These we are for you and Thank afternoon. you, change a little bright joining has you confident hope quarter this I’d everyone always and and strategy all the are been forecasted. longer a with than is optimistic the taking Dru, us not we transformation our to thank to There The spots sharing that about in results are this story be future, change. while still our but about about and today.
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in revenue came the in Our second at million. $XX.X quarter
was was than expectations, with EHR we our projected. in lighter line RCM business business our the While
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of volume. of The second quarter we and hoped the saw would RCM volume quarter, some towards the business other it main as source modeled was trend short-term actually projects problem We relates as optimism continue into to in performance the result out back but the in shifted continuing volume lasted. mean our the first a over a that
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it’s significant fluctuation depending to have a demand been if to structure, the leverage While quarter our admittedly the on few next cost into anticipated the over we do quarters, has scale detected. challenging
results, several doom on make all and we not choppy fronts progress quarter. Despite it’s clear, be financial did the second during gloom. the to Now
EHR to and I Halfway I’m to our customer previously pleased through long-term retention areas growth, well are the that cross-selling in both performed quarter. annual we recurring cross-selling of over each on existing million two standpoint, $X EHR our and From in report projections. critical shared worth in end the signed coming customers is with we retention of RCM a the higher revenue. year, contracts
we a EBO a Ozark in non-EHR customer, signed Missouri. contract Additionally, large with Medical
EHR that competitive close million to a signed just $X.X quarter, the of a Lastly, second takeaway. was the we agreement subsequent
initiated On streamline help estimates, year organization offer. an note retirement another of our employees will in roughly million with this savings $X $X positive in XXX the our May, to we program up accepting a basis. wrapped around to million roughly By annualized we voluntary our and lead this that on
to summarize, To grow. our continues pipeline
That EHR We we are measures and the to remainder for seeing stability the the the base, missteps customer position the inside to organization rethink quarter in of necessary led taken future. in have said, us our better us our XXXX.
our caused the us factors EBITDA in revenue As of and from year, to detail. forecast, will Matt we each about are we discuss remain some half couple initial forecast. there our share thoughts deviate I’ll the but confident a of and think second have more that initial
terms we for primary two buckets. cost think are In of back year, the of the seeing pressures, this about half I
RCM the on First side.
is hindsight, to and reorganization reorg Over following rate the were and that into for taken a force to bullish the to contacts sales last establish needed deals sales close our force course longer We that sales few should it the of business too we historical fall. quarters would to the business. relationship account new the half RCM have close expectations new our take saw on take a first year, far we compared our certain of
we second and are in now bookings curve levels, expected just the track the on of of half but back up year. learning for As a are coming shy result, the
the we between first RCM mix As half towards signed services XXXX, and we is of that to tech-enabled in the bookings more technology the solutions services skewing pure than relates expected. it the
the that great are of staffing challenges solutions to for have our market often technology ultimately hospitals to complement on just us tech-enabled it mix people don’t and in-house look our more [indiscernible] than to our this impact they have we think does standalone can because our mid-size small services RCM, target service products we While revenue market, margin. and glad on have an provide our
in services, outpaced are towards pressure tilting bookings are more seeing the same we labor at Finally, market. domestic time that our
of retirement some ramping alleviate the year. the voluntary it we our and is While for should initiatives enough this offshore our not of over time, pressure current believe program
of combined for half approximate an in EBITDA year. factors million $X back All of the account RCM of the the headwind
where expenses this initially The It Azure, costs associated we pay increasing for this well during is our other migration earlier we projected migration result period. as are cloud than the which around having began unfortunately, seeing higher proceeding to duplicative of faster we services the come is cloud year. and area to in anticipated, than are as
a correctly estimate these anticipated not While services redundant we redundant to we need environments. we the operate degree, to time length of did the
duplicative $X year. caused And costs customer year. with additional continue has migration of for will public million of anticipate while that hosted the environments end wind our expect to these the we an This EBITDA we for effectively cloud throughout redundant to XXXX scale around down of migration spend the by data, headwind the the
is of While an customers. feel that ultimately we undertaking, the is for a thing it bit our right
our results there’s Given and to year, not in time up quarter second difference. financial the stand enough where make we the
we adjusted be between EBITDA accordingly. We expect are million. reducing and So outlook $XX.X $XX.X now our million EBITDA to
like Matt, Mark after call XX newest Lastly, with us before Verisk. Mark Board Anquillare. to I our welcome almost joins the member, years I’d to turn
coupled forward CFO in minded subsequent and as his experience served with leverage their and of approach We thoughtful welcome their growth. key and to outsized COO IPO Mark his and decades Verisk, at growth playing execution. look While a role insight
on continue as the evolution have to team thrilled We’re we as him our organization. an
hand Matt. it now over to I’ll
