Derek Greenberg: Okay. Great. Thanks for the color. And then my other question is just what the bookings in the quarter were and how that compared to last year? And then maybe if you could just touch on the therapy offering trial, how that’s progressing?
Hadi Chaudhry: Sure. Derek, and I missed the last part, please of your question. Can you repeat that, please, the last piece of your question? The color on…
Derek Greenberg: My apologies. The question was bookings in the quarter. And then the second part was just the therapy offering trial you guys are working on how that’s tracking.
Hadi Chaudhry: Got it. Okay. Sure. So for – in order from the booking standpoint, if you compare the first half of 2022 compared to the first half of 2023, we have done better compared to the last year. We shared the number of the last quarter booking to be, I think, around was $7 million what we booked for the second quarter of 2022. So the two quarters together first and the second of last year because this quarter, as on the reason we kept sharing the by quarter booking numbers just to make sure that how we are ramping up our sales engine and the marketing engine. And this year, we plan not to give the quarterly booking numbers. But just to give you a color, we have done better compared to the last – the first half of last year, but the mix is a little different.
We see more traction and attention towards the chronic care management and the remote patient monitoring, so that makes this change. Last year, it was, let’s say, 40 to 60. So this year, it’s more probably between 70% and 30%, 70% on the digital health and 30% on our tech-enabled core RCM and the SaaS bookings. So – but that translates basically and the reason I’m giving that color, even though the bookings are higher, there’s a different go-live time. The revenue recognition is going to be a little different. Tech-enabled average six months, we can start recognizing the revenue. And in the case of chronic care and remote patient, it looks like with the full ramp, gradual ramp. It’s going to be somewhere over in a year. And so now to the second part of your question, Derek, for the therapy.
We had some early adapters as I mentioned last year – on the last quarter, we are continuing to work with those early adapters and keep on improve our product to make sure any of the concerns or optimize it is addressed and the product keeps on getting optimized. As you know, we have our largest client or over among our top clients of our therapy practice. We are closely working with them as well. But as you know, the other large players who have been in this therapy business for the last multiple decades, as an example, Raintree or WebPT and some of these others. And most of the time, these contracts are a number of years contract. So even if someone likes the product today, they’re going to have to wait for probably a year or two unless whenever their next renewal is due, and there is a huge transition plan that we have to work through.
So we are getting traction, and we have a pipeline to work on, and we will keep on up-to-date when we are able to sign the business there. For the new logos, we are extensively actively working on with the marketing campaigns. So we hope to get some results over the next two quarters from this therapy in terms of the new logos. Our product is very – we received many good reviews and the feedback even from the very large multisite multi-clinician practices compared to what exists today in the industry. It’s a multiple – it’s a significant step forward in terms of technological advancements. If I use this analogy if think about, as an example, in EPIC system. It’s been there in the industry probably, let’s say, from 60s or 70s. It’s the easiest decision for a hospital today to choose EPIC if they can afford it versus – and everyone believes there are other products that exist in the market, which is far more superior and technologically advanced.
But it takes them some time to take the decision that if any other product is justifiable for them. And that’s the kind of where we are fighting and struggling right now. We are making good progress. We are still excited about it, and we hope that should – we believe and confident that will add value for us in the years to come.
Derek Greenberg: Okay. Great. Thanks for answering my questions.
Hadi Chaudhry: Thank you.
Operator: Thank you. There are no further questions. I will turn the call back to Kim Blanche for closing remarks.
Kimberly Blanche: On behalf of the company, I’d like to thank everyone who has joined us on today’s call. We appreciate your participation and your interest in us as a company, and we look forward to speaking with you again next quarter. Thank you, everyone, and have a great day.
Hadi Chaudhry: Thank you.
Operator: Ladies and gentlemen, this does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your lines.
