iCoreConnect Revenue Increases 55% for the Three-Month Period of 2Q 2020 and Jumps 67% for the Six Months Ending June 30, 2020
WINDERMERE, FL, Aug. 19, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- iCoreConnect, Inc. (OTCQB: ICCT) reports financial results for the three and six-month periods ending June 30, 2020. iCoreConnect is a cloud-based, SaaS company focused on increasing profit and operational speed in healthcare. iCoreConnect is most notably known for its innovation in solving business problems for dental and medical providers.
Key Highlights:
· Over the three-month period of 2Q 2020 net revenues increased 55% compared to the 2Q 2019 period.
· For the six-month period ending June 30, 2020, net revenues increased 67% compared to the six-month period ending June 30, 2019.
· The increase between six-month periods was primarily due to recurring SaaS revenues for both our iCoreExchange and iCoreRx ePrescription software. iCoreRx was launched in January 2020 and has had extraordinary success in its launch.
iCoreRx is a comprehensive ePrescribing software. It improves patient care and speeds up the entire prescription process. iCoreRx integrates with popular Practice Management Systems or EHRs. Providers gain instant access to drug information, including dosing options, contraindications, and discontinued meds through the built-in, rapid-search Lexicomp® drug directory. Providers protect both the patient and the practice by viewing complete prescription history of all medications. The iCoreRx + PMP add-on module directly integrates with a state’s Prescription Drug Monitoring Program (PDMP / PMP) database. States across the country have implemented, or are on the verge of adopting, laws requiring PMP checks when writing prescriptions for controlled substances.
“The growth during COVID is the result of the successful first quarter launch this year of two new software solutions: iCoreRx and iCoreHuddle, as well as the acquisition of TrinIT,” explains iCoreConnect President and CEO Robert McDermott. “We’re now resourced as a Managed Service Provider, or MSP, which is an additional recurring revenue model. The acquisition of TrinIT strategically positions us to address the growing need for managed services among our existing SaaS customers and to offer SaaS solutions to managed services customers or prospects.” The MSP approach uses preventative measures to keep computers and networks up and running while data is accessible and safeguarded.
As with its targeted acquisitions, iCoreConnect develops software to meet current and future needs of those in high-compliance industries. “Both iCoreRx and iCoreHuddle offer much needed workflow enhancements to healthcare providers looking to bolster their existing practice management solution with additional features such as ePrescribing and business analytics,” McDermott expands.
iCoreHuddle is also an efficiency tool. It speeds up workflow while providing an instant, in-depth look at revenue potential for every patient walking in the door each day. A provider uses the patient schedule dashboard to access outstanding balances, uncompleted or open treatment plans, recall information, procedure information and remaining insurance benefits. Providers can then target the greatest opportunities for profit and margins, driving a better ROI for the practice.
iCoreConnect’s unequivocal commitment to responding to the market has resulted in the following agreements:
- Colorado Dental Association (iCoreExchange)
- Florida Dental Association Crown Services (iCoreExchange, iCoreDental)
- Georgia Dental Association (iCoreExchange)
- Louisiana Dental Association (iCoreExchange)
- Maine Medical Association (iCoreExchange, iCoreMD)
- Michigan Dental Association (iCoreExchange, iCoreRx)
- Montana Dental Association (iCoreRx, iCoreDental, iCoreExchange, iCoreHuddle)
- New Orleans Dental Association (iCoreDental)
- New York State Dental Association (iCoreExchange)
- North Carolina Dental Society (iCoreRx, iCoreExchange)
- Oklahoma Dental Association (iCoreRx)
- Oregon Dental Association (iCoreRx)
- South Carolina Dental Association (iCoreExchange)
- StartUp Health (iCoreExchange, iCoreMD, iCoreDental, iCoreCodeGenius, iCoreHuddle, iCoreFlex, iCoreRx)
- Texas Dental Association Perks Program (iCoreExchange, iCoreDental, iCoreHuddle, iCoreRx)
- Virginia Dental Association/VDA Services (iCoreExchange, iCoreRx)
- Wyoming Medical Society (iCoreExchange, iCoreMD, iCoreCodeGenius)
iCoreConnect recognitions include:
- Top 25 IoT Solution Providers 2019 by CIO Applications Magazine
- Top 10 Encryption Solution Providers 2018 by Enterprise Security Magazine
- Top 10 Dental Solutions 2018 by Healthcare Tech Outlook
- Top 50 Products of 2017 by Dental Products Report Magazine
About iCoreConnect
iCoreConnect is a cloud-based software and technology company focused on increasing profit and operational speed in high-compliance industries. iCoreConnect is most notably known for its innovation in solving healthcare business problems. The company’s philosophy is built on a high level of customer feedback, allowing iCoreConnect to respond to the market’s needs. iCoreConnect touts a platform of more than a dozen SaaS enterprise solutions and more than 30 agreements with state or regional healthcare associations. iCoreConnect is a member of the prestigious StartUp Health accelerator.
Forward Looking Statements
In this news release, the use of the words "believe," "could," "expect," "may," "positioned," "project," "projected," "should," "will," "would" or similar expressions are intended to identify forward-looking statements that represent the Company's current judgment about possible future events. The Company believes these judgments are reasonable, but these statements are not guarantees of any events or financial results, and actual results may differ materially due to a variety of important factors.
SOURCE iCoreConnect, Inc.
PUB NO. 2000.042.081720
Cile Spelce
cspelce@icoreconnect.com
Released August 19, 2020