Medical Transcription Billing Corp (NASDAQ:MTBC) investors have a smile on their faces Wednesday morning, after the healthcare IT company announced the initial launch of MTBC WebSoft™, the newest addition to its leading cloud-based healthcare IT platform which will further support scalability, acquisition integration, and margin expansion.
MTBC shares reacted to the news, jumping nearly 24% to $1.91 in pre-market trading.
“MTBC WebSoft leverages state of the art technology — ASP.NET MVC framework and AngularJS 2.0 — to optimize performance, empower us to scale with increasing efficiency, and enable us to further streamline the integration of newly acquired customer bases,” said Hadi Chaudhry, Vice President of Global Operations. He continued, “As a top consolidator in our space that has grown year-over-year revenues by more than 60% during the most recent two quarters, this is precisely the type of tool we need to ensure that we remain ahead of the industry for many years to come as we continue our expansion into new markets.”
The healthcare revenue cycle management market is highly fragmented and MTBC estimates that there are more than 1,500 revenue cycle management companies, the overwhelming majority of which do not have a proprietary healthcare IT platform or scalable infrastructure. During the last five years, MTBC has acquired the customer bases of more than a dozen competing revenue cycle management companies, which lacked the type of proprietary platform, expertise, and scale required to support the needs of their existing and prospective customers. In conjunction with its acquisitions, MTBC leverages its proprietary technology platform and team of more than 1,800 individuals — including approximately 250 IT professionals — to add value to the newly acquired customer relationships and expand in the local market.
MTBC WebSoft, which has been in development for a year and a half and will ultimately replace MTBC’s legacy management information system, leverages the newest ASP.NET Model-View-Controller (MVC) framework and the power of AngularJS 2.0. The beta launch of MTBC WebSoft began on June 1, 2017 and the company expects MTBC WebSoft to be fully deployed within 60 days.
Medical Transcription Billing Corp. is a healthcare information technology company, which provides integrated suite of proprietary web-based solutions, together with related business services, to healthcare providers practicing in ambulatory care settings. Its services include revenue cycle management, electronic health records, practice management solutions and related tools, and mobile health solutions.