Leading health care information technology company Medical Transcription Billing, Corp. (NASDAQ: MTBC; MTBCP) this morning issued a news release recapping its corporate accomplishments for 2016, as well as its objectives for the coming months. Among last year’s highlights, MTBC continued to employ a tactical acquisition-based growth strategy, added important new clients in major markets across the country, recorded strong financial results and earned numerous prestigious accolades for its innovative health care information technology solutions.
In an effort to rapidly expand its client base, MTBC completed four vital acquisitions in 2016, including the purchase of Texas-based medical billing company MediGain, LLC. Completed in October, the MediGain acquisition marked MTBC’s largest acquisition to date. The company’s management team forecasts that incremental profits from this transaction will significantly exceed the cost of capital, with the MediGain transaction expected to be accretive to MTBC shareholders during fiscal 2017.
MTBC’s 2016 growth strategy wasn’t limited to acquisitions, however. The company also recorded strong organic growth, adding an impressive 76 new clients over the course of the year, including 35 new clients in the fourth quarter alone. When fully deployed, MTBC’s fourth quarter client additions are expected to generate more than $1 million of annual revenue, which would mark a record quarter in terms of sales activity for the Software-as-a-Service (SaaS) provider. Notably, MTBC also made efforts to reward its most loyal customers through the introduction of a unique Client Loyalty Program. Through this first-of-its-kind program, the company aims to recognize all the physicians, practices and health organizations who contribute to MTBC’s sustained success.
“We greatly value our clients and their support of our corporate endeavors to facilitate affordable, quality healthcare,” Stephen Snyder, president of MTBC, added in this morning’s update. “We are the first healthcare IT company to offer a loyalty program of this nature, and the positive feedback we have received thus far validates client confidence in our model, services and company.”
These initiatives, in addition to the introduction of a number of new products to the market and strategic efforts to reduce overall general and administrative expenditures, helped MTBC build on its recent fiscal performance throughout 2016. The company reported four consecutive quarters of positive Adjusted EBITDA from the fourth quarter of 2015 to the third quarter of 2016, and Chief Financial Officer Bill Korn notes that MTBC is strategically positioned to “continue this growth trend” in 2017.
Looking forward, MTBC has set a number of objectives for the coming months designed to build on its momentum from 2016. These include the launch of inventive, disruptive products that will help its clients navigate the ever-changing federal health care requirements. A few of the products that are already set for launch in the first quarter include “a comprehensive Accountable Care Organizations (ACO) analytics platform; a reinvented new Electronic Health Record platform; and a solution to efficiently and effectively manage and maintain enrollments for carriers, benefit administrators and groups.”
“We had several impactful and defining achievements in 2016, and we expect to maintain this pace in the upcoming year,” concluded Snyder. “We will continue investing in new product developments that are expected to be accretive to shareholders in 2017 and years to come, and our company looks forward to building on the success we have created.”
For more information, visit www.MTBC.com
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