CareCloud Achieves SOC 2 Type 2 Attestation for Second Year, Positioning It Among Top EHR Vendors

CareCloud achieves SOC 2 Type 2 attestation, reinforcing its commitment to data security and compliance in healthcare technology.

Quiver AI Summary

CareCloud, Inc. has announced the successful completion of its SOC 2 Type 2 examination for the second consecutive year, receiving a clean report without exceptions. This achievement places CareCloud among a select group of less than 10% of electronic health record (EHR) vendors to attain this certification, which emphasizes the company's commitment to data security, privacy, and regulatory compliance. The examination, conducted by an independent CPA firm, verified CareCloud's security, availability, processing integrity, and confidentiality in its healthcare IT systems. Co-CEO A. Hadi Chaudhry highlighted this milestone as a testament to the company's robust security infrastructure and dedication to protecting healthcare data. This attestation positions CareCloud for expansion into larger healthcare organizations, which typically require stringent security measures, further distinguishing the company from its competitors.

Potential Positives

• CareCloud successfully completed a SOC 2 Type 2 examination for the second consecutive year, receiving a clean report with no exceptions, demonstrating its strong commitment to data security and regulatory compliance.
• This achievement places CareCloud among less than 10% of all EHR vendors, enhancing its reputation and competitive positioning in the healthcare technology market.
• The attestation supports CareCloud's ability to expand into larger client bases, including health systems and enterprise-level healthcare organizations, which typically require robust security frameworks.
• CareCloud's continuous focus on security and compliance is likely to attract more enterprise clients, reinforcing its growth potential in the healthcare technology sector.

Potential Negatives

• The press release heavily emphasizes the achievement of a SOC 2 Type 2 attestation, suggesting that the company may be facing competitive pressure to prove its security and compliance capabilities, which could indicate underlying concerns in those areas.
• The language used in the forward-looking statements section reveals potential vulnerabilities, indicating that the company's future performance is subject to substantial risks and uncertainties, which could negatively impact investor confidence.
• The reliance on forward-looking statements without concrete guarantees may raise concerns among stakeholders regarding the company's actual ability to achieve stated goals and maintain growth amidst market challenges.

FAQ

What is SOC 2 Type 2 Attestation?

SOC 2 Type 2 Attestation evaluates a company's controls related to security, availability, processing integrity, confidentiality, and privacy over time.

Why is SOC 2 Type 2 important for EHR vendors?

It demonstrates that EHR vendors like CareCloud maintain high standards of data security and compliance, crucial for healthcare organizations.

How many EHR vendors have achieved SOC 2 Type 2?

Less than 10% of all EHR vendors have received SOC 2 Type 2 Attestation, placing CareCloud among an elite group.

What are CareCloud's future plans after achieving SOC 2 Type 2?

CareCloud aims to expand its AI-driven solutions and further serve larger healthcare organizations with enhanced security and compliance.

Who performed CareCloud's SOC 2 Type 2 examination?

An independent CPA firm conducted the SOC 2 Type 2 examination for CareCloud, ensuring objective evaluation of their security controls.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

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Full Release

SOC 2 Type 2 Attestation Positions CareCloud Among a Select Group of less than 10% of all EHR Vendors

SOMERSET, N.J., Feb. 06, 2025 (GLOBE NEWSWIRE) --

CareCloud, Inc. (the “Company”) (Nasdaq: CCLD, CCLDO, CCLDP), a leader in healthcare technology and AI-driven solutions, today announced that it has successfully completed a SOC 2 Type 2 examination for the second consecutive year, receiving a clean report with no exceptions. The examination scope of the Healthcare IT systems, performed by an independent CPA firm, covered security, availability, processing integrity, and confidentiality. This accomplishment underscores the Company’s commitment to the highest standards of data security, privacy, and regulatory compliance—critical for healthcare providers, especially larger enterprises such as health systems and hospital networks.

"Our ability to achieve a clean SOC 2 Type 2 report for the second consecutive year is a testament to the strength of our security infrastructure and our commitment to protecting sensitive healthcare data," said A. Hadi Chaudhry, Co-CEO of CareCloud. "As we continue to advance our AI-driven solutions and cloud-based platform, maintaining the highest level of security and compliance remains a top priority. This examination reinforces our dedication to delivering innovative technology that meets the stringent requirements of enterprise healthcare organizations."

Successfully completing the SOC 2 Type 2 examination affirms that the Company has maintained rigorous security controls and operational effectiveness across its cloud-based platform. This milestone aligns the Company for continued expansion into larger client bases, including health systems, multi-specialty group practices, and enterprise-level healthcare organizations that demand robust security and compliance frameworks.

“We’re excited to be in a select group of an estimated 10% of all EHR vendors who have achieved this important attestation,” said Stephen Snyder, Co-CEO of CareCloud. “With this attestation, we are uniquely positioned for further expansion across larger healthcare enterprises who typically require a SOC 2 Type 2 attestation. As we continue to scale our offerings to meet the needs of larger and more complex organizations, completing this examination with a clean report distinguishes us among our competitors and demonstrates our ability to support enterprise clients with confidence and reliability."

As CareCloud expands its AI-driven solutions, revenue cycle management (RCM) services, and electronic health record (EHR) offerings to larger healthcare organizations, this attestation solidifies its ability to meet the evolving security and compliance needs of health systems and enterprise clients.

About CareCloud

CareCloud brings disciplined innovation to the business of healthcare. Our suite of AI and technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care, while reducing administrative burdens and operating costs. Learn more about our products and services, including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, patient experience management (PXM) and digital health at

www.carecloud.com

.

To listen to video presentations by CareCloud’s management team, read recent press releases and view our latest investor presentation, please visit

https://ir.carecloud.com

.

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Forward-Looking Statements

This press release contains various forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “might,” “will,” “shall,” “should,” “could,” “intends,” “expects,” “plans,” “goals,” “projects,” “anticipates,” “believes,” “seeks,” “estimates,” “forecasts,” “predicts,” “possible,” “potential,” “target,” or “continue” or the negative of these terms or other comparable terminology.

Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Forward-looking statements in this press release include, without limitation, statements reflecting management's expectations for future financial performance and operating expenditures, expected growth, profitability and business outlook, the impact of pandemics on our financial performance and business activities, and the expected results from the integration of our acquisitions.

These forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our (or our industry’s) actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all of the risks and uncertainties that could have an impact on the forward-looking statements, including without limitation, risks and uncertainties relating to the Company’s ability to manage growth, migrate newly acquired customers and retain new and existing customers, maintain cost-effective global operations, increase operational efficiency and reduce operating costs, predict and properly adjust to changes in reimbursement and other industry regulations and trends, retain the services of key personnel, develop new technologies, upgrade and adapt legacy and acquired technologies to work with evolving industry standards, compete with other companies’ products and services competitive with ours, and other important risks and uncertainties referenced and discussed under the heading titled “Risk Factors” in the Company’s filings with the Securities and Exchange Commission.

The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligations to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

SOURCE CareCloud

Company


Contact:



Norman Roth


Interim Chief Financial Officer and Corporate Controller


CareCloud, Inc.



nroth@carecloud.com

Investor


Contact:



Stephen Snyder


Co-Chief Executive Officer


CareCloud, Inc.



ir@carecloud.com

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.