TruBridge, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>TruBridge, Inc. has filed its 2023 Form 10-K detailing its financial and operational performance for the year ending December 31, 2023.</b>

AI Summary

TruBridge, Inc. (TBRG) filed a Annual Report (10-K) with the SEC on March 15, 2024. TruBridge, Inc. filed its 2023 Form 10-K on March 15, 2024, reporting on the fiscal year ending December 31, 2023. The filing covers the company's financial performance and business operations for the fiscal year 2023. The company was formerly known as Computer Programs & Systems Inc. until a name change on March 19, 2002. TruBridge, Inc. is incorporated in Delaware and headquartered in Mobile, Alabama. The SIC code for the company is 7371, categorized under Services-Computer Programming Services.

Why It Matters

For investors and stakeholders tracking TruBridge, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of TruBridge's financial health, strategic initiatives, and risk factors for investors and stakeholders. Understanding the details within this annual report is crucial for assessing the company's past performance and future outlook in the healthcare technology sector.

Risk Assessment

Risk Level: medium — TruBridge, Inc. shows moderate risk based on this filing. The company operates in the highly regulated healthcare technology sector, facing risks related to data security, compliance, and evolving industry standards, as indicated by its business description and the nature of its services.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess TruBridge's performance and potential challenges in the healthcare IT market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-03-15 — Filing Date (Date of filing)
• 7371 — SIC Code (Services-Computer Programming Services)

Key Players & Entities

• TruBridge, Inc. (company) — Filer name
• 2023 (date) — Fiscal year end
• March 15, 2024 (date) — Filing date
• December 31, 2023 (date) — Period of report
• Computer Programs & Systems Inc. (company) — Former company name
• Mobile, Alabama (location) — Business address
• 7371 (industry_code) — Standard Industrial Classification

FAQ

Risk Factors

• Regulatory Compliance [high — regulatory]: The company must comply with complex and evolving healthcare regulations, including HIPAA, which could lead to penalties or impact operations if not met.
• Data Security and Privacy [high — operational]: Protecting sensitive patient data is critical; breaches could result in significant financial losses, reputational damage, and legal liabilities.
• Competition [medium — market]: The healthcare IT market is competitive, with potential for new entrants and technological advancements that could affect market share and pricing.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 2023 annual financial statements.
• 2024-03-15: 10-K Filing Date — Official date the annual report was submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and operational overview of TruBridge, Inc.)

Key Financial Figures

• $339.4 million — . During 2023, we generated revenues of $339.4 million from the sale of our products and servi
• $36 million — rcing services, for a purchase price is $36 million in cash, with an additional earnout of
• $31.5 million — ditional earnout of up to approximately $31.5 million based on achieving certain objectives p
• $7.0 — ate of 5.4% through 2031 and will reach $7.0 trillion in 2031. Hospital expenditure
• $1.5 — enditures grew by 2.2% to approximately $1.5 trillion in 2022, slower than the 4.5%

Filing Documents

• cpsi-20231231.htm (10-K) — 2171KB
• a2023q4exhibit105.htm (EX-10.5) — 189KB
• a2023q4exhibit106.htm (EX-10.6) — 44KB
• a2023q4exhibit107.htm (EX-10.7) — 71KB
• a2023q4exhibit108.htm (EX-10.8) — 58KB
• a2023q4exhibit109.htm (EX-10.9) — 19KB
• a2023q4exhibit211.htm (EX-21.1) — 8KB
• a2023q4exhibit231.htm (EX-23.1) — 3KB
• a2023q4exhibit311.htm (EX-31.1) — 11KB
• a2023q4exhibit312.htm (EX-31.2) — 11KB
• a2023q4exhibit321.htm (EX-32.1) — 6KB
• 0001169445-24-000017.txt (&nbsp;) — 11276KB
• cpsi-20231231.xsd (EX-101.SCH) — 72KB
• cpsi-20231231_cal.xml (EX-101.CAL) — 140KB
• cpsi-20231231_def.xml (EX-101.DEF) — 347KB
• cpsi-20231231_lab.xml (EX-101.LAB) — 842KB
• cpsi-20231231_pre.xml (EX-101.PRE) — 636KB
• cpsi-20231231_htm.xml (XML) — 1635KB

SIGNATURES

SIGNATURES 108 * Portions of the definitive Proxy Statement for the 2024 Annual Meeting of Stockholders are incorporated by reference into Part III of this report to the extent described herein. 3 SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified generally by the use of forward-looking terminology and words such as "expects," "anticipates," "estimates," "believes," "predicts," "intends," "plans," "potential," "may," "continue," "should," "will" and words of comparable meaning. Without limiting the generality of the preceding statement, all statements in this Annual Report relating to estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates and future financial results are forward-looking statements. We caution investors that any such forward-looking statements are only predictions and are not guarantees of future performance. Certain risks, uncertainties and other factors may cause actual results to differ materially from those projected in the forward-looking statements. The following is a summary of the principal risks that could adversely affect our business, financial condition, results of operations and cash flows. Risks Related to Our Industry saturation of our target market and hospital consolidations; unfavorable economic or market conditions that may cause a decline in spending for information technology and services; significant legislative and regulatory uncertainty in the healthcare industry; exposure to liability for failure to comply with regulatory requirements; Risks Related to Our Business transition to a subscription-based recurring revenue model and modernization of our technology; competition with companies that have greater financial, technical and marketing resources than we

BUSINESS

ITEM 1. BUSINESS Overview Founded in 1979, TruBridge, Inc. ("TruBridge" or the "Company") is a leading provider of healthcare solutions and services for community hospitals, their clinics and other healthcare systems. Previously named Computer Programs and Systems, Inc., the Company changed its name to TruBridge, Inc. on March 4, 2024 in a Company-wide rebranding and legal entity consolidation. TruBridge is a trusted partner to more than 1,500 healthcare organizations with a broad range of technology-first solutions that address the unique needs and challenges of diverse communities, promoting equitable access to quality care and fostering positive outcomes. TruBridge has over four decades of experience in connecting providers, patients and communities with innovative data-driven solutions that create real value by supporting both the financial and clinical side of healthcare delivery. Our industry leading HFMA Peer Reviewed suite of revenue cycle management (RCM) offerings combine unparalleled visibility and transparency to enhance productivity and support the financial health of healthcare organizations across all care settings. We support efficient patient care with electronic health record (EHR) product offerings that successfully integrate data between care settings. Above all, we believe in the power of community and encourage collaboration, connection, and empowerment with our customers. We clear the way for care. The Company's legal structure includes TruBridge, Inc., the parent company, with Viewgol, LLC ("Viewgol"), iNetXperts, Corp. d/b/a Get Real Health, Healthcare Resource Group, Inc. ("HRG"), and Healthland Holding Inc. as its wholly-owned subsidiaries. The Company operates its business in three operating segments, which are also our reportable segments: RCM, EHR, and Patient Engagement. These segments contribute towards the combined focus of improving the health of the communities we serve as follows: The RCM reporting segm ent focuses on provi

View Full Filing

View this 10-K filing on SEC EDGAR