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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: Major Diagnostic Laboratory Selects MTBC for Integrated Healthcare IT and Revenue Cycle Services 08/22/2017 07:00:00 AM
MTBC News: MTBC to Present at the 19th Annual Rodman & Renshaw Global Investment Conference in NYC 08/17/2017 08:23:00 AM
MTBC News: MTBC talkEHR Passes Another Major Milestone 08/09/2017 07:00:00 AM
MTBC News: MTBC Reports Second Quarter 2017 Results, Reaffirms 2017 Guidance 08/03/2017 06:00:00 AM
MTBC News: MTBC to Announce Q2 2017 Financial Results and Host Conference Call on August 3, 2017 08/01/2017 08:12:00 AM
News News Alert: Major Diagnostic Laboratory Selects MTBC for Integrated Healthcare IT and Revenue Cycle Services 08/22/2017 07:00:00 AM
PostSubject
#325  Sticky Note MTBC Announces Upward Revision to 2017 Revenue Guidance Thoro 07/27/17 10:36:54 AM
#389   I Fing knew something was up Pennyman300 08/17/17 08:55:52 AM
#388   Don't think it's a short day better jump off Pennyman300 08/16/17 12:45:19 PM
#387   If you're gonna start shorting, start buying in Luchador 08/12/17 03:05:15 PM
#386   Another after 2pm short attack, this sucks Mustangs2008 08/11/17 03:16:54 PM
#385   They sure did Mustangs2008 08/11/17 01:59:18 PM
#384   I'm waiting for teens. Shorts gobbled that little Luchador 08/11/17 01:57:30 PM
#383   Pop and drop! lol Mustangs2008 08/11/17 01:25:32 PM
#382   Pop Awl416 08/11/17 10:25:24 AM
#381   I think till the next season of game Pennyman300 08/11/17 07:27:25 AM
#380   How low is this going to go? Mustangs2008 08/10/17 09:05:29 PM
#379   Korea news is hurting everything. Luchador 08/10/17 03:58:35 PM
#378   You'll get mid 20's if you're patient. Luchador 08/10/17 03:12:12 PM
#377   What an awesome stock !! Waiting till it Pennyman300 08/10/17 02:07:32 PM
#376   This company will be a heck of a Luchador 08/10/17 10:45:20 AM
#375   Let them crash it Pennyman300 08/10/17 10:05:52 AM
#374   I TOTALLY AGREE, THE MARKET IS NOT FOR BANK$STACKS 5.8 08/10/17 09:59:27 AM
#373   Lol, shorts are driving this up and comer Luchador 08/10/17 09:58:46 AM
#372   There messing up the market with this nonsense Pennyman300 08/09/17 03:48:14 PM
#371   Does this get a short attack everyday after 2pm? Mustangs2008 08/09/17 03:35:58 PM
#370   Why is this stock so heavily being shorted? Mustangs2008 08/09/17 01:13:17 PM
#369   Nah, more shorting. I'll be looking to buy in Luchador 08/09/17 10:10:55 AM
#368   Up again ^ Pennyman300 08/09/17 08:41:54 AM
#367   Massive shorting. It's getting into a good buy Luchador 08/08/17 04:32:21 PM
#366   I lost $1,800 the other day with this Pennyman300 08/08/17 04:09:55 PM
#365   How does this drop over 20 cents in seconds? Mustangs2008 08/08/17 03:40:54 PM
#364   $MTBC Short sale circuit breaker tripped 4on4off 08/04/17 09:10:06 AM
#363   Here we go ^ Pennyman300 08/04/17 08:46:29 AM
#362   Thanks Bud! Good luck to us!! Good night! ???? Trader_415 08/04/17 01:15:58 AM
#361   It has been awhile so I went back 4on4off 08/04/17 12:48:24 AM
#360   I was shocked by the drop as well. 4on4off 08/04/17 12:25:34 AM
#359   Btw, did we get a Short attack last Trader_415 08/04/17 12:22:19 AM
#358   Yeah, that's what I was thinking too. Very Trader_415 08/04/17 12:16:32 AM
#357   $MTBC No crystal ball but have optimism. ER 4on4off 08/04/17 12:14:32 AM
#356   Wow, do you think there'll be something comparable Trader_415 08/04/17 12:06:53 AM
#355   $MTBC Yes it did. I believe it was 4on4off 08/04/17 12:04:22 AM
#354   Didn't this stock rebounded pretty on last ER? Trader_415 08/03/17 11:48:52 PM
#353   $MTBC Agreed. Bottom is in IMO. Ready for 4on4off 08/03/17 09:43:30 PM
#352   $MTBC Tanked due to shorts and week hands. 4on4off 08/03/17 09:40:35 PM
#351   This should wind up to be a $2.25 Thoro 08/03/17 04:41:06 PM
#350   THE MARKET IS CONTROLLED BANK$STACKS 5.8 08/03/17 01:16:42 PM
#349   Everyone that was scared and had a higher Luchador 08/03/17 01:08:46 PM
#348   Why has this tanked after good news??? Mustangs2008 08/03/17 12:37:15 PM
#347   More news on top of ER Awl416 08/03/17 08:38:57 AM
#346   Reports Second Quarter 2017 Results http://www.marketwatch.com/story/mtbc-repor RJ999 08/03/17 06:18:32 AM
#345   this stock will get crushed tomorrow..there is no shotgun 08/02/17 07:35:35 PM
#344   Oh gosh another bogus price target, mtbc closed stock1ace1 08/02/17 07:23:33 PM
#343   * * $MTBC Video Chart 08-02-17 * * ClayTrader 08/02/17 05:07:03 PM
#342   $MTBC Target: 10$+ Long thaier 08/02/17 04:18:37 PM
#341   Good stuff. Strong day here today. Thoro 08/02/17 04:05:20 PM
#340   Nah, there are a lot of good reasons Luchador 08/02/17 01:53:19 PM
PostSubject