MTBC acquires CareCloud, a cloud platform for health care providers

MTBC Inc., a Somerset-based provider of cloud health care IT and revenue cycle management solutions, announced Wednesday it has acquired CareCloud Corp., a cloud platform and business solution for health care providers.

“CareCloud has built a strong brand with its advanced technology, award-winning design, and innovative team,” Stephen Snyder, CEO, MTBC, said. “CareCloud and MTBC are highly synergistic and we believe that our combined businesses will accelerate growth, yield greater operating efficiencies and provide more flexibility for future expansion through our combined offering.”

CareCloud is a provider of an entire spectrum of practice workflows, including revenue cycle management, practice management, electronic health records and patient experience management.

“This is a transformative opportunity to accelerate the build-out of our strategic roadmap to provide world-class technology and services to more providers. CareCloud’s cutting-edge cloud-based software, which, through its existing partnerships, leverages Amazon and Google cloud platforms, brings to MTBC exciting new technology integrations,” A. Hadi Chaudhry, president, MTBC, said. “The acquisition also brings a Miami-based team of talented professionals with expertise in primary care and specialty physician practice operations.”

Canaccord Genuity Group Inc. acted as the financial advisor to CareCloud.