CCLD - Earnings call 1 2023

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Operator

Good morning, ladies and gentlemen. Welcome to the CareCloud Inc.

First Quarter 2023 Results Conference Call. [Operator Instructions]

I will now turn the call over to your host, Kimberly Blanche, CareCloud's General Counsel. Ms. begin. may you Blanche,

Kim Grant

and Welcome today's CareCloud our call Hadi Chaudhry, Officer, Executive everyone. Chief Korn, Conference Officer. Financial Founder Quarter Call. Chairman; President Executive Chief On are our and to morning, Bill First our the XXXX and Director; Good Mahmud Haq,

and XXE we would Securities of meaning Section than All remind statements Act including, acquisitions. amended of amended. our Section during growth, future as of the like potential made statements Before operational of Exchange you outlook made XXXX statements and this limitation, call the certain other begin, expectations organic statements statements, statements the forward-looking conference growth and this within I historical for guidance Act expected financial are of as and during facts call and to regarding Securities that of are conference performance, forward-looking without business XXA XXXX

with plan, the estimate as sometimes may such will, words statements these of negative similar expect, may, or terms. be Forward-looking believe, upcoming, terminology identified anticipate, and

results our events. Please materially these refer to performance of where could or obligation to Securities our contemplated from not revise statements. opinions a will control, risks are Commission, of statements statements forward-looking and to Forward-looking and of subject from more statements materially or as the actual forward-looking only press differ performance future actual to forward-looking filed the statements. reflect that variety factors we our comprehensive you guarantees these in uncertainties, new cause results are this could release future of Exchange of no beyond cause and undertake presentation, a which many which with of and in to our these of differ those reports light information discussion and our find are These promises date and

Call on News dialed Relations want then presentation. & earnings download click anyone presentation. our site, First calendar, first and Please Conference click Investor visit download call may by you Quarter click to the IR the telephone, quarter ir.carecloud.com, For who earnings Results into our XXXX Events, XXXX

Finally, press these certain first our release to refer performance on for of results. GAAP reconciliation measures financial to our today's refer financial quarter to today's call, measures. XXXX a we non-GAAP Please results may announcing non-GAAP

With the that said, I'll over now our Hadi Chaudhry. Hadi? call to turn CEO,

A. Chaudhry

you, adjusted earnings Thank million. and call. thanks you quarter, XXXX, of quarter for for XXXX. $X.X building the first first Kim, revenue on XXXX throughout to EBITDA started us of growth organic of We we all an we reported million and our created In $XX.X momentum joining

our are pleased are that us internal these We deliver line in keep on year's our on full guidance. numbers with to expectations track and

opportunities you organic bookings provide converting an our focus the growth our last bookings first mentioned solution into early update increased our I quarter, progress in the the will with we comprehensive emerging revenue to East, solutions momentum, Middle our EHR towards quarter. therapy marketing that on on of efforts during awareness adopters recognized of Today, our raise and

our of wellness continues continued provide about monitoring. which chronic with our remote gain patient with on meaningful from base. offerings, overall bookings to particularly update traction physician will I it First, a market, and the momentum year include contribution management the an care on a our After

continued year first million. the record revenue quarter and XXXX. Our a was bookings, were for recurring in bookings for $X certainly XXXX over XXXX of debt

and tech-enabled going revenue. last bookings, about RCM, down break would over it's detail We little wellness. wellness and including it overall in bookings to a and the to to year, like I'm bookings on converting overall conversion first talk momentum have then seen good how I by force share

annualized of In XXXX. live. said, that X bookings has in gone basis, on each form revenue live XX% with or we gone we recurring XX% fashion. an recognized the the clients off, That some those potential of revenue from the us opportunity first potential ranks First signed have businesses total in the of quarter, the differently.

stand-alone So I'm them through to one going walk of on basis. each a

we the RCM, in potential live potential rate, gone tech-enabled booked all our On of last have annualized year XX% we of with revenue quarter. an live the we recognized have the For from revenues run those first clients.

from for to bookings business. typically X-month solution, the As we reminder, a a RCM live signing with our anticipate going time frame

potential the to just again, on our in the year. recognized couple are ramp is of the there that the which over X% first line have annualized with gone with XX% augmentation our an basis. will staffing solution, live Force, revenue and is expectations, we a factors course in of quarter, this but This cause of

signed last late healthcare the First, publicly the company in is with we contract phase. technology a traded preproduction well-known year that large currently

largest is our customer are the Under quarter, far. Together, portion we can but with to the a we the the in contract and recognizing live, terms we contribute start our quarter results reflected trainings second partnership to of first minimal potential quarter, SOPs, of is the contributed second before those the represent background numbers checks, the like very second revenue, and so not of but will these revenue agreement, today. close first in sharing contracts the to went the meaningful reported Subsequent the XX% pleased and the the revenue.

live quarters and the typically ramp levels and between to desired has factor customers, sophisticated It revenue to up potential especially just their experience reach that larger, and is few potential. second that with leading will start divergence gone employees time. over X that to take their is between X more recognized a our revenue customers customers, The

annualized potential of their and wellness we of revenue basis. potential on live with have gone have XX% in an revenue recognized our solution, X% Lastly,

services line, business in with at this monitoring In conducted having is defined the go-live X least practice. patient by or to provided

it. them get are to onboarding complete, ill mail care all the this expect the XX-month and appropriate plan course via an implement engaging of a over individual with phone the there and managers typically these patients, a signing to the We cycle year, of them. Once identifying is work ramp create to and care of physician, chronically and consent physicians

partners to value with so forward on quarters' closely physician provide ease with our few the of working our work and to our understand look next we We We sharing calls. continue patients. to progress the their CareCloud they

Next, I our update on an will provide Middle efforts the in East.

EHR committed the the As We given the emerging first discussed we a the on plan Middle last the adoption our U.S. quarter, the to growth to decade in East. few similar remain sights in ago. initiatives meaningful next years, pursuing opportunities UAE, use in the to government's mandate set

very started up UAE setting in capitalize making have close and an in on the complete entity progress We this to potential to opportunity. this are area

the continuing UAE to are May. and a the We the groundbreaking Expo hold process plan pursue the Med of end Precision at to certification at in

We process the already over have getting solution of certified begun attestations. filing in required for

positioned couple these feel In for CareCloud is uniquely reasons. international for a success opportunities, we of terms of

now traded opportunities in Our you We on this as marketing and meaningful U.S., update the businesses, our professional reputation a our with as our EHR, world. the cultural the status tech-enabled and potentially keeping these cost-effectiveness of decades look posted services will efforts. our to an turn company forward of RCM to familiarity unfold. I part of publicly the in and scaled experience over X operations

year, the to focused report EHR small under and in continuing to are This practice of proud we organic our the are awareness best-in-class to year, for ambulatory straight the report growth. the we category management. practice we were raise CareCloud's that in market of First, offerings on second recognized fuel

also and as at industry WIFE many to market. have conferences We HMS. These opportunities create year, our this of the had many new such showcase a customers. They only comprehensive provide for not to meaningful the conference does presence solutions leads

the of on and of IPO, the marketing. For spent some additional just context, at X% sales time revenue we

our solution, had RCM the to differentiated it year, state-of-the-art market EHR in innovative is mature last number market. and track as better sits grown of campaign in revenue on X%, reach it and of on practice software growth attention to us year, this top industry-leading, marketing X%. which products truly drive management solutions, that including help technology is tech-enabled bring seeks This to As to current this to

Our practices. news it a hot But nothing which early lately. has we the stages. curve, is been the a ahead quickly integral as became before launched an of telecom AI CareCloud, was and new part in AI its leveraging topic been have care pandemic health very for solution, the year of from

launched since AI-based have product the few a was years Our the launched several early we in of years. company first over the engine, and few last others scrubbing

sectors. or by next our and in to RPAs clients. robotic being to Since tasks wave never similar processes streamline many in APIs to leveraged health be of innovation mainline have automate AI layered care, we open believed that will automation It's process then, addition other been bots, the of in back-office

manner opportunity compliant this avenue can we ChatGPT ways evaluating systems like profitability to outcomes. providers. We our for safely solutions see EHR medical reduce AI improve and to a leverage are and to in patient we secure in as further a cost, and an management use and workflow practice So improve effectively increase OpenAI and as

not still make and R&D in We provider-facing. phase are to ready yet it

update market last mentioned therapy our quarter. an on Finally, I opportunity

are We with live. making progress are who X adopters already early gone

on to end-to-end the growth outdated us on our results to market represent numerous for focus year's our track first meet year change full in CareCloud's strong leave opportunities start a today. solution Wrapping XXXX, thesis and up, to supporting to us expectations. keeping welcome solutions are We a prevalent is that throughout quarter well-positioned the our our

to Bill? With that, call over I to the will financials. review turn the Bill

Bill Korn

call start first the Hadi's achieve with on all quarter, the Thanks, expected, revenue we thank and are to Hadi, for we you we and track that reported to full-year results $XX were I'd In we of sentiment by goals. our to like joining in reiterating line are million. report first pleased what quarter today. our

be the X While year-over-year, factors. largely decline can to attributed down

of revenue to due revenue decrease clients due $X.X customers X the from who migrating in of completed healthy acquirer's Approximately platforms first-quarter mid-XXXX. these the in First, to million their loss demergers. to X was

revenue Med in softness $X.X business Med SR, first from that some down XXXX. professional is fluctuate. to services quarter a was million SR Second, which tends project-based

during picture. were was solutions management expectation XXXX. business revenue for the revenue, second-quarter services $X.X present loss a we first major professional at adjusted half quarter in in from first factors, came Of services. XXXX quarter, these professional finally, cycle of similar projects services, confident we still And And our not pipeline of GAAP the X the came approximately from professional of related. which reported for be remain to COVID EBITDA of quarter included net the revenue while be quarter number services million strong. of Our of continues approximately our the have XX% that to of $X.X and business first will XXXX. Despite $XXX,XXX million. We tech-enabled This the a first full-year revenue is second and our

revenue X% quarter first our is typically reminder, at to year-end. a due resetting to down QX insurance As deductibles X% from

our and revenue growing of typical than and as live it wellness we While who third more weighted, last is in as Hadi who taking bigger half. visits XXXX. And adoption organic the generating the for will are solution, first expect build quarter will from revenue rapid advantage year, the clients new second of usual in fourth year are mentioned, our CareCloud Between record this projecting quarters. up during continuing were bookings go more signed every we more our back Force, continue that and half significant because which the we over contributor new during second ramping Force start new clients capability, to will of clients growth and in in with new start become that of the accelerating so the quarter patients XXXX, preproduction us and a to half wellness be it be expect

we the the granularity. our for adjusted first As closely due a number in profits, the revenue majority but processed fourth to the seasonality, similar another fixed, lower quarter claims cadence In level as of of XXXX, quarter, are a mirrors recognized typical provide revenue costs of EBITDA of deductibles.

net decreased down, the With as this the EBITDA structure, GAAP revenue goes and was as case adjusted income cost fixed same quarter.

our in to unchanged. that are terms assured SVB million Valley We Bank, reassure the with now our quarter with XXXX million First agreement the $X agreement on is Silicon a balance which and fullest. We credit us they everyone by and our our sheet. ended to to line honoring credit my down, Citizens comments million relationship quarter I'd reiterating like is Turning close credit, division cash. of are $XX drawn ended with the of the guidance. our I'll has the of $XX that

to of of We $XXX million expect million revenue adjusted $XXX to and $XX EBITDA $XX million. million

the XX% first flow the half will of to come total that to we XXXX of believe in the will XX% half year. XX% XX% reminder, revenue a As of through back and

distribution revenue the offerings of with the likely over from XX% newer adjusted and benefit our overhead XX% the expect ramp course look back first structure, in we in more year we EBITDA like XXXX. half the same the additional As half as the up will of

quarterly are of we over of cadence in course seeing half will which with XXXX. projects, great the the traction Med SR's terms In second year, strong of a result

be So we're all need in second to the patient to going quarter.

good First results quarter ahead. year. footing later and progress the you with on We're us put organic updating look growth the our in on for the happy year forward to front

that, over remarks. call his With closing the to I'll turn for Mahmud

Mahmud Haq

Bill. you, Thank

path the work strong start the pleased of are and has a to successful are us right year. done on proud the CareCloud a that team XXXX, We with of for we set

would our like to of CareCloud mission. continued their I for support customers, our all thank shareholders, employees and of As the always,

to Let's call questions. open the

Operator

[Operator Instructions] Your Cohen question come from Jeffrey will Thalmann. Ladenburg at first

Jeffrey Cohen

further, of some of about to the as kind well, verbal some functionality please? that more as as inputs some -- CareCloud. inputs and to of wanted I then the And you some AI into probe the and the onboarding conversation, ChatGPT could present the the talk specifically kind Hadi, and of of at lead about and of past, the of perhaps mining it far data if talk some talk there about future

A. Chaudhry

industry from No, that's hot healthcare from the topic it's the perspective. question Sure, industry not today, most the perspective, overall great only Jeff. probably in that's and a the

we the mentioned, process I exploring. currently are as So in of

work of ways are But should just understand we of share team R&D now. the an probably is these, leverage help on that you you the or to example AI I help working AI with all kind possible Our APIs that trying the on. open with that become of as the this to can available things have

the We probably medical begin of our process our the recent introduce assistant X.X, most concept or the part We which talk, copilot try are can already to as a ChatGPTs, in version, as such Alison of, first have, or the concept is phase, concept. version to within we the engine. utilizing the the medical the assistant

trying just make So smart. to further we're that

AI sharing it So what complete all understand passed responsibility the the and going The can will be can can just variables we level. There engine. be compile suggested plan and any current AI doctor. the that could on in should information. case I APIs. to off that It the history, have to can of rare AI care medical to this finalize suggest results been of suggest diseases information can you that disease, happen be for the But use. that not take rare the of plan rare even to help submitting could care Again, same PHI. generate The parse suggested been history, our day, We're social is infected In patient that's this it, that have all could help kind on the at anonymously can think the patient, to leveraging doctor. these engine one XX of doctor. the or pass open received, this and to those, the disease fully identification or medication, the system end the basic of the by it, that the to can different a it's can want care plan the the sign doctor's doctor the to

please X tests additional as So these example. an conduct

leverage. how we that examples of these trying So are to this are the some is

have first early releases the that APIs quarter We release. it's open help in leveraging that with or press AI-based, By to we the we third will a that time, ChatGPT's in the whether integrated or open communicate the quarter. should this late the either expect APIs, product, of

Jeffrey Cohen

end? hardware to And That's in Okay. of or and bit far requirements your cloud helpful. your tied hardware GPUs, little stores, as in as the on backbones on there requirements CPUs, a some

A. Chaudhry

think with it's of cloud. so in technology of has things become now kinds I irrelevant advancements, think the if you most because easy being these about the

of and a just to and If processor more can processing you you approving power. matter click, mouse a is increase need give it the

So environments. between has effectively been since the already deployed our infrastructure cloud I think very different

hurdles do cost not are -- by trying increasing it of not server we when And to because whole scratch. from hardware small any the the we see comes minimal So increase a infrastructure. to buy the big new is

we see front. that don't So any issues on

Jeffrey Cohen

M&A guess, Bill say, X commentary any things moved Okay. over on how for That's have or the the environment, lastly helpful. I for, or in particular for Mahmud, And X any past, months? us direction then trends or

Bill Korn

question, Jeff. Yes. Good

look that like companies targets. the see interesting on to potentially surface continue We acquisition

continue to good of make very probably We also don't them have but that economic a are for sense us. for expectations people see lot whole

So think I'd or return to X I'm has X going this what past, which to get thumb invested in equal doing cash we're going rule to done going years. that like, I to we've like to a what I'm do on X kind in of the of profits flows applied I'd continue X transaction. I'm says, that my get investment to years. a to to but in

get to recognize companies there a that going to that eventually, be targets. the We to to next to are pass. into tempting we Eventually, see any start getting the sense, shareholders. as then good it pretty think company they're and going then unfold, and for never and months has And like do is way been to they've we'll economy continuing confident, we're be valuation looks recession. some trouble going that. revenue, in that's XX And that a a if you going if Xx And our investment it's don't the see to it's profitable, feel make going are

looking those. always So for we're

Operator

comes at question Allen Group Maxim from Klee next LLC. Your

Allen Klee

of volume cases much of rest into more the in was a factored of you pieces out extra of 'XX? to broke you one how think you the 'XX. Do factored related that revenues, decline you guidance? have your have them in full-year XQ the into When sense COVID-related that do And

Bill Korn

Allen. Thanks,

were So did of and claims of was of And because for finally generated there organizations of we revenue. quarter that got some couple work a revenue of in COVID in and then part 'XX first therefore, a large-scale testing. actually did happen the some delayed approved bulk doing sort that got lot a that

next X that's in much there's the we a in was certainly So little quarters. It less QX. saw more than

think of all that was very we've COVID I regard. that that test I kind extraordinary are would at lot home. QX people 'XX for So to A say few in are COVID today. of doing of people probably seen labs going

whole the of it's COVID at there's year-over-year in rearview factor at point. a And you're was revenue this certainly that that probably a for lot is COVID us But So largely not testing. doing QX from the good comparison. the when zero

Allen Klee

oh, -- And ahead, mentioned you have you go sorry. that

A. Chaudhry

question, of that revenue. this for some and COVID and free Sorry, of know to in, test I testing still see opportunities, all has not don't the under has evolving already is the health was see We end going public the authorized the also But in it's number government rest we big test emergency yes, initially away that's towards have year. certain the send been of the with most help that. some offset program. your who And baked of patients in do the instead but the tail as though though for kits us to been labs not, to as the is is going ending, been COVID baked it it's the those

Allen Klee

great. That's

revenue be you that the Can that? Force mentioned will any provide second you have on color client You a half. that new generating in

Bill Korn

Sure.

and of a small or or go the And days, we with So employees, company both last deals end example, comes of security data typical an through, live but the national extensive have traded practices when dealing we checklist XX those SOP year. this days SOPs the one many as hundred to within a the can agreeing the those couple deals provide we Force to than deals, signed towards it is XX are to large verifications. have sides, of where go training the on and publicly the sharing on of

have of So to as on Everything could example. an go-live those. of XX through instead to X track. we between been the going going all span XX quarters But everything is X is smoothly, days

is and the of So close the the largest revenue we the in going the of third some one. will live, towards second and our fourth have top this anticipate quarter that quarter. We the time

also second started gone good have to to mentioned call a The part clients. we receive has my feedback month, earlier, live, this which very the is largest in and a one as I recent already of which one, from the significant

already. large Force that the it. So first in you up Actually, with the second will revenue looking for is similar large country. open for our our space, first other quarter this -- in more we see should hopefully at deal some are this the which doors This of way is in the us organizations

Allen Klee

That's bookings great. to from wellness is on My converting revenues. question last

to those a you challenge it is companies ensure make that with a ] for using happen. created collectability and doctor's that's and issues? degree [ to I which they're what X adherence they're know office, explain the party, You're third some the other doing little this my and understanding doing a to not to Can

A. Chaudhry

Great question. Sure.

a want tech-enabled management our we to thing in for doing we in, The were and the strengths we practice care selves trained stepped it, a do about long such think day as the time. an not patient have what remote care was RCM by and EHR and company, you one chronic X If managers. been over start that's example, technology there

the ones that end of the platforms, most of the a on the software. because revenue cycle, have company, we we are partnership with some So who capable, on there capability with gaps. bridge back to those helping the us But those are some technology as

they It's we it's we or third right at that have us manager with our work that third clients, it participation to results. care to But them, the our So involved the most or it party conducting. when comes work from sort for us. responsibility to is deliver are been are party. But for collaboratively of our part, they looking of been have

mentioned, I one X pieces because as involved, the So just is us.

third thing into adaptability. absolutely we this. client. piece the X But that's the means the from anticipated when to The the is ramp second And is It's a first time little taking day same why this the stepped patient's go-live. it's up. And we more

think by to we of this better I be revenue model the the when recognized. end have will year, a and how forecast much will

But I think far, we great so making are progress.

over help through mentioned, review the by the I to managers physician, patient started started production and and the preproduction the or the have have stage, their providing are preventative the already the an in we XX% or we submitting then or consent, start or care can of doctor As claims. and has engaging the we care are to to taking approval conducting checks, take by eligibility patients the talk already

Operator

Your question Neil Chatterji comes Riley from next at Financial. B.

Neil Chatterji

of rest the kind the Thanks for I there. 'XX. cadence quarterly line on first-half. versus a the just second-half couple strength of color Maybe for on of top the things of guess kind

the the And should more distributed. or and to be second with in we should the conversion about of how think of quarter? think more quarter how wellness quarter, like Just the CareCloud contribution versus about back-end third dollar on Force maybe for clients the evenly rolling kind X fourth loaded to that half just we kind the second impact the off then potential

Bill Korn

Thanks, Neil.

last year. off So the in clients quarterly rolled terms of that the cadence, X

quarter. their the the services part, of end use dropped by of most the For second

the quarter was that XXXX, third lines. look almost about revenue if million for to So less quarter, you and you saw second the example, those $X.X that was due than entirely in

of at quarter with, a you So what to QX negative. versus you you're see do to 'XX, the comparison, looking without clients of going you're when a see so 'XX QX the

one next going after you the hospital, have large clients down. exact against the say billion were largely By comparing business the would the X a business of You're not QX were and gradually the day, half phenomenon largely with be as doing one the because was time another you'll the those you period And group of like expect a off. But of in and when second QX. they to I moved in out same day $XX to year. bulk get QX, it's

we're phenomenon. business about when Force, quarters, that won't as comparison So year, clients, started think one both work you're billable you in Wellness them April. fourth these signed using Force third X going and When last Hadi of doing that have what seeing mentioned, and you with in live, is

be live is the going the to one going end Another by of quarter.

So you'll and real we more bit revenue start the overall, revenue in revenue have see of you QX right that even than Similarly, Wellness, business to signed little But now. with that a QX. in see up for last hit year, you'll working as while of thing we And it kind majority the of yet practices, rolls are we the of out, roll haven't with most those this doctor patients. exponentially.

guess a seen more account, factor in one actually taken little phenomena which the is the this is So you're to that that's I past. And bookings. see be to going I needs a into think organic

go basis. new back on couple lot clients of signing years, we a of a really you quarterly If weren't typical a

amount an old the to So client revenue dramatically happened from new revenue amount than not different retired. client that a have the of of was from

more than signing practices, retiring, their doctors leaving a we're business selling lot Now new up seeing us. we're

So in impact fact, growing. quarter, clients the and X quarters of every signed it's you're getting or X the who before, up

in you example, who people. of who they're by are deals, just on they're to not time the big the So those doing people, the you sold third here. payroll. than the more for need I mean people the the and the cost more of they a quarters, as goods see fourth billable. have past. And are people revenue costs. to respects, Force the different checks to curve some in on doing here, services, providing be They're very shape the first from And quarter, some will clearly, the you're these background in But we're X when work billable. we And going to in get the

a that line. revenue of to goes the bottom lot straight So extra

Neil Chatterji

Got here. follow-up just one it. then Great. And

margins. Just on gross

there think there a But have touched the and little bit depressing as cost sales it on might You kind the of was side. not the on is deductible much on I the seasonality impact of COGS.

of Just the 'XX. kind curious on margins balance for gross the expectations on of

Bill Korn

question. Good

not So at QX, looking I QX so think when be going are different to than numbers you're QX. dramatically

So similar. gross being I probably think in QX margin the about pretty

going get into see revenue to you're you growing. As QX,

see not You're as growing, fast. costs going some but to

you're So increasing. it's by And see get gross predict QX, see going this. you the margins significant increase margins. would And to time you're I to to gross in expect, hard a to going

the time -- I a expect level EBITDA you you're seeing a even of this going in margins of higher be before gross to shown rapid ever of to But we've see by that would revenue. and growth higher get because higher percentage to adjusted going probably percentage than you're a QX,

Don't and So in closer little getting see look expect would QX to point being at expect that in to But a as I look the a say, business to at steady improvement now. don't state QX. QX. the is

Neil Chatterji

follow-up. Got it. last And quick just one

sales Just on force. the

I in 'XX. had think you a meaningful increase

Just kind there. terms then remind 'XX. of on at potentially think expanding ramp curious of about And that about more typical us all just the in how in to productivity

A. Chaudhry

in mentioned for percentage close Yes, we number that somewhere the sales Sure, people on terms and And expense number of this when you're the shared marketing XX%, XX-ish from were for is sales we I today, the overall and a to this X% number of perspective. beginning call anticipate the we at expenses right, around year, XX%. last question. this standpoint, entire workforce marketing from from increasing the my to and Neil, X% thanks is Hadi. of spoke

overall the and And marketing together. and onshore I'm team talking about offshore sales

terms that quarter keep we continue on to you $X it's, can So the of and numbers, increase to on year. first the in as it's the keep million, see booking yes, almost quarter deals. And we see can similar we signing we that progress again, making last fourth

Neil Chatterji

And as as then productivity far ramp? the

Bill Korn

you being start do on contributing? Okay, mean those salespeople trained and

Neil Chatterji

Yes.

Bill Korn

person the an the what I sales when joins selling, least become think lot of is us. day are tried have we the general salesperson to at the and frame in any all, marketing. who of the already see from they from industry what a X of a plus at it's someone day been to the by from time least healthcare joined effective. coming experience hire good when for person have should months we understanding And first time

that conducted scheduled by these are Between days, person are experienced trainings the tools we least lines, on X another product the using, the at salesperson. XX gets other months,

is engagement month gets start experienced our the And additional on person right should closed. also month, done, and and the of fourth start one been deals. has to it stay the deal and the on think fifth the getting salesperson independently the when done, call So the the make I selling sure pitch

Operator

at The Sutherland question comes next Company. from Benchmark Your William

William Sutherland

up. East and implications thinking get it see. ramp to I get think be more color you that even a as about that financial in terms touch to a what to kind on was the initiative frame on the you you're starting of kind little And Middle maybe particularly then time of you of could the maybe potential

A. Chaudhry

which is bread is way our we this for at and the RCM about us. opportunity butter, One are looking So are major there areas capability. opportunity, X

RCM the side. So revenue on one cycle is the

one could Middle that is Most is the services be It it EHR And in implementation. market. is It the Meditech East very could government. third for ambulatory small percentage implementation. that professional The business. a of comes our Cerner under piece practices, be is Medicare-related the a though second UAE, the our

the So areas. X these are large

at Pakistan. hours lot roughly, primarily cost-effective in It's workforce, different many in go be our employees thing or you roughly market on of a the then over sector terms this flight from there X reputation provide at a are I in can when we bring years, can of a expected that in the flight TAM value a X addition U.S. and from cost-effective the and next CAGR side the travel more no much industry X of but XX%. think visa. XX% in to consistent And Middle is about to East X, for grow There decades that so around The Pakistan. the same can the the the global one numbers there way. All X-hour issues is doing and a solution in start can search, of experience health where over we

countries. especially of early that's in stages evolution in I that adapters the doors for it's and for step when So us a those going the in this to opens come to early of think lot

from are have that, things setting mentioned, and all a left up behind. I minor almost As that few been done. the entity we There are

groundbreaking. We will a do

We will be presenting.

have that at export at that will We a boot show. rate

We speaking. be will

speaking will Medicaid for leadership there. be Our

engaging, start we'll So whether or area. the it's authority the people to in government-related government-based other competition that

on to this from closing should this will towards year of be business but some information, end year, able keep that we hope we I start area. we So think sharing the the

William Sutherland

with be it implementation. Okay. probably SR like That will kind out sounds the Med of starting

A. Chaudhry

right, implementation or are even we even today system what years [indiscernible] those on CIOs X government implementations will because before activation, an example. this of initiatives. experience had ramp Bill. You and Those XX implementation, and can, providing are up in significantly it all large decade-plus And training, as is we this health the those absolutely company, hospital the things, acquired internal based

workforce I those on experience from So side. is on from team. the the good especially U.S. has an FTE off, team one America XXX handle we XXX largest The done the how projects U.S. and whether to we implementation providing have or think are workforce, with our FTEs, the pull a of Pakistan these

us the more do should So in a way. in East similar that help Middle combination much cost-effective absolutely a thing

William Sutherland

the they Wellness implications, as revenue lines? Okay. the bookings the and I And should characterize be seeing about business these different and kind to Maybe in Bill, mix. begin one me. you margin for wanted Force across part to more a we gross of think the of blended margins meaningful gross just that more the become convert

Bill Korn

one revenues. the think the need that that offsetting published, terms in you've is I without that think cost margin in of first you things to quarter, the about we got of gross the results So just in

some clearly, that's depressing as So margin. of kind so the gross that is, getting again, started, you're of

That services. healthcare-enabled as our that margins our we we rest think in of Force typical that our margins get very the be find good for as should good business. can I

X, more people, with day of you're because off lower see think Wellness a improve. But we're because in in a wellness see look the would going things third in making I in margin part bit expansion more level part going margin to to start relying on we're see party of little little and a think we're over wellness. you'll right. from I sure you'll margins And at kind putting that doing XXXX, coming time, overstaffing, I

'XX, everything but revenue in new by enough will time to see probably expansion that be clients be lower margin, meaningful of in second a of get our wellness you level the the So sort gross by of of grows, gross you'll as offset margin. that will else a and it little some bit half the overall QX,

William Sutherland

each wellness of business, So it... just getting your a from isn't matter different character as currently. the such profile It's of particularly individual

Bill Korn

you think the again, staffing a visits chronic patient Yes. management mean, have I monitoring engagements. care Wellness, if remote higher component, of the

set As up, done get largely those that's automated.

you've blood a X time fashion by remote profile. trained, and where you So pretty their again, with you're our and will giving using devices margin then and up, the some engagement pressure a nice people, the totally and a now margin probably got little day monitoring automated people third you bit then and start no in a of get be people CCM I'm party ramp lower you then hire

Operator

Hutton. Instructions] Your Constantine next come question from [Operator Davides EF at will

Constantine Davides

say, X on starting past? obviously have services over wondering opportunity upsell sort guys is, what of years X, in swim attracting enterprise maybe back That a bit seeing see able to more you to than that more of X, upstream are logos? several your you opportunities guess you're new is you of the quarters. in job terms done sort to I are And look great you adding of have base. into quarters. services we've I'm all and those solutions a legacy And past You But new some the of been focused

A. Chaudhry

an therapy example let's we launched. of that EHR take So this

Raintree, about therapy the for world, the the large number dominated market we therapy own say, you in others. the practices. been it, been a now, this industry If We not designed of have today third-largest WebPT did whether do EHR number based such our specialty. let's of not on the think of until providers it's this it’s or have these has time, for who and long players have a whether in Though some by

to to. wherever been other work connect by this of RCM those systems platform. today, all So of client industry the one space may all EHR have works been other has our some interfaces, other way members the it EHRs. In But it done rest and remotely team cases, have we our needs to the using ever employees is pieces the of the in these cases our

to, say, largest So not that's external. makes because of it But easy at not that we time, sense if we first the do before just we is and instead that But the I existing -- since something our the take same was to of we started, us third within We of it few launch externally is company can focus does our would opportunity it for some I far launch better to specialty, new, as spend externally or mean that now Wellness with most about low-hanging you from client penetrate the do an externally. example, focus, still trinary think the we opportunity being sell external force those us, campaigns. Talking another go fruit, more the do exists all, quarters need deals internal large get easy this base. or going of client for full exists. XXXX, than, base it our If own is probably the of about our where to one. the

about other and we an come our internal we -- We of XX% can The should you So gone from come we XX% anticipate this have bookings And should new to the example. XX%. from anticipate base. logos. or could year, as I'm XX% Wellness client offering talking the have a, XX% the say, come

there. to and are the even to progress in This new become and anchor. could progress, offering. will even We RCM. sign a did we we but including To from first in become So already clients end-to-end the offering, this making quarter, could we that, we are from to services deal, sign point, some full you, try see few the we started have see our results, are the the already of and campaigns have one Wellness your logos started the

Operator

no are There other questions.

the conference to Kimberly remarks. turn So back any I closing will Blanche for

Kim Grant

your of you interest next and company, participation everyone I'd you on a speaking forward us in your again all, quarter. to today's appreciate who We and as great look with and have to On like us call. the joined company, behalf Thank thank a we day.

A. Chaudhry

you. Thank

Operator

Ladies ask conference we and lines. disconnect that conclude Again, this your for gentlemen, morning. and you this call all thank for please participating, does you your

CareCloud (CCLD) 4 May 232023 Q1 Earnings call transcript