October 02, 2017 06:15
ET | Source: MTBC
SOMERSET, N.J., Oct.  02, 2017  (GLOBE NEWSWIRE) -- MTBC (NASDAQ: MTBC) (NASDAQ: MTBCP) a provider of proprietary, cloud-based healthcare IT solutions and services, announced today that it has made its final payment of $5 million, plus interest, related to the MediGain transaction. “On September 28, 2017, MTBC paid Prudential $5,270,000, comprised of principal and accrued interest due related to the MediGain transaction,” explained MTBC in the 8-K filed with the Securities and Exchange Commission on October 2, 2017. It continued, “MTBC’s September 28th payment constituted payment in full of MTBC’s obligation to Prudential.”
“We were pleased to announce last month that we had fully repaid our Opus Bank term debt well ahead of the maturity date and we are likewise pleased today to announce the full satisfaction of our MediGain acquisition consideration,” said Stephen Snyder, MTBC President. He continued, “The repayment of our debt, combined with our significant year-over-year revenue growth and record Adjusted EBITDA, leaves us well positioned as we continue to grow and consolidate our segment of the market.”
Additional information regarding MTBC’s final payment is included with its Current Report on Form 8-K filed with the Securities and Exchange Commission on October 2, 2017, and is incorporated herein by reference. About MTBC
MTBC 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. Its integrated SaaS platform helps its 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 . SOURCE MTBC

MTBC Announces Final $5 Million MediGain Acquisition Payment

SOMERSET, NJ--(Marketwired - May 9, 2017) - MTBC (
NASDAQ
: MTBC ) (
NASDAQ
: MTBCP ), a leading provider of mHealth and cloud-based clinical and practice management solutions, and Great Falls Clinic, a leading provider of comprehensive healthcare services in Great Falls, Montana, today announced a successful implementation of MTBC's SaaS-enabled revenue cycle management solution. Stanton Tate, Great Falls Clinic AVP Hospital Revenue Cycle, said, "Converting to MTBC's platform has automated charge capture, improved claim accuracy, and accelerated our cash flow." He continued, "MTBC's IT team made quick work of developing an interface and their certified coders quickly resolved a backlog of many months in radiation oncology coding. The entire implementation process has exceeded my expectations and we look forward to a long partnership with MTBC." Great Falls Clinic, a group of over 65 highly qualified healthcare providers, is affiliated with Great Falls Clinic Hospital and Great Falls Clinic Surgery Center. This integrated health system has a 90-year history of providing comprehensive care to Montana residents. MediGain Practice Management, a subsidiary of MTBC, provides revenue cycle management services at Great Falls Clinic for their professional claims under a Business Services Agreement. "We are pleased to be working with Great Falls Clinic Hospital and Surgery Center. They have been very supportive of our initiatives to improve processes that will dramatically increase reimbursement and support their mission to the community," said Karl Johnson, MTBC Senior Vice President, Sales and Marketing. Through their partnership with MTBC and MediGain, Great Falls Clinic's previously manual process has been automated. MediGain was acquired by MTBC in October of 2016. With the joining of forces, MediGain now has access to resources that were previously unavailable, including MTBC's electronic health records and practice management software and a global team of more than 1,800 professionals, including more than 200 IT team members. For additional information, please visit our website at www.mtbc.com . Follow MTBC on Twitter , LinkedIn and Facebook . About MTBC
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 throughout the United States. Our integrated Software-as-a-Service (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." SOURCE MTBC

MTBC Announces Successful Solution Implementation with Montana-based Great Falls Clinic

Acquires Company With Annual Revenues Exceeding $10 Million at a Compelling Valuation
SOMERSET, NJ--(Marketwired - Oct 17, 2016) - MTBC (
NASDAQ
: MTBC ) (
NASDAQ
: MTBCP ), a leading provider of proprietary web-based electronic health records, practice management and mHealth solutions, today announces additional details regarding its largest acquisition to date. "As announced last week, we are very pleased to have acquired MediGain, which marks an important corporate milestone as our largest acquisition to date, and demonstrates the highly strategic nature of our successful, acquisition-based growth strategy," said MTBC CEO Mahmud Haq. In discussing the acquisition, Haq highlighted the following:
The acquired accounts in good standing have annual revenues of more than $10 million, which will contribute to MTBC's overall revenue growth in 2017;
The incremental profits from this acquisition are expected to greatly exceed our cost of capital, so we expect that this acquisition will be accretive to MTBC shareholders in 2017;
We purchased MediGain for $7 million, which represents a significant purchase price discount to the industry norm of more than 1x revenues for a business of MediGain's size;
We've added talented team members in North America, and expanded our Asia-based team to additional countries with talented, cost-effective workforces. Gary Smith, who previously served as the seller's chief operating officer and now provides leadership to MediGain Practice Management, explains, "There are significant synergies between the two companies. Our global team of professionals and proprietary technology will allow us to continue improving operating margins while delivering world-class service to our clients. "
MTBC acquired substantially all of the assets of MediGain, LLC and its affiliate, Millennium Practice Management, LLC (together, "MediGain"), through its wholly owned subsidiary, MTBC Acquisition, Corp., d/b/a MediGain Practice Management. The purchase price for MediGain included $2 million paid at closing, with the balance of $5 million due in the beginning of 2017. Additional details regarding the transaction can be found in the Company's 8-K, which was filed with the SEC on October 5, 2016. About 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 . Follow MTBC on TWITTER , LINKEDIN and FACEBOOK . Forward-Looking Statements
This press release contains various forward-looking statements within the meaning of the federal securities laws. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may," "might," "will," "should," "intends," "expects," "plans," "goals," "projects," "anticipates," "believes," "estimates," "predicts," "potential," or "continue" or the negative of these terms or other comparable terminology. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Forward-looking statements in this press release include, without limitation, statements reflecting management's expectations for future financial performance and operating expenditures, expected growth, profitability and business outlook, increased sales and marketing expenses, and the expected results from the integration of our acquisitions. These forward-looking statements are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our (or our industry's) actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all of the risks and uncertainties that could have an impact on the forward-looking statements, including without limitation, risks and uncertainties relating to: the Company's ability to manage growth; integrate acquisitions; effectively migrate and keep newly acquired customers and other important risks and uncertainties referenced and discussed under the heading titled "Risk Factors" in the Company's filings with the Securities and Exchange Commission. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligations to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. SOURCE MTBC
MTBC Investor and Media Contact:
Christine J. Petraglia


MTBC Achieves Corporate Milestone With Its Most Recent Strategic Acquisition

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MTBC , a provider of proprietary, web-based EHRs, practice management and mHealth solutions has acquired  the assets of MediGain , a Plano, TX-based revenue cycle management company. The acquisition of MediGain assets includes customer accounts, intellectual property, and offshore operations in India and Sri Lanka. Founded in 2002, MediGain provides revenue cycle management solutions and analytics for the healthcare industry in the United States and internationally. The company offers services in the areas of billing and reimbursement, practice management system, eligibility and pre-certification, credentialing, denials management, revenue cycle analysis, and coding audit aspects. It serves physician’s offices, ambulatory surgery centers, and hospitals. MediGain, LLC has strategic alliances with Nextech, HSTpathways, AdvancedMD, InstaMed, MedLanding, Allscripts, and GE Healthcare. “We are very pleased to have acquired MediGain’s assets at a compelling valuation that represents a significant discount as compared to the industry norm of at least one times annualized revenues for a company of MediGain’s size.” He continued, “Moreover, we believe that our newly acquired business will contribute to our positive Adjusted EBITDA by the end Q1 2017.”
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MTBC Acquires Revenue Cycle Management Company MediGain Assets

Nextech is the complete healthcare technology solution for specialty providers. Nextech delivers intelligent, intuitive, integrated solutions that empower specialty physicians to maximize efficiency, optimize charting accuracy and increase overall practice profitability.

NexTech Systems

Through this partnership , Nextech will be the exclusive electronic medical record and practice management solution for MediGain 's clients in the specialties of dermatology , ophthalmology , optometry and plastic surgery .

Nextech Partners With MediGain to Provide Enhanced Billing and Reimbursement Services for Specialty Practices

Dell Technologies

FedEx

Boomerang Ventures

VisionTech Partners

Matrix-bio

MedOptima

Roche Holding

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Amount Raised

Shares Authorized

Issuance Price

Dividend Rate

Liquidation Preferences

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Participation

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Fintech

Technologies, platforms, and systems that engage consumers for lifestyle, wellness, or health-related purposes; capture, store, or transmit health data; and/or support life science and clinical operations. (DiME, DTA, HealthXL, & NODE.Health)

Digital Health

This collection includes public and private companies, as well as startups, that market software solutions to healthcare provider organizations. 

Health IT 

Acquired

MediGain enables healthcare providers to navigate and succeed in the reimbursement environment. MediGain is a global revenue cycle management company with an integrated portfolio of information technology, process, and domain expertise solutions to address the wide array of threats to the financial health of medical practices, clinics, hospitals, and other essential providers. Its affiliate is Millennium Practice Management, a New Jersey-based medical billing company.

Name	Work History	Title	Status
Greg Hackney		Chief Executive Officer, President	Current
Eric Beier		Chief Medical Officer	Current
Hunter Howard	Dell Technologies, and FedEx	Chief Executive Officer	Former
Eric Beier	Boomerang Ventures, VisionTech Partners, Matrix-bio, MedOptima, and Roche Holding	Chief Medical Officer	Former

Name	Greg Hackney	Eric Beier	Hunter Howard	Eric Beier
Work History			Dell Technologies, and FedEx	Boomerang Ventures, VisionTech Partners, Matrix-bio, MedOptima, and Roche Holding
Title	Chief Executive Officer, President	Chief Medical Officer	Chief Executive Officer	Chief Medical Officer
Status	Current	Current	Former	Former

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