CareCloud Announces Major Credentialing Partnership with Leading Healthcare Technology Company
SOMERSET, N.J., Oct. 17, 2023 (GLOBE NEWSWIRE) -- CareCloud, Inc. (Nasdaq: CCLD, CCLDP, CCLDO), a leader in healthcare technology solutions for medical practices and health systems nationwide, today announced a major credentialing partnership with a large, publicly-traded U.S. corporation that stands as a frontrunner in the healthcare technology sector (referred to as "the Company”).
CareCloud initiated its partnership with the Company in late 2022 when the Company engaged in a substantial multi-million dollar agreement to leverage CareCloud Force, a workforce extension solution designed to bolster healthcare capabilities. As part of this evolving collaboration, CareCloud will now extend its credentialing services to the Company, thereby expanding the reach of CareCloud's credentialing services to a vast customer base encompassing tens of thousands within the Company's network.
According to Medical Group Management Association, credentialing-related denials plague more than 50% of medical practices, unleashing a chain of consequences with broad implications. These rejections result in postponed payments, amplified workloads, and substantial financial burdens. Furthermore, they can hinder patient access to preferred providers.
In the intricate world of healthcare credentialing, CareCloud distinguishes itself as a reliable partner, providing streamlined solutions that alleviate administrative complexities and streamline processes. CareCloud's credentialing technology accurately tracks and monitors the entire end-to-end credentialing process. This is supported by a proficient team of Certified Provider Credentialing Specialists and Certified Provider Enrollment Specialists.
CareCloud is also actively pursuing National Committee for Quality Assurance (NCQA) Credentials Verification Organization (CVO) certification. This certification further broadens CareCloud’s credentialing services by offering delegated credentialing tasks for organizations, particularly payers. This reduces administrative burdens on payers and can cut turnaround times by up to 50%. Achieving accreditation or certification from the National Committee for Quality Assurance (NCQA) is significant, as it demonstrates alignment with payer standards.
Karl Johnson, president of CareCloud Force, stated, "The Company, specializing in revenue cycle management services, found itself struggling with the challenge of client credentialing. CareCloud's comprehensive credentialing can help tie things together for this Company, streamlining the process, reducing errors, and ensuring timely enrollment.
“Furthermore, we're proud to report significant progress in our journey toward achieving certification for delegated credentialing. Our scheduled launch is set for the second half of 2024 and will begin with the top three commercial payers. This will be a pivotal step in streamlining the credentialing process and securing a competitive advantage."
To learn more about CareCloud’s comprehensive suite of technology-enabled services and solutions, visit carecloud.com/solutions.
About CareCloud
CareCloud (Nasdaq: CCLD, CCLDP, CCLDO) brings disciplined innovation to the business of healthcare. Our suite of technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care while reducing administrative burdens and operating costs. Learn more about our products and services, including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, patient experience management (PXM) and digital health, at www.carecloud.com.
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SOURCE CareCloud
Company Contact:
Larry Steenvoorden
Chief Financial Officer
CareCloud
ir@carecloud.com
Investor Contact:
Asher Dewhurst
ICR Westwicke
CareCloudIR@westwicke.com
Media Inquiries:
Alexis Feinberg
ICR Westwicke
CareCloudPR@westwicke.com
Released October 17, 2023