CareCloud, a company in healthcare technology and AI-powered solutions for hospitals and medical practices nationwide, closed a new $10 million credit facility with Provident Bank on Sept. 3, 2025, approximately $8.3 million of which was drawn down at closing to support the recent acquisition of the assets of Medsphere Systems. This is the company’s sole credit facility, and its terms are more favorable than those of the Wells Fargo promissory note, which was replaced in full by this facility.
“Our new credit facility provides CareCloud with improved flexibility, a lower cost of borrowing, and the financial strength to continue executing on our strategy,” Norm Roth, interim chief financial officer of CareCloud, said. “This new facility will further support the recent Medsphere acquisition, which had a total purchase price of $16.5 million, $8.25 million of which we paid at closing from internally-generated cash flow, with the balance now being financed through this facility. We intend to fully pay down the Medsphere-related obligation by the middle of 2026, through internally generated cash flow.”
The Provident facility currently bears an interest rate of SOFR plus 3%, which presently equates to less than 7.5%, marking a discount to the acquisition-related Wells Fargo promissory note. The facility carries a two-year term.
