CareCloud, Inc. (NASDAQ:CCLD) Q2 2023 Earnings Call Transcript

Dwight Garvin: Sure, absolutely. Good morning and thank you for taking some time. So yes, in UAE, we’re excited about the opportunities there and not only UAE, but also the GCC. So we’re seeing those six Gulf countries really bringing together quite a few and exciting opportunities for us. My colleague said earlier, I attended a few conferences this year and so did Karl. We’re seeing a lot of excitement in what we’re bringing to the table, both from a professional services and a solution point of view. Looking this quarter, really, we’re hiring our business development team and getting them up and running. And then with our goal really, as we move through Q3 and Q4 of using the Arab Health Summit, which is in January of 2024 is really our time that we can come forward and show all of our solutions.

It’s a huge conference, almost 65,000 attendees. So that really becomes where we’re porting towards as we move through Q3 and Q4 and building that excitement and those opportunities to come.

Unidentified Analyst: Great. Thank you so much for taking my question.

Hadi Chaudhry: Thank you.

Operator: Thank you. The next question comes from Derek Greenberg of Maxim Group. Please go ahead.

Derek Greenberg: Hi. Good morning. I wanted to touch on Wellness a little bit more and possibly just some things you’re learning as that process continues to roll on and some actions you may be taking to improve onboarding for the product?

Hadi Chaudhry: Thank you, Derek. And thanks for your question. So I think if – I’ll just hit it in a way, first to fall even other than for our clients or the doctors or the providers and for us and the doctors are also trying to adapt to this new preventive care and accept and adopt to the preventive care technologies or the options and the opportunities. And then also for the patients, it’s a paradigm shift from every time when you feel, say, going to the doctor’s office and seeing them in person from that shift to the telehealth appointments. Now this is another paradigm shift, where you were not sick, you’re not feeling sick, but there are still certain things in the case of the chronic conditions that can proactively be managed.

So that paradigm shift is taking us time to convince the patient that this is something good for you in the long-term. Those – let’s say, onetime in a month, 20 minutes or 45 minutes and in case of the diabetes or blood pressure taking those meetings every day, how that’s going to change your overall health in the long-term. Yes, we are continuing to adapt other ways as an example, what are the right times to call the patients. If the patient is more available during the lunch hour versus in the evening hours, how can we leverage our automated text messages, how we can keep sending them a text message to remind them from the call before they have to get on the call because there are leakages in all of these places, number one, convincing the patient.

The number second, they may not be available for the call even though the call was scheduled. So all of these pieces, we do have the technology that we have developed over the last 20 years. For us, is it just a matter of keep plugging in those technologies at the right time in the right places and making sure how we can ramp up or improve the patient deductibility. Long-term to long picture, the bigger picture, I think this industry is also going to drive that paradigm shift or the deductibility because as more and more insurances have started to cover their deductibles will be impacted. The doctor will have more incentive to get so there will be a better push even coming from the doctor when they are trying to convince the patient. So for this year, for the last one year, based on their data, we had to readjust this guidance.

We are trying to be more conservative now and then try to actually surpass those expectations as we keep on improving with the help of the different technology. So I think if you want to talk about and we can plan to by the end of this year, dive into a little more details in terms of the various KPIs in this space. But at the moment, I think we are not ready to dive into those specifics. But there’s an overall and high level, I would say, the picture, unless Larry, if you would like to give any other color on the numbers specific, I think…

Larry Steenvoorden: No, I think I that just covers it from the overall business strategy, and then how we’re thinking about this and moving into really a 2024 catalyst and not a significant revenue driver for the share.

Hadi Chaudhry: And Derek, the good thing for us is the business is signed. We have already the acknowledgment for the doctors. So we have a good number to focus on, and we continue to see the attraction from even our existing client base in addition to the new logos. And now when we are selling our end-to-end solution, sometimes this becomes a hope for us. If they sign up for chronic care and remote patient monitoring, it comes for us as an entire end-to-end deal instead of just a remote patient monitoring and chronic care management. And let’s say, we do not have any insight from the CMS in terms of the next year’s reimbursement rates, but we hope and again, it’s just a hope, it’s based on all the moving parts of this industry that there could potentially be some improvement or some – to give more attraction to the Chronic Care management because in the bigger picture, this is going to improve the expenditures of the government at large.