NEW YORK, NY / ACCESSWIRE / October 20, 2016 / NetworkNewsWire (“NNW”), a multifaceted financial news and publishing company that delivers a new generation of communication solutions for business, today announces the online availability of its interview with Medical Transcription Billing Corp. (NASDAQ:
MTBC) (NASDAQ: MTBCP), a leading provider of proprietary, web-based electronic health records, practice management and mHealth solutions. The interview can be heard at http://nnw.fm/mtbc-interview-oct-2016.
NNW’s communications solutions include social media outreach, news aggregation and syndication as well as enhanced new release services designed to introduce private and public companies to a wide range of audiences. Leveraging a network of more than 5,000 key distribution outlets, NNW gives its clients a voice – be it through premium articles, audio interviews, video production or other tailored means – to better communicate with the investment community.
MTBC CFO Bill Korn recently joined NNW’s Stuart Smith to discuss MTBC’s operations, recent achievements, and how the company uses its acquisition-based growth strategy to maintain a competitive edge in the healthcare IT market.
Korn, who joined the company in 2013 after 30 years of managing technology companies such as IBM, begins with a brief overview of MTBC’s leadership team before discussing how the company differs from others in the market.
“MTBC has two cores strengths that distinguish us from most of the 1,500 other healthcare IT companies. We have an integrated cloud-based technology platform, which we developed in-house, and we have wholly owned offshore subsidiaries with 1,600 employees in four countries, with labor costs that average about 10% of the labor costs in the U.S. This allows us to provide services which are labor intensive even though we use our technology, and we can deliver these services much less expensively than our customers or competitors can provide them,” explains Korn.
With these foundations in place, MTBC achieved three main accomplishments in 2016. The company recorded three quarters of positive EBITDA since its IPO in 2014; raised $7.5 million of non-convertible preferred stock on the NASDAQ; and closed its acquisition of MediGain, marking its tenth acquisition since the IPO and largest acquisition to-date.
In early October, MTBC acquired substantially all of the assets of MediGain, LLC and its Millennium Practice Management, LLC affiliate for a total purchase price of $7 million, representing a “significant discount as compared to the industry norm of at least one times annualized revenues for a company of MediGain’s size,” says Korn.
Wrapping up the interview, Korn explains several benefits of the MediGain acquisition, including the expansion of the company’s global team of professionals and expectations for increased revenues.
“We believe that our newly acquired business will contribute to our positive adjusted EBITDA by the first quarter of 2017. By growing our overall revenue greatly through this acquisition, MTBC expects to generate significant operating leverage … the incremental profits for this acquisition are expected to greatly exceed the company’s cost of capital,” he says. “This acquisition should be accretive to our shareholders in 2017.”
About Medical Transcription Billing,
Corp. (NASDAQ: MTBC)
Medical Transcription Billing, Corp. is a healthcare information technology company that provides a fully integrated suite of proprietary web-based and mobile health solutions, together with related business services, to healthcare providers throughout the United States. Our integrated Software-as-a-Service (or SaaS) platform helps our customers increase revenues, streamline workflows and make better business and clinical decisions, while reducing administrative burdens and operating costs. MTBC’s common stock trades on the NASDAQ Capital Market under the ticker symbol “MTBC,” and its Series A Preferred Stock trades on the NASDAQ Capital Market under the ticker symbol “MTBCP.”
For more information on MTBC, please visit www.mtbc.com
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About NetworkNewsWire
NetworkNewsWire (NNW) is a multifaceted financial news and publishing company that delivers a new generation of social communication solutions, news aggregation and syndication, and enhanced news release services. Leveraging a professional team of journalists and writers, NNW introduces private and public companies to a wide audience of investors, consumers, journalists and the general public via social media and a rapidly expanding network of over 5,000 key distribution outlets. Cutting through information overload, NNW’s innovative and proprietary systems clearly and succinctly deliver its clients much needed visibility, recognition and brand awareness. NNW is where news, content and information converge.
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Forward-Looking
Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company’s SEC filings. These risks and uncertainties could cause the company’s actual results to differ materially from those indicated in the forward-looking statements.
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SOURCE: Medical Transcription Billing, Corp.
