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Medical Transcription Billing, Corp. (MTBC)

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Medical Transcription Billing, Corp. (MTBC) is a healthcare information technology (IT) company that provides its fully integrated suite of proprietary web-based solutions and related business services to a diverse field of healthcare individuals and entities specializing in more than 63 areas and spanning 40 U.S. states.

The company went public in July 2014, at which time it also acquired three competitors. Since then, MTBC has steadily expanded its portfolio with seven additional acquisitions of healthcare IT companies. Today, MTBC is an award-winning company whose Software-as-a-Service (SaaS) platform helps healthcare providers increase revenues, fine tune their clinical and business decision making, reduce administrative burdens, streamline workflows, and reduce operating costs. With a strong focus on R&D and innovation, MTBC is constantly developing new solutions to disrupt the healthcare IT industry, including a suite of mobile health apps for use by physicians and patients.
 

Investment Considerations

  • EBITDA profitable healthcare IT company
    Large, highly fragmented market
    Highly experienced management team
    Scalable, cost-efficient business model
    Predictable recurring revenues
    Aggressive, effective acquisition growth strategy

 


MTBC Integrated Solution

MTBC's product portfolio includes electronic health records, practice management, patient engagement and mHealth smartphone and tablet apps – all of which are fully supported by and integrated with the company's core managed billing service. In addition, the company offers an array of value-added services, including medical transcription, coding and business intelligence. The standard fee for its complete, integrated, end-to-end solution is calculated as a percentage of a practice's healthcare-related revenues, and is among the lowest in the industry.

Products:

mHealth – Extends the core components and benefits of the platform to the mobile environment

Electronic health record (EHR) – Allows physicians to create and review electronic clinical charts online

Practice Management (PM) – Unified, streamlined platform automates the labor-intensive day-to-day operations of medical offices.

Revenue Cycle Management (RCM) – Improves medical reimbursement process to accelerate and increase collections, reduce errors in submissions and streamline workflow; includes end-to-end medical billing, analytics, and related services.

As of June 30, 2016, MTBC's products and services were used in 43 states by approximately 1,880 providers (defined as physicians, nurses, nurse practitioners, physician assistants and other clinical staff that render bills for their services), representing approximately 770 practices practicing in approximately 68 specialties and subspecialties.

 


Annual Revenue

  • 86% of revenue is an integrated solution fee as a percentage of payments collected by MTBC doctors
    Effective rate is 5% of practice collections
    Contract terms are one to three years, with auto-renewal
    5% of revenue from optional chargeable services, including transcription, coding, and consulting
    9% of revenue from clearinghouse, EDI and recovery services

 


Growth Strategy

The revenue cycle management (RCM) service industry is highly fragmented, with many local and regional RCM companies serving small medical practices. MTBC believes the industry is ripe for consolidation and that the company can achieve significant growth through acquisitions and partnerships. Management estimates that there are more than 1,500 RCM service providers in the United States and that no individual company has more than a 7% share of the market.

It is becoming increasingly difficult for traditional RCM companies to meet the growing technology and business service needs of healthcare providers without a significant investment in IT infrastructure. MTBC's strategy is to accelerate organic growth by partnering with EHR companies who do not offer RCM services, utilizing them as channel partners to offer integrated solutions to their customers.

MTBC has also entered into arrangements with industry participants including EHR providers and other healthcare vendors that lack a full suite of solutions. The company has developed application interfaces with several EHR systems to create integrated offerings.

MTBC's acquisition-based growth strategy encompasses four distinct, synergistic approaches:

  1. Acquiring RCM companies and then migrating the customers of those companies to MTBC's solutions
    Partnering with smaller RCM companies to service their customers while paying them a share of revenue received
    Partnering with EHR and other vendors that lack an integrated solution and bundling MTBC's solutions with their offerings
    Selling MTBC solutions directly to healthcare providers practicing in ambulatory settings

MTBC's growth strategy also includes strategic partnerships with other industry participants, including electronic health records vendors, in which the partners refer customers to MTBC's managed billing and value-added services. While the company offers its own proprietary electronic health records and practice management software, its strategy includes providing integrated offerings utilizing third-party electronic health records while offering customers MTBC's RCM, practice management and mobile health capabilities.

 


Acquisition Timeline

  • On July 28, 2014, the Company acquired Omni Medical Billing Services, LLC, Practicare Medical Management, Inc. and CastleRock Solutions, Inc.
    On October 30, 2014, the Company entered into a revenue share agreement with Valiant Management Solutions, Inc., and on November 25, 2015 acquired the business
    On July 10, 2015, the Company acquired SoftCare Solutions, Inc.
    On September 1, 2015, the Company acquired Med Tech Professional Billing.
    On February 15, 2016, the Company acquired Gulf Coast Billing Inc.
    On May 1, 2016 the Company acquired Renaissance Physician Services.
    On July 1, 2016, the Company acquired WFS Services, Inc.
    On October 3, 2016 the Company acquired MediGain, LLC,.

All acquisitions were accomplished via asset purchase agreements.

 


Tactical Sourcing

In addition to its experienced team in the United States, MTBC employs a highly educated and experienced workforce of approximately 1,500 people in Pakistan, where labor costs are approximately one-half the cost of comparable India-based employees and one-tenth the cost of comparable U.S. employees, thus enabling MTBC to deliver competitively priced solutions.

The company's Pakistan operations accounted for approximately 32% of expenses for the three months ended June 30, 2016. Approximately 75% of those expenses were personnel-related costs. Because personnel-related costs are significantly lower in Pakistan than in the U.S. and many other offshore locations, MTBC's Pakistan operations provide a competitive advantage over many industry participants.

Each of the companies that MTBC has acquired or signed revenue-sharing arrangements with use domestic labor or labor from higher cost locations to provide all or a substantial portion of their services.

Notably, at the time of MTBC's acquisition of MediGain in early October 2016, MediGain employed approximately 150 U.S.-based employees, approximately 200 offshore employees in India and Sri Lanka, as well as several hundred India-based subcontractors.

 


Awards & Achievements

MTBC is ranked among the Deloitte Technology Fast 500 (2009, 2010, 2011, 2012); is a Microsoft® Certified Partner; and has been awarded the Surescripts® White Coat of Quality. Additionally, the company's mHealth app – available for smartphone and tablet devices - is ranked No. 1 on Apple Store and Google Play as the most downloaded app for ICD 9 to ICD 10 conversion.

Successful Initial Public Offering

MTBC consummated an initial public offering of its common stock on July 28, 2014. It now trades on the NASDAQ under the symbol MTBC. MTBC completed its public offering of its non-convertible Series A Preferred Stock on November 19, 2015, which trades on the NASDAQ under the symbol MTBCP. This successful completion of two public offerings on NASDAQ creates a stronger platform for MTBC.

2014 Edition Complete Health IT Certification

On December 20, 2013, MTBC WebEHR 2.0 achieved 2014 Edition Complete EHR Ambulatory ONC Health IT Certification, which assures that MTBC EHR is capable of supporting healthcare providers with both Stage 1 and Stage 2 meaningful use measures required to qualify for funding under the ARRA.

MTBC's EHR Included Among Medical Economics Top 50 EHRs

In an effort to help physicians make purchasing decisions, Medical Economics unveiled an exclusive report on the top 50 electronic health record (EHR) systems in 2014. The report examines key metrics, including revenue, certification and whether it has met MU2 certification requirements for complete EHRs or modules. MTBC WebEHR was featured among the Medical Economics Top 50 EHRs ranking.

Compliance With ISO 27001

ISO 27001 is an international standard published by the International Organization for Standardization (ISO), and it describes how to manage information security in a company. MTBC was certified with ISO/IEC 27001:2005 in December 2013 and has successfully transitioned to the latest revision of this standard, which was published in January 2015.

Surescripts® White Coat of Quality Certified Solutions Provider

On January 30, 2013, MTBC's electronic prescribing solutions were awarded the 2012 Surescripts White Coat of Quality Award. The White Coat award recognizes that MTBC upholds the highest standards of prescription content quality in e-prescribing. The White Coat award certifies not only MTBC's robust offering but also its commitment to train its users on the effective use of its e-prescription technologies.

ISO 9001:2000 Certification

On March 3, 2004, MTBC achieved ISO 9001:2000 certification, signifying that its processes and quality management systems meet rigorous industry requirements. The ISO 9001:2000 standard is an internationally recognized quality management system developed by the International Organization for Standardization (ISO).

Deloitte Technology Fast 500

In 2012, MTBC was named a Deloitte Technology Fast 500 company. This award was announced in New York and is based upon Deloitte's recognition that MTBC is one of the fastest growing technology companies in the US. MTBC has the honor to be ranked among the fastest growing companies in the country for the four years in a row.

Inc 500 | 5000 Company

In 2012, MTBC was honored by Inc. magazine with a place on the Inc. 500|5000 list. This was the third consecutive year that MTBC has been included in this exclusive ranking of America's fastest-growing and most innovative private companies. The list represents the most comprehensive look at the most important segment of the economy - America's independent entrepreneurs.

Nominee for US Secretary of State's Award for Corporate Excellence

In 2012, MTBC was nominated for the US Secretary of State's Award for Corporate Excellence. The Secretary of State's Award for Corporate Excellence (ACE), established by the State Department in 1999, recognizes the important role U.S. businesses play abroad as good corporate citizens.

NJ's 50 Fastest Growing Companies

In 2010, MTBC was recognized by NJBIZ as one of the 50 Fastest Growing Companies in New Jersey for the year. NJBIZ is New Jersey's leading business news source.


Management

MTBC continues to explore opportunities accretive to corporate and shareholder value. The company relies on the expertise of a well-rounded and highly experienced management team to consistently innovate and keep pace with a global healthcare environment that enables transformational change in healthcare through technology.

Mahmud Haq - Chairman & CEO

Mahmud Haq is the founder and CEO of MTBC. Prior to founding MTBC, Haq served as CEO and president of Compass International Services Corporation (NASDAQ:CMPS), and as vice president of Global Risk Management for American Express (NYSE: AXP). Haq is a graduate of Bridgewater State College (Massachusetts) with a Bachelor of Science in Aviation Management. He has also earned an MBA from Clark University (Massachusetts) with a concentration in finance.

Stephen Snyder - President and Director

Stephen Snyder joined MTBC in September 2005 as general counsel, and later served as chief operating officer and then president in September 2011. Snyder is an attorney by background and his writings on healthcare law and practice management are regularly featured in print and electronic media. He received his Juris Doctorate from Rutgers School of Law - Newark, where he served as a senior editor of a law journal.

Bill Korn - Chief Financial Officer

Bill Korn joined MTBC in June 2013 as chief financial officer. He has served as CFO for six other businesses, including SnapOne and Antenna Software, where he enabled the business to grow at an 87% CAGR through a combination of acquisitions and organic growth. He also spent 10 years with IBM as a member of the senior management team that created IBM's highly successful services strategy in the 1990s. Korn graduated magna cum laude from Harvard College and received his MBA from Harvard Business School.

 


Medical Transcription Billing, Corp.
7 Clyde Road 
Somerset, NJ 08873 
Phone: 732-873-5133
www.MTBC.com

 

 

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MTBC News: MTBC Announces $7.4 Million Public Offering 06/23/2017 06:00:00 AM
MTBC News: MTBC to Present at Annual Industry Conference 06/21/2017 07:00:00 AM
MTBC News: MTBC Re-elects Directors and Reflects on Year of Growth at Annual Shareholders' Meeting 06/18/2017 08:15:00 PM
MTBC News: MTBC Announces Addition of Leading New England based Sports Medicine Group 06/15/2017 07:00:00 AM
MTBC News: MTBC Announces Launch of New Platform to Support Continued Growth 06/14/2017 07:00:00 AM
News News Alert: MTBC Announces $7.4 Million Public Offering 06/23/2017 06:00:00 AM
PostSubject
#309   * * $MTBC Video Chart 06-14-17 * * ClayTrader 06/14/17 04:52:39 PM
#308   We're back baby! Good little surge today, $2.05 Luchador 06/14/17 09:38:54 AM
#307   looks like they're tanking... BANK$STACKS 5.8 06/08/17 09:51:31 AM
#306   ARE THEY GETTING THEIR DEBT IN ORDER ? BANK$STACKS 5.8 06/07/17 06:15:46 PM
#305   No kidding, I think they'll recover. They usually Luchador 06/07/17 02:35:46 PM
#304   who knows where this is heading ? BANK$STACKS 5.8 06/07/17 01:53:27 PM
#303   Strong buy today, $1.65 Luchador 06/07/17 01:46:31 PM
#302   STRONG BUY ! ice1234 05/26/17 05:14:00 AM
#301   MTBC buy 2.01 stocktrademan 05/24/17 11:40:25 AM
#300   Nice pop today. Thoro 05/22/17 02:14:42 PM
#299   INTRACOASTAL CAPITAL, LLC has filed a new 13G, wiltonio 05/18/17 06:09:38 AM
#298   It seems that they can't pay their obligations. tqipres 05/17/17 11:35:02 AM
#297   This easily goes over $5 Thoro 05/16/17 04:13:22 PM
#296   someone is shorting this stock big time.but it finwizroger 05/12/17 09:33:02 AM
#295   next level is $5.00. finwizroger 05/11/17 03:56:56 PM
#294   this is a low float company with great finwizroger 05/11/17 03:53:46 PM
#293   Started buying MTBC at $2.13. Have added Captain Lithium 05/11/17 03:38:56 PM
#292   Strange Move here europtiger 05/11/17 12:10:43 PM
#291   You ain't kidding. Almost like they leave Lone Wolf 05/11/17 10:49:02 AM
#290   No shortage of news on this gem, with UP Trend 05/11/17 10:45:48 AM
#289   More news!! BAMM!! Lone Wolf 05/11/17 10:36:22 AM
#288   Wooowza massivo lol europtiger 05/11/17 10:26:14 AM
#287   Wooow and She goes I got a Load europtiger 05/11/17 10:25:28 AM
#286   Got me more on dip europtiger 05/11/17 10:24:42 AM
#285   Best thing about MTBC is it's ability to Lone Wolf 05/11/17 09:29:01 AM
#284   8K just hit. Compliance regained. No Lone Wolf 05/11/17 08:15:45 AM
#283   Good call there Looking awsome pm europtiger 05/11/17 07:33:11 AM
#282   hi everybody, maybe you can help me. i kraftstein 05/11/17 06:06:42 AM
#281   $60 mil in dollar-trading volume. HUGE institutional Lone Wolf 05/10/17 07:48:57 PM
#280   I know you like explosive low floats...check out $PED PLelek 05/10/17 06:50:47 PM
#279   5.00$ excise price target for the attached warrants. StockNet 05/10/17 05:56:32 PM
#278   I like this stock. It has some Lone Wolf 05/10/17 04:34:32 PM
#277   I was about to sell when it was Intafocus 05/10/17 04:28:57 PM
#276   * * $MTBC Video Chart 05-10-17 * * ClayTrader 05/10/17 04:14:00 PM
#275   MTBC Announces $2.3 Million Registered Direct Offering Priced At-The-Market wickerman 05/10/17 04:13:46 PM
#274   This stock is short heavy. Sellers have been BusterCWK 05/10/17 03:02:35 PM
#273   This squeezes into close after all these damn BusterCWK 05/10/17 02:52:42 PM
#272   $MTBC. SHORT SQUREZE BEGINNING !!! BusterCWK 05/10/17 02:35:48 PM
#271   with over $30 millions in revenues.it will only finwizroger 05/10/17 02:06:47 PM
#270   looks like it has a high potential to finwizroger 05/10/17 02:04:39 PM
#269   Bears looking just about ready to throw in Lone Wolf 05/10/17 01:54:19 PM
#268   Yup...like the trader who just dropped a big Lone Wolf 05/10/17 01:06:14 PM
#267   Some just have to learn the hard way.. UP Trend 05/10/17 12:46:47 PM
#265   Those buggers need to be paying attention to Lone Wolf 05/10/17 12:20:35 PM
#264   Let me keep shorting. Wonder if the Lone Wolf 05/10/17 12:10:12 PM
#263   May buy back in later today. What do Luchador 05/10/17 12:09:12 PM
#262   I'm ready!! Watching the current 'shake / Lone Wolf 05/10/17 11:29:40 AM
#261   Did dribble my Position 2,75 Lets see europtiger 05/10/17 11:21:54 AM
#260   MTBC, look what this thing did today! Thoro 05/10/17 10:56:06 AM
#259   MTBC $ TODAY 4.00 - 6.00+ US$ thaier 05/10/17 10:47:55 AM
PostSubject