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Mar 31, 2023
TruBridge Q1 2023 Earnings Report
CPSI's first quarter results were announced, showcasing revenue growth and strategic focus on RCM business.
Key Takeaways
CPSI reported an 11% increase in total revenue compared to Q1 2022, driven by a 20% growth in TruBridge revenue cycle management (RCM) revenue. The company's strategy to focus on the RCM business is gaining traction, with RCM bookings growing by 41%.
Total revenue increased by 11% compared to the first quarter of 2022.
TruBridge RCM revenue grew by 20% compared to the first quarter of 2022.
RCM revenue accounted for 56% of CPSI's total revenue.
The company saw continued success in winning new clients and cross-selling RCM solutions.
TruBridge
TruBridge
Forward Guidance
CPSI's first quarter 2023 results position them well to achieve their 2023 outlook.
Positive Outlook
- Strategy to shift focus towards RCM business gaining traction.
- RCM pipeline strengthened.
- RCM bookings grew by 41%.
- Nearly half of RCM bookings came from cross-sell opportunities.
- Momentum in RCM business is a result of strengthening relationships with loyal EHR customer base, prioritizing the enhancement of sales team, and committing to continued growth.