Medical Transcription Billing Corp. (MTBC) Driving Innovation with Suite of Health Care Information Technology Solutions

Medical Transcription Billing Corp. (NASDAQ: MTBC) is a health care information technology company marketing a fully-integrated suite of web-based solutions to an expanding network of health care providers. The company’s product portfolio, which includes a web-based electronic health record solution (WebEHR), revenue cycle and practice management solutions and other related business services, is currently in use by health care organizations in more than 40 states across the country, ranging from single physician practices to independent physician associations. Leveraging these flexible solutions, MTBC’s clients are able to increase revenues, streamline workflows and make better business and clinical decisions while simultaneously limiting administrative burdens and operating expenses.

Since listing on the NASDAQ Capital Market in 2014, MTBC has relied on an aggressive acquisition strategy to expand its foothold in the health care information technology market, completing three concurrent acquisitions at the time of its IPO. The company has already completed three additional acquisitions this year, and its management team has indicated that more targets are on the radar moving forward. Perhaps the most noteworthy of the 2016 acquisitions to date, MTBC purchased Texas-based Gulf Coast Billing, Inc. in February. In addition to adding roughly $3 million in annualized revenues to its books, the acquisition strategically positioned MTBC to expand its client base moving forward, particularly in terms of niche specialty markets.

Last month, the company gave prospective shareholders some insight into the early impact of its 2016 acquisitions when it released its financial results for the second quarter. MTBC’s quarterly revenue of $5.2 million was up slightly from the results of Q1, while its GAAP net loss was down 35 percent from the first three months of 2016. Moreover, the company recorded its third consecutive quarter of positive adjusted EBITDA, reporting $14,000 for the period.

“Our quarter over quarter revenue growth is a milestone, marking the first time this has happened since the fourth quarter of 2014,” Mahmud Haq, chairman and chief executive officer of MTBC, stated in a recent news release. “This reflects the stabilization of our business after the three simultaneous acquisitions at the time of our IPO in 2014, and the fact that we had obtained capital to invest in growing our business at the end of 2015. We finished the quarter with $6.6 million of growth capital.”

This stabilization could be coming at a great time, as the health care information technology market is rapidly evolving and taking shape. According to Statista (http://dtn.fm/0mmKN), medical IT spending in the United States and Europe topped $341.8 billion in 2014, up more than 12 percent from 2009, and the proliferation of mobile and wearable technologies is expected to play a key role in continuing this upward trend in the years to come. In a 2015 report from Accenture (http://dtn.fm/uI10I), 41 percent of health executives reported that their organization’s data volume related to patients had grown by more than 50 percent in just one year. Meanwhile, a massive 52 percent of surveyed patients were interested in receiving enhanced access to this data, particularly as it relates to physician notes.

The effects of these changes can be seen throughout the health care industry. Kaiser Permanente, the largest managed care organization in the country, recently invested $4 billion in building its advanced HealthConnect platform, which provides real-time access to medical records for both clinicians and its roughly nine million members. For health care providers without $4 billion to invest, MTBC’s portfolio of products represents an attractive alternative.

The company’s KLAS-ranked EHR software ChartsPro™, for example, allows physicians to automate a variety of clinical activities in order to improve efficiency and productivity. The web-based platform empowers patients by offering convenient access to personal health records and streamlines the workflow of clinicians with a comprehensive WebEHR dashboard, convenient e-prescribing capabilities and direct lab integration.

All told, MTBC’s entire product portfolio functions as a cohesive platform designed to help health care providers improve their financial performance and transform their practices into successful business enterprises. By aiding physician practices in their efforts to successfully navigate a rapidly shifting health care industry environment, MTBC is strategically positioned to capitalize on the ongoing technological revolution in health care.

For more information, visit www.MTBC.com

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