iCoreConnect, Inc.

Featured Company / iCoreConnect, Inc.

Over the last decade or so, the cloud computing revolution has reshaped how businesses operate. Whereas companies were once burdened with expensive server rooms monitored by expansive in-house IT teams, now an internet connection is all that is needed. Through the constant innovation of Software-as-a-Service (SaaS) solutions, companies can reduce costs, gain flexible access, increase storage capacity, experience better security and importantly, effortlessly remain upgraded to the latest technology, amongst other things.

The idea of SaaS, software and services through subscription services provided via the internet rather than owning and maintaining on-site machines, actually isn’t new; it’s been around for decades. What it has done, though, is gone through a dramatic transformation from basic applications on mainframe systems to integrated cloud services for highly specialized purposes today.

Fueled by innovation – and the fact that the current iteration was only born about 10 or so years ago – the evolution is still gaining steam. Analysts at Gartner see SaaS solutions as one of the fastest growing segments in the IT industry. Spurred on in part because of the global impact of the COVID-19 pandemic necessitating digitization and modernization Gartner forecasts end-user spending on public cloud services to reach $396 billion in 2021 and surge another 21.7% to $482 billion in 2022.

An upstart capitalizing on the industry tailwinds is iCoreConnect, Inc. (OTCQB: ICCT), a company with a robust SaaS (and MSaaS, or Managed Software-as-a-Service) portfolio that is seeing an upswing in shares in recent weeks as it executes on its strategy and posts rapidly growing revenue. iCoreConnect is a cloud-based, SaaS platform focused on increasing profit and operational speed in high-compliance industries, particularly healthcare, an industry well known for its byzantine nature.

Key SaaS offerings from iCoreConnect include e-prescription, HIPAA & encrypted email, revenue management, medical coding software, insurance verification, and business analytics. The company offers these products and services to a large, diverse target market within the healthcare space, such as providers, dental support organization, hospitals, and payors.

iCoreConnect’s leadership team, consisting of software, tech and business development experts, have been building out the portfolio since 2014, undergirding designs from direct input from over 2,000 physicians and dentists to solve medical infrastructure pain points. The team is led by CEO and President Robert McDermott, who has five successful exits to his name while shepherding companies from upstart to Inc. 500 and Inc. 5000 status. One exit could be happenstance; twice perhaps coincidence, but five? That’s a trend that speaks to McDermott’s business acumen.

Management has a savvy business model, a “land and expand” approach that relies heavily on customer feedback to respond to market needs by continuing to develop new products. To that point, iCoreConnect offers 6 core services that solve an array of common problems with short sales cycles. Those services “land” customers and the numbers show it works efficiently. The Florida-based company has over 70 major healthcare association agreements secured across 24 states that it has parlayed into 18,000+ subscriptions.

The six core products consist of: iCoreRx, iCoreExchange, iCoreCodeGenius, iCoreVerify,  iCoreAnalytics and iCoreIT (MSaas). Each addresses specific problems faced by the medical marketplace.

For instance, iCoreRx solves issues with new laws and state mandates stemming from the opioid epidemic requiring providers to move to electronic prescriptions (e-prescribing). iCoreRx brings all necessary information into a single, integrated platform resulting in time and productivity gains for providers and increased safety for patients.

Most people are aware of the Health Insurance Portability and Accountability Act of 1996 (HIPAA) and how it protects personal information. However, the federal law creates headaches for providers who are required by law to share patient health information securely, which is seriously complicated by the inability to send large file sizes. iCoreExchange HIPAA email gives providers the ability to share patient health in formation as easily as regular email without file size restrictions.

Ever looked at a medical bill and tried to understand what you’ve been billed? To the average person, it’s like reading Sanskrit. It’s a nightmare for healthcare providers to figure out too. As it happens, doctors are often denied payments due to lack of highly-specific diagnosis codes. iCoreCodeGeniusfixes that problem and reduces claim denial by correctly guiding users to document the most accurate and specific codes in 60-seconds or less.

Getting the point? iCoreConnect has meticulously crafted user-friendly solutions that cover the gamut of common problems in healthcare, making it a value add to iCoreConnect clients.

While the core products do the “land,” the rest of the portfolio is the “expand” (in other words, upselling other valuable iCoreConnect services).

As mentioned, the iCoreConnect team listens to feedback and builds new tech of its existing stacks to add to the portfolio, which now includes the six core products and nine additional enterprise SaaS offerings.  iCoreIT is a broad platform, of subscription -based Managed Services (MSaaS).  This includes all the necessary infrastructure (internet, workstations, emails, etc.), security (antivirus, network backup, compliance, etc.) and support (remote, emergency, life cycle, etc.) that any healthcare company depends upon to operate safely and efficiently.

iCoreConnect also uses acquisitions to expedite growth. In September, the most recent acquisition was closed, with Spectrum Technology Solutions coming under the ICCT umbrella. Spectrum provides services that align with iCoreConnect and clients, including managed services, data backup, data discover, strategic IT leadership and vCIO, cloud services, cybersecurity, and encryption.

A member of the prestigious StartUp Health accelerator, iCoreConnect is part of its global army of Health Transformers.  StartUp Health is a global innovation company on a mission to improve the health and well-being of everyone in the world.

The iCoreConnect client base increased again this month with the Maryland State Dental Association (MSDA) selecting iCoreVerify for automatically checking insurance for scheduled patients. iCoreVerify examines a patient’s insurance up to a week ahead of an appointment for potential issues, significantly reducing insurance claim denials and manual insurance calls for up to 90% of patients.

How organizations feel about this new tech was summed up by Chrys Bell, Director of Membership & MSDA Member Perks, in saying, “Insurance is a major pain point for all practices. We are pleased to endorse iCoreConnect’s iCoreVerify cloud-based software, with direct access to 2,100 insurers. It will help our members substantially replace staff hours lost to insurance phone calls, providing dental offices real-time, trackable coverage information accessible in a single click.”

iCoreConnect is at an inflection point, with management forecasting exponential increases in revenue in the coming years. In 2019, revenue was $1.2 million, which rose to $2.0 million in 2020. The company sees $5.0 million possible for 2021 after posting $1.0 million in revenue during the three months ended June 30, 2021, up 106% from Q2 2020.

Gross profit for the quarter was approximately $700,000, up 166% from $300,000 a year earlier, as gross margin climbed to 71.6% from 55.5% in the comparable quarter last year.

Operating expenses rose $200,000 to $1.3 million year-over-year, although about $400,000 of the increase was non-cash expenses, including depreciation, amortization and stock-based compensation. The company moved the right way with the net loss for the quarter shrinking to ~$600,000 from $800,000 in the year prior quarter.

During the second quarter, iCoreConnect launched its iCoreCloud SaaS product and followed up with iCoreVerify in the third quarter for insurance benefits verification, which is already gaining traction.

Investors are starting to understand the business and the market opportunity, as measured by shares of iCoreConnect rising in October from a low of 7.5 cents to as high at 26.9 cents. Shares have slipped back modestly to 20 cents, which equates to a market capitalization of just $29.5 million for a company that is projecting revenue of $22 million in 2023, according to its latest corporate presentation. This is simply one of those well run, fast growing, under the radar companies.  But for how long will that be the case?

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Corporate Snapshot:
iCoreConnect, Inc.
Stock Symbol: ICCT
Stock Exchange: OTCQB
Sector: Technology
52 Week High: $0.3980
52 Week Low: $0.0303

Current Stock Quote / Chart / News: Click here

Information as of October 26, 2021

Over the last decade or so, the cloud computing revolution has reshaped how businesses operate. Whereas companies were once burdened with expensive server rooms monitored by expansive in-house IT teams, now an internet connection is all that is needed. Through the constant innovation of Software-as-a-Service (SaaS) solutions, companies can reduce costs, gain flexible access, increase storage capacity, experience better security and importantly, effortlessly remain upgraded to the latest technology, amongst other things.

The idea of SaaS, software and services through subscription services provided via the internet rather than owning and maintaining on-site machines, actually isn’t new; it’s been around for decades. What it has done, though, is gone through a dramatic transformation from basic applications on mainframe systems to integrated cloud services for highly specialized purposes today.

Fueled by innovation – and the fact that the current iteration was only born about 10 or so years ago – the evolution is still gaining steam. Analysts at Gartner see SaaS solutions as one of the fastest growing segments in the IT industry. Spurred on in part because of the global impact of the COVID-19 pandemic necessitating digitization and modernization Gartner forecasts end-user spending on public cloud services to reach $396 billion in 2021 and surge another 21.7% to $482 billion in 2022.

An upstart capitalizing on the industry tailwinds is iCoreConnect, Inc. (OTCQB: ICCT), a company with a robust SaaS (and MSaaS, or Managed Software-as-a-Service) portfolio that is seeing an upswing in shares in recent weeks as it executes on its strategy and posts rapidly growing revenue. iCoreConnect is a cloud-based, SaaS platform focused on increasing profit and operational speed in high-compliance industries, particularly healthcare, an industry well known for its byzantine nature.

Key SaaS offerings from iCoreConnect include e-prescription, HIPAA & encrypted email, revenue management, medical coding software, insurance verification, and business analytics. The company offers these products and services to a large, diverse target market within the healthcare space, such as providers, dental support organization, hospitals, and payors.

iCoreConnect’s leadership team, consisting of software, tech and business development experts, have been building out the portfolio since 2014, undergirding designs from direct input from over 2,000 physicians and dentists to solve medical infrastructure pain points. The team is led by CEO and President Robert McDermott, who has five successful exits to his name while shepherding companies from upstart to Inc. 500 and Inc. 5000 status. One exit could be happenstance; twice perhaps coincidence, but five? That’s a trend that speaks to McDermott’s business acumen.

Management has a savvy business model, a “land and expand” approach that relies heavily on customer feedback to respond to market needs by continuing to develop new products. To that point, iCoreConnect offers 6 core services that solve an array of common problems with short sales cycles. Those services “land” customers and the numbers show it works efficiently. The Florida-based company has over 70 major healthcare association agreements secured across 24 states that it has parlayed into 18,000+ subscriptions.

The six core products consist of: iCoreRx, iCoreExchange, iCoreCodeGenius, iCoreVerify,  iCoreAnalytics and iCoreIT (MSaas). Each addresses specific problems faced by the medical marketplace.

For instance, iCoreRx solves issues with new laws and state mandates stemming from the opioid epidemic requiring providers to move to electronic prescriptions (e-prescribing). iCoreRx brings all necessary information into a single, integrated platform resulting in time and productivity gains for providers and increased safety for patients.

Most people are aware of the Health Insurance Portability and Accountability Act of 1996 (HIPAA) and how it protects personal information. However, the federal law creates headaches for providers who are required by law to share patient health information securely, which is seriously complicated by the inability to send large file sizes. iCoreExchange HIPAA email gives providers the ability to share patient health in formation as easily as regular email without file size restrictions.

Ever looked at a medical bill and tried to understand what you’ve been billed? To the average person, it’s like reading Sanskrit. It’s a nightmare for healthcare providers to figure out too. As it happens, doctors are often denied payments due to lack of highly-specific diagnosis codes. iCoreCodeGeniusfixes that problem and reduces claim denial by correctly guiding users to document the most accurate and specific codes in 60-seconds or less.

Getting the point? iCoreConnect has meticulously crafted user-friendly solutions that cover the gamut of common problems in healthcare, making it a value add to iCoreConnect clients.

While the core products do the “land,” the rest of the portfolio is the “expand” (in other words, upselling other valuable iCoreConnect services).

As mentioned, the iCoreConnect team listens to feedback and builds new tech of its existing stacks to add to the portfolio, which now includes the six core products and nine additional enterprise SaaS offerings.  iCoreIT is a broad platform, of subscription -based Managed Services (MSaaS).  This includes all the necessary infrastructure (internet, workstations, emails, etc.), security (antivirus, network backup, compliance, etc.) and support (remote, emergency, life cycle, etc.) that any healthcare company depends upon to operate safely and efficiently.

iCoreConnect also uses acquisitions to expedite growth. In September, the most recent acquisition was closed, with Spectrum Technology Solutions coming under the ICCT umbrella. Spectrum provides services that align with iCoreConnect and clients, including managed services, data backup, data discover, strategic IT leadership and vCIO, cloud services, cybersecurity, and encryption.

A member of the prestigious StartUp Health accelerator, iCoreConnect is part of its global army of Health Transformers.  StartUp Health is a global innovation company on a mission to improve the health and well-being of everyone in the world.

The iCoreConnect client base increased again this month with the Maryland State Dental Association (MSDA) selecting iCoreVerify for automatically checking insurance for scheduled patients. iCoreVerify examines a patient’s insurance up to a week ahead of an appointment for potential issues, significantly reducing insurance claim denials and manual insurance calls for up to 90% of patients.

How organizations feel about this new tech was summed up by Chrys Bell, Director of Membership & MSDA Member Perks, in saying, “Insurance is a major pain point for all practices. We are pleased to endorse iCoreConnect’s iCoreVerify cloud-based software, with direct access to 2,100 insurers. It will help our members substantially replace staff hours lost to insurance phone calls, providing dental offices real-time, trackable coverage information accessible in a single click.”

iCoreConnect is at an inflection point, with management forecasting exponential increases in revenue in the coming years. In 2019, revenue was $1.2 million, which rose to $2.0 million in 2020. The company sees $5.0 million possible for 2021 after posting $1.0 million in revenue during the three months ended June 30, 2021, up 106% from Q2 2020.

Gross profit for the quarter was approximately $700,000, up 166% from $300,000 a year earlier, as gross margin climbed to 71.6% from 55.5% in the comparable quarter last year.

Operating expenses rose $200,000 to $1.3 million year-over-year, although about $400,000 of the increase was non-cash expenses, including depreciation, amortization and stock-based compensation. The company moved the right way with the net loss for the quarter shrinking to ~$600,000 from $800,000 in the year prior quarter.

During the second quarter, iCoreConnect launched its iCoreCloud SaaS product and followed up with iCoreVerify in the third quarter for insurance benefits verification, which is already gaining traction.

Investors are starting to understand the business and the market opportunity, as measured by shares of iCoreConnect rising in October from a low of 7.5 cents to as high at 26.9 cents. Shares have slipped back modestly to 20 cents, which equates to a market capitalization of just $29.5 million for a company that is projecting revenue of $22 million in 2023, according to its latest corporate presentation. This is simply one of those well run, fast growing, under the radar companies.  But for how long will that be the case?

About AllPennyStocks.com:

AllPennyStocks.com Media, Inc., founded in 1999, is one of North America’s largest and most comprehensive small-cap / penny stock financial portals. With Canadian and U.S. focused penny stock features and content, the site offers information for novice investors to expert traders. Outside of the countless free content available to visitors, AllPennyStocks.com Pro (premium service) caters to traders looking for that trading edge by offering monthly stock picks, daily penny stock to watch trade ideas, market commentary and more.

As a result of its commitment to journalistic excellence and abundance of information in a particular area of equity investing (micro-cap investing) where there aren’t many credible sources of information, AllPennyStocks.com continues to have one of the largest audiences of micro-cap investors on the internet.


Forward Looking Statements

This report includes forward-looking statements that reflect current expectations about its future results, performance, prospects and opportunities. iCoreConnect, Inc. has tried to identify these forward-looking statements by using words and phrases such as "may," "will," "expects," "anticipates," "believes," "intends," "estimates," "plan," "should," "typical," "preliminary," "we are confident" or similar expressions. These forward-looking statements are based on information currently available and are subject to a number of risks, uncertainties and other factors that could cause iCoreConnect, Inc.'s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and other factors include, without limitation, the Company's growth expectations and ongoing funding requirements, and specifically, the Company's growth prospects with scalable customers, and those outlined above. Other risks include the Company's limited operating history, the Company's history of operating losses, consumers' acceptance, the Company's use of licensed technologies, risk of increased competition, the potential need for additional financing, the terms and conditions of any financing that is consummated, the limited trading market for the Company's securities, the possible volatility of the Company's stock price, the concentration of ownership, and the potential fluctuation in the Company's operating results.

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AllPennyStocks.com feature stock reports are intended to be stock ideas, NOT recommendations. Please do your own research before investing. It is crucial that you at least look at current SEC filings and read the latest press releases. Information contained in this report was extracted from current documents filed with the SEC, the company web site and other publicly available sources deemed reliable. For more information see our disclaimer section, a link of which can be found on our web site. This document contains forward-looking statements, particularly as related to the business plans of the Company, within the meaning of Section 27A of the Securities Act of 1933 and Sections 21E of the Securities Exchange Act of 1934, and are subject to the safe harbor created by these sections. Actual results may differ materially from the Company's expectations and estimates. This is an advertisement for iCoreConnect, Inc. The purpose of this advertisement, like any advertising, is to provide coverage and awareness for the company. The information provided in this advertisement is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject us to any registration requirement within such jurisdiction or country.

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