CareCloud, Inc. (NASDAQ:CCLD) Q3 2023 Earnings Call Transcript

So this is our overall credentialing capability, it has become very much strengthened and we think that we can go out and start marketing the credentialing more effectively. So, with that this is our first large contract we have been able to sign. Why don’t you, Karl share some details please.

Karl Johnson: Yes. So the relationship in need of the customer to make sure that their clients were credentials, so that when they were doing revenue cycle work, they were getting paid for those services. So we were able to command a price point than our cost structure was incredibly attracted to them along with our existing resources that are trained and up to speed. And then Hadi mentioned the delegated credentialing piece is huge and takes a long time to care. We have really leveraged our offshore resources, so that doing credentialing for own clients for many, many years. And this happened to really fill a need and have gone further. And that’s actually opened up some doors for some additional discussions with some other large companies that need this on a back-end.

So we really think that there’s an untapped market for this to come at it in a way that is much more cost-effective than those companies that are dedicated credentialing companies. Also has the distinct advantage of having one stop shopping, so the before helping with RCM services, or software services credential use a very natural add on functionality.

Hadi Chaudhry: And I will just give you some idea in terms of the revenue from this opportunity, as we mentioned that this is a tens and thousands of providers that we will be positioning or presenting this solution to with their help. And at only 5% penetration into that client base we are expecting, I would say, in something over $1 million in annualized revenue. So that 5% penetration. So there is a big opportunity there. And as Carl mentioned, this will become a good first case study or a model for us to go and sell the similar with other larger opportunities.

Allen Klee : Thank you very much.

Operator: This concludes the question-and-answer session. I would like to turn the conference back over to Nathalie Garcia for any closing remarks.

Nathalie Garcia : 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. Thank you everyone and have a great day.

Operator: This concludes today’s conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.