchmarking (HFMA MAP App)
Where it's strong
- Percent-of-collections pricing with a large offshore delivery team keeps costs low for small groups.
- Newly profitable, with FY2025 revenue of $120.5 million and positive GAAP EPS.
- Aggressive AI investment (front desk voice agent, documentation) is shipping, not just slideware.
What buyers should weigh
- Growth has come partly from acquisitions (Medsphere, MAP App), so product integration is uneven.
- The company went through financial distress and dividend suspensions before its 2024-2025 turnaround.
- Offshore-heavy delivery means service quality varies by account team.
Latest
CareCloud posted FY2025 revenue of $120.5 million (up 8.7%) with its first full profitable year, acquired Medsphere's 600-client hospital business, and guided 2026 revenue to $128-132 million.
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