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Telehealth; the Rise of CloudMD Software & Services Inc (OTCMKTS: DOCRF)

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CloudMD Software & Services Inc (OTCMKTS: DOCRF) is emerging as among the most exciting stories in small caps as the stock continues to move steadily northbound. Over the past few months CloudMD has seen its market share more than triple as investors accumulate.

CloudMD is an emerging leader in telahealth and currently provides service to a combined ecosystem of 376 clinics, over 3000 licensed practitioners and almost 3 million patient charts across its servers. The Company recently acquired Benchmark, the developer of an innovative cloud-based technology with a national U.S. network of 200 clients, 800 physicians, with 5.5 million patient charts across 35 states. On average, Benchmark processes approximately $2.5 million in charges (gross) each month.

CloudMD Software & Services Inc (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) operating out of Victoria, British Colombia is digitizing the delivery of healthcare by providing patients access to all points of their care from their phone, tablet or desktop computer. The Company offers SAAS based health technology solutions to medical clinics across Canada and has developed proprietary technology that delivers quality healthcare through the combination of connected primary care clinics, telemedicine, and artificial intelligence (AI). CloudMD currently provides service to a combined ecosystem of 376 clinics, over 3000 licensed practitioners and almost 3 million patient charts across its servers. The Company boasts fast growing sales which will grow even faster since the acquisition of Benchmark. Q2 2020 total revenue was $2,789,987, compared to $1,061,569 in Q2 2019, an increase of 163%.

CloudMD operates a number of business’s including Juno; an open-source electronic medical records (EMR) software which was originally released by McMaster University* and host it in the cloud so you can access it everywhere, anytime you need it. HealthVue Medical (formerly Cambie Plaza Medical Clinic) first opened its doors in 2005 and has since grown to four inter-connected high-tech clinics located throughout the lower mainland. The Company operates clinicaid.com; a scheduling module complete with direct billing is available for your ClinicAid account. The Company also operates Coast Medical and Livecare.

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In September CloudMD acquired 87.5% of Benchmark from Benchmark’s parent company and global healthcare and AI leader, AntWorks Inc. who will retain a 12.5% equity stake and remain a strategic partner for CloudMD both in the U.S. and globally. Leveraged by 42 years of experience, Benchmark develops and delivers innovative cloud-based technology, integrated medical practice solutions including patient portals, personal health records, scheduling solutions, billing, messaging, eFax, computerized physician order entry (CPOE) and prescription scripting. Benchmark has a national U.S. network of 200 clients, 800 physicians, with 5.5 million patient charts across 35 states. On average, Benchmark processes approximately $2.5 million in charges (gross) each month.

As CloudMD continues to embark on its U.S. expansion, the acquisition of Benchmark positions CloudMD with a strong footprint across North America. The acquisition brings synergies through Benchmark’s 200 clinic ecosystem across over 35 states in the U.S.  The purchase of Benchmark will be immediately accretive to CloudMD and provides a number of opportunities for optimization to drive further revenue. In the fiscal year ending March 31, 2020, Benchmark generated approximately US$4.9 million in revenues with earnings before interest, taxes, depreciation and amortization (EBITDA) margins of 13%. Approximately 80% of revenue was SAAS based, recurring revenue.

Essam Hamza, CEO of CloudMD commented, “We believe that Benchmark will expedite our U.S. expansion efforts and enhance the quality, operations and scalability of our business. Benchmark is already well-established in the marketplace and their significant U.S. presence will help us navigate individual state requirements, while providing opportunities for existing software integration, cross selling and revenue optimization.” Amit Mathur, President of CloudMD added, “The current healthcare sector is prime for this automation technology which streamlines manual processes and makes them much more efficient. We look forward to working with AntWorks, a world leader in AI and automation, as we look to continue our expansion globally.”

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Currently running northbound in a hurry CloudMD is one exciting story developing in small caps. DOC & DOCRF is an emerging leader in telahealth and currently provides service to a combined ecosystem of 376 clinics, over 3000 licensed practitioners and almost 3 million patient charts across its servers. The Company recently acquired Benchmark, the developer of an innovative cloud-based technology with a national U.S. network of 200 clients, 800 physicians, with 5.5 million patient charts across 35 states. On average, Benchmark processes approximately $2.5 million in charges (gross) each month. We will be updating on CloudMD when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with CloudMD.

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Disclosure: we hold no position in CloudMD either long or short and we have not been compensated for this article.

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