Business Context and Reporting Period
This Form 8-K is a current report filed by Medical Transcription Billing, Corp. (also referenced as Carecloud, Inc.) on November 30, 2016. The filing primarily addresses Item 9.01, disclosing financial statements and exhibits related to recent business acquisitions.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity for the registrant. Instead, it references the following documents containing financial data:
- Acquired Business Statements: Consolidated financial statements for MediGain, LLC and subsidiaries (assets acquired October 3, 2016) are filed as Exhibit 99.1.
- Pro Forma Information: Pro forma financial information regarding the acquisitions of MediGain, the RCM division of QHR Technologies, Inc. ("SoftCare"), Gulf Coast Billing, Inc., Renaissance Medical Billing, LLC, and WFS Financial Services, Inc. is filed as Exhibit 99.2 and 99.3.
Material Changes
The material change reported is the completion of multiple acquisitions and the subsequent filing of their financial data. Key acquisitions referenced include:
- MediGain, LLC (substantially all assets acquired October 3, 2016).
- The RCM division of QHR Technologies, Inc. ("SoftCare").
- Gulf Coast Billing, Inc.
- Renaissance Medical Billing, LLC (Asset Purchase Agreement dated May 2, 2016).
- WFS Financial Services, Inc. (Asset Purchase Agreement dated July 1, 2016).
Guidance, Outlook, and Risks
The filing text does not contain management commentary, forward-looking guidance, specific risk factors, or contingencies. The document serves strictly as a notification of the filing of financial exhibits related to the aforementioned acquisitions.
Investor Verification Checklist
- Review Exhibit 99.1 for the annual consolidated financial statements of MediGain, LLC.
- Review Exhibit 99.2 and 99.3 for pro forma financial information combining the registrant with MediGain, SoftCare, Gulf Coast Billing, Renaissance Medical Billing, and WFS Financial Services.
- Examine Exhibit 10.1 and 10.2 for the specific terms of the Asset Purchase Agreements with Renaissance Medical Billing and WFS Services.
- Verify the integration status of the acquired entities, as the filing only confirms the acquisition dates and the filing of historical/pro forma data.