TruBridge, Inc., formerly known as Computer Programs and Systems, Inc., reported a revenue increase of 2% for the fiscal year ending December 31, 2024, totaling $342.6 million, compared to $335.9 million in 2023. The growth was primarily driven by a 13% rise in the Financial Health segment, which generated $217.7 million, bolstered by the acquisition of Viewgol, LLC. In contrast, the Patient Care segment saw a 13% decline in revenue, dropping to $125 million, largely due to the sale of American HealthTech and the discontinuation of the Centriq platform. The company recorded a net loss of $20.4 million for 2024, an improvement from the $48.4 million loss in the previous year, attributed to increased operating income and reduced costs of revenue.
Strategically, TruBridge underwent significant changes, including a rebranding and legal entity consolidation in March 2024, which aimed to better align its operations with its focus on revenue cycle management (RCM) services. The acquisition of Viewgol in October 2023 is expected to enhance TruBridge's capabilities in ambulatory RCM analytics and outsourcing services. The company also emphasized cross-selling Financial Health services to its existing Patient Care customer base, which is critical for long-term growth. As of December 31, 2024, TruBridge had over 3,200 employees, with a notable increase in its global workforce following the Viewgol acquisition.
Operationally, TruBridge reported a total of approximately 1,500 healthcare organizations as clients, with a focus on community hospitals, particularly those with fewer than 100 acute care beds. The company has maintained a strong customer retention rate, ranging from 92.1% to 98.2% over the past few years. However, the transition to a subscription-based revenue model has led to fluctuations in revenue recognition, impacting short-term financial metrics. The company is also facing challenges related to wage inflation and the need for operational efficiencies, which it aims to address through margin optimization initiatives.
Looking ahead, TruBridge's management expressed optimism about future growth, driven by the increasing demand for RCM services amid ongoing pressures in the healthcare industry to reduce costs and improve care quality. The company anticipates that its strategic focus on enhancing its recurring revenue base and leveraging technology will position it favorably in a competitive market. However, management also acknowledged potential risks, including economic uncertainties and regulatory changes that could impact client spending on healthcare information technology.
About TruBridge, Inc.
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