SOMERSET, NJ--(Marketwired - Jul 5, 2017) - MTBC (
"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.
About MTBC
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."
For additional information, please visit our website at 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
Company and Investor Contact: Bill Korn Chief Financial Officer Medical Transcription Billing, Corp. bkorn@mtbc.com (732) 873-5133
