CareCloud Inc (NASDAQ: CCLD) is a healthcare technology company that provides revenue cycle management services, electronic health records software, and practice management solutions to medical groups and health systems across the United States. It makes money primarily through technology-enabled business services sold to healthcare providers, combining RCM outsourcing, cloud-based software subscriptions, and medical practice management services. As of December 31, 2025, CareCloud served approximately 45,000 providers practicing in approximately 2,900 independent medical groups and health systems, per the FY2025 10-K. Quarterly net revenue ranged from $25.9 million to $34.4 million across the eight quarters ending December 31, 2025. Offshore operations in Pakistan and Sri Lanka, where personnel costs are lower than U.S. rates, accounted for approximately 17% of total expenses in FY2025, with personnel costs representing roughly 76% of those foreign costs. Adjusted EBITDA was $27.5 million in FY2025, up from $24.1 million in FY2024.

Revenue model

CareCloud generates revenue through outsourced RCM services (end-to-end medical billing, eligibility, coding, credentialing, and claims clearinghouse), cloud-based software subscriptions (EHR, practice management, RCM Cloud), AI-enabled digital healthcare assistant tools, and medical practice management services where CareCloud supplies facilities, staff, and financial advisory support directly to medical practices. The model combines recurring service fees tied to provider billing volumes with software subscription fees.

Products and services

RCM services including end-to-end medical billing, eligibility verification, analytics, medical coding, credentialing, and a healthcare claims clearinghouse. Cloud-based software including Electronic Health Records (EHR), Practice Management (PM) software, and RCM Cloud (inpatient revenue cycle management). AI tools designed as a digital healthcare assistant to support clinical decision-making and administrative workflow. Medical practice management services providing facilities, equipment, staff, and financial advisory support to medical practices.

Customers and end markets

Physicians, nurses, nurse practitioners, therapists, physician assistants, and other clinicians organized into independent medical groups and health systems. As of December 31, 2025, CareCloud served approximately 45,000 providers across approximately 2,900 independent groups. End markets include outpatient and inpatient healthcare provider organizations across multiple specialties.

Value-chain role

CareCloud sits between healthcare providers and payers, handling the administrative and financial workflow of medical billing, claims submission, and collections on behalf of providers. It also supplies clinical software (EHR) and operational software (PM) that run day-to-day practice operations, positioning it as an outsourced back-office and technology partner to medical groups.

Geographic exposure

Primarily United States-based client operations. Offshore delivery operations in Pakistan and Sri Lanka accounted for approximately 17% of total expenses in FY2025 and approximately 15% in FY2024, with personnel costs comprising roughly 76% and 75% of those foreign costs, respectively.

Source: SEC 10-K, filed 2026-03-12

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