What changed in this filing

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Item 1. Business

2026-03-12 compared with 2025-03-13 · 96 added, 48 removed, 340 unchanged (30% of the section changed)

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solutions to healthcare providers, from small practices to enterprise medical groups, hospitals, and health systems throughout the United

States and certain other locations.

Healthcare organizations today operate in highly complex and regulated environments.

Our suite of technology-enabled solutions

helps our clients increase financial and operational performance, streamline clinical workflows, and improve the patient experience.

technology-enabled solutions helps our clients increase financial and operational performance, streamline clinical workflows, and improve

the patient experience.

portfolio of proprietary software and business services includes:

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● Cloud-based

Health Records, which are easy to use and sometimes integrated with our business services,

and enable our healthcare provider clients to deliver better patient care, streamline their

clinical workflows, decrease documentation errors, and potentially qualify for government

Health Records (“EHR”), which are easy to use and sometimes integrated with our

business services, and enable our healthcare provider clients to deliver better patient care,

streamline their clinical workflows, decrease documentation errors, and potentially qualify

for government incentives for both inpatient and outpatient services;

Management (“PM”) software and related capabilities, which support our clients’

day-to-day business operations and financial workflows, including automated insurance eligibility

software, a robust billing and claims rules engine, and other automated tools designed to

maximize reimbursement;

day-to-day business operations within the enterprise-level facilities outpatient service

areas and financial workflows, including automated insurance eligibility software, a robust

billing and claims rules engine, and other automated tools designed to maximize reimbursement;

Cloud, a highly configurable inpatient revenue cycle management software solution that focuses

on up front financial accountability, real-time insurance eligibility checking, robust billing,

integrated claims resolution, denial management, collection management, and dynamic work

queues designed to maximize timely reimbursement;

○ HealthLine,

which is a medical supply chain and inventory management system built for healthcare settings

that enables real-time tracking of supplies, equipment and consumables across multiple locations

such as exam rooms, ambulances and storage closets;

offers a comprehensive physician strategy suite designed to support healthcare organizations

in optimizing physician relationship management, streamlines recruitment and onboarding processes,

and leverages performance analytics.

The platform consolidates critical data to enhance referral

volume, strengthen provider engagement and drive strategic organizational growth;

a solution for provider workflows in emergency departments and urgent care facilities has

seamless integration into all major hospital IT systems and ancillary departments providing

real-time patient tracking and instant lab orders, drug interaction checking and pharmacy

is a cloud-based EHR software that enhances clinical workflows for small hospitals and inpatient

behavioral health facilities, driving efficiencies across inpatient settings through enhanced

charting tools, e-prescribing and medication management and secure clinical communications;

intelligence (“AI”):

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to providers of all sizes.

AI Desk Agent is an agentic AI phone receptionist designed to modernize and automate patient

phone interactions.

This tool brings advanced conversational AI directly into the call center

workflow, eliminating hold times and reducing manual workload while delivering accurate,

around-the-clock phone support.

Experience Management (“PXM”) solutions designed to transform interactions between

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applications, interfaces, and a variety of other technology solutions that support our healthcare

care management is a program that supports care for patients with chronic conditions by certified

care managers that operate under the supervision of the patient’s regular physician;

patient monitoring enables patient data collected outside the clinical setting through remote

devices to be fed into their provider’s EHR to enable proactive patient care;

Care Management (“CCM”) is a program that supports care for patients with chronic

conditions by certified care managers that operate under the supervision of the patient’s

regular physician;

Patient Monitoring (“RPM”) enables patient data collected outside the clinical

setting through remote devices to be fed into their provider’s EHR to enable proactive

patient care;

○ Telemedicine

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seek highly trained personnel, or struggle to address staffing shortages.

services includes inpatient and outpatient IT services, government consulting and product

development services;

App is an industry-leading tool for benchmarking and measuring revenue cycle management performance,

which was developed by the Healthcare Financial Management Association (the “HFMA”)

and is used by top hospitals and healthcare organizations nationwide.

medical practice management solutions include:

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organizational requirements and market demands.

June 2024, Centers for Medicare & Medicaid Services (“CMS”) 1 reported that over 2023-2032, the average National

Health Expenditures (“NHE”) growth (5.6%) is projected to outpace that of average Gross Domestic Product (“GDP”)

growth (4.3%) resulting in an increase in the health spending share of GDP from 17.3% in 2022 to 19.7% in 2032.

June 2025, Centers for Medicare & Medicaid Services 1 reported that over 2024-2033, the average National Health Expenditures

growth of 5.8% is projected to outpace that of average Gross Domestic Product (“GDP”) growth of 4.3% resulting in an increase

in the health spending share of GDP from 17.6% in 2023 to 20.3% in 2033.

Additionally,

analysts from the Imarc have estimated the U.S.

Healthcare IT industry market to be approximately $104 billion in 2024 and is projected

to reach $325.2 billion by 2033, growing at a 13.1% compound annual growth rate (“CAGR”).

2 Its largest sub-segment,

RCM, is reported to be nearly $155.6 billion in 2023 and is projected to grow at a 10.18% CAGR through 2030 according to Grand View Research.

EHR market was estimated to be valued at $11.4 billion in 2023 and expected to grow at a CAGR of 2.24% from 2024 to 2030.

The Telehealth market is estimated to be approximately $42.54 billion in 2024 with a CAGR of 23.8% from 2025 to 2030.

according to Statifacts, the U.S.

Healthcare IT industry market was calculated to be approximately $322.59 billion in 2024 and is projected

to attain $792.05 billion by 2034, growing at a 9.39% compound annual growth rate (“CAGR”) from 2025 to 2034.

Its largest sub-segment, RCM, is reported to be nearly $172.2 billion in 2024 and is projected to grow at a 10.1% CAGR through 2030 according

to Grand View Research.

EHR market was estimated to be valued at $12.9 billion in 2024 and expected to grow at a

CAGR of 2.55% from 2025 to 2030.

4 The Telehealth market is estimated to be approximately $42.61 billion in 2024 and expected

to grow to $358.96 billion by 2034 with a CAGR of 23.84%.

Market Opportunity

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These market dynamics present opportunities for us to innovate and focus on impacting the day-to-day challenges our clients face as they

work to provide excellent patient care, all while managing and expanding their businesses.

work to provide excellent patient care, all while managing and expanding

their businesses.

National Health Expenditure Projections 2023-2033

Healthcare IT Market Size, Share, Growth 2025-2034

Revenue Cycle Management Market Size Report, 2030

Electronic Health Records Market | Industry Report 2030

Telehealth Market Size & Share | Industry Report, 2030

practices and health systems alike are transitioning to increasingly complex reimbursement delivery models.

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payments, and at-risk payer contracts.

National Health Expenditure Projections 2023-2032

Healthcare IT Market Size, Share, Growth 2025-2033

Revenue Cycle Management Market Size Report, 2030

Electronic Health Records Market | Industry Report 2030

Telehealth Market Size & Share | Industry Report, 2030

are continuing legislative and regulatory reform efforts, as well as growing compliance requirements mandated by the federal government

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Business Strategy

Company is focused on reducing costs, maintaining profitability and generating positive free cash flow in order to continue paying

the Preferred Stock dividends, including those that are in arrears.

CareCloud is a market leading provider of technology-enabled and

integrated end-to-end Software-as-a-Service (“SaaS”) solutions that help our clients with the business of medicine.

mission is to redefine the next generation of technology-enabled revenue cycle solutions.

To that end, we invest significant

resources toward improving our current offerings and building new solutions that help transform our clients’ organizations

with next generation technology.

We expect to have increased software capabilities and offer additional complementary business

services that will address the needs of the ever-changing, dynamic market conditions of the U.S.

Company is focused on reducing costs, maintaining profitability and generating positive free cash flow in order to continue paying the

Preferred Stock dividends, including those that are in arrears.

CareCloud is a market leading provider of technology-enabled and integrated

end-to-end Software-as-a-Service (“SaaS”) solutions that help our clients with the business of medicine.

Our mission is to

redefine the next generation of technology-enabled revenue cycle solutions.

To that end, we invest significant resources toward improving

our current offerings and building new solutions that help transform our clients’ organizations with next generation technology.

We expect to have increased software capabilities and offer additional complementary business services that will address the needs of

the ever-changing, dynamic market conditions of the U.S.

healthcare space.

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as revenue cycle management and other business services.

This expansion of services typically represents a 3-4x increase in overall revenue

significant cost advantages provided by our technology and global workforce.

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given the nature of our large data repository, which is ever-growing as each patient encounter is captured, opportunities exist to potentially

monetize this data in an identified manner to help improve clinical outcomes and other financial metrics.

monetize this data in an identified manner in compliance with applicable privacy and data protection laws to help improve clinical outcomes

and other financial metrics.

solutions are designed to systematically drive clinical quality and patient outcomes, streamline staff and provider workflows and reimbursements,

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Growth Levers

believe that we are in a good position to grow through organic growth and partnerships.

believe that we are in a good position to grow by leveraging a multi-faceted growth strategy.

Growth and Direct Sales

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to support these relationships.

through Acquisitions

Healthcare IT industry is highly fragmented, with many local and regional RCM companies serving small medical practices and hospitals.

We believe that the industry continues to be ripe for consolidation and that we can achieve significant growth through acquisitions.

We further believe that it is becoming increasingly difficult for traditional RCM companies, together with a variety of other healthcare

industry vendors and healthcare IT companies, to meet the growing technology and business service needs of healthcare providers without

a significant investment in an information technology infrastructure and the utilization of a talented, cost-efficient global team.

the Company went public in July 2014, we have completed over 20 transactions, acquiring complementary assets to grow our business.

typically leverage our technology and our cost-effective offshore team to quickly deliver additional value to the newly acquired customer

base, while reducing costs.

Often, we will incur initial costs associated with the integration of the acquired business with our existing

operations, but this early investment is designed to increase customer satisfaction and retention, while laying the foundation for long-term

market for RCM, practice management, EHR solutions, and related services is highly competitive, and we expect competition to increase

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positively transforming distressed competitors into an accretive acquisition.

the employees of our subsidiaries, as of December 2024, the Company employed approximately 3,650 people worldwide on a full-time basis.

Approximately 75% of our employees are focused on service and client delivery functions, approximately 9% are assigned to research and

development, and approximately 1% are engaged in sales and marketing.

the employees of our subsidiaries, as of December 31, 2025, the Company employed approximately 3,650 people worldwide on a full-time

Approximately 72% of our employees are focused on service and client delivery functions, approximately 12% are assigned to research

and development, and approximately 1% are engaged in sales and marketing.

The balance of the employees is classified as general and administrative,

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and executive officers.

Therefore, they have the ability to control the outcome of matters submitted to our stockholders for approval,

Therefore, they have the ability to influence the outcome of matters submitted to our stockholders for approval,

including the election of our directors, as well as the overall management and direction of our Company.

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and provide only two years of audited financial statements in our Annual Report and our periodic reports.

For 2024, the Company was not

required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, as amended.

is a non-accelerated filer.

For 2025, the Company was required

to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002, as amended.

Beginning with this

Annual Report on Form 10-K, the Company is now an accelerated filer.

You Can Find More Information

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business