MTBC (NASDAQ: MTBC) (NASDAQ: MTBCP), a leading provider of proprietary, cloud-based healthcare IT solutions and services, today announced its recent acquisition of a Washington-based revenue cycle management company's client accounts and related business assets, which is expected to be accretive to earnings during Q3 2017.
"MTBC offers the technology and expertise that our clients are seeking, so we are very excited about this new relationship," said Rhonda Otte, the founder of the acquired business who now serves as a director of business development for MTBC in the Northwestern United States. She continued, "There's a significant opportunity to expand MTBC's client base in our region and I look forward to playing a key role in driving this growth."
Stephen Snyder, President of MTBC, said, "This transaction allows us to leverage our proprietary technology and combined team to add value to the acquired client accounts and expand our reach to new business opportunities in Washington and beyond." He continued, "We're pleased to be able to continue to play a leading role in turning market challenges into opportunities as we consolidate the highly fragmented healthcare IT market and provide enhanced solutions to healthcare providers."
The acquisition announced today of the seller's customer accounts and related assets represents MTBC's first acquisition of 2017. The purchase price is based on a percentage of the actual revenues earned and received from the acquired client base during the three years after closing, together with revenues from new business added after closing. The structure is designed to align the interests of the seller and MTBC in continuing to grow the Washington-area customer base.
Medical Transcription Billing, Corp. (MTBC) is a healthcare information technology company that provides a fully integrated suite of proprietary web-based solutions, together with related business services, to healthcare providers practicing in ambulatory care settings. 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."
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