Medical Transcription Billing Corp (NASDAQ:MTBC)
Shares of Medical Transcription Billing Corp (NASDAQ:MTBC) more than doubled in value after the provider of health and cloud-based clinical and practice management solutions announced the launch of talkEHR. The stock was up by 109% as the company confirmed the signing of customers in 42 states for the next generation electronic health records solution.
MTBC 200% Rally
Tuesday’s rally capped an impressive run as Medical Transcription Billing Corp (NASDAQ:MTBC) continues to trade in an uptrend. MTBC is up by more than 200% for the year and is outperforming the overall industry. It awaits to be seen if the stock will continue to rise as it closes in on its 52-week high of $3.84 a share.
Investor confidence on the stock has strengthened in recent days on reports that talkEHR continues to receive an overwhelming positive response from physicians. The next generation SaaS HER solution is designed to utilize natural language processing and artificial intelligence to automate key components of patient charting. The platform also provides solutions for electronic claims submission, electronic prescriptions, and appointment scheduling.
Medical Transcription Billing Corp (NASDAQ:MTBC) is currently offering the software at no charge. However, users who wish to upgrade to full-service package will have to pay the company 2.95% of physician’s revenues.
“We’re very pleased to have already signed new talkEHR clients representing 30 unique specialties, spanning across 42 states plus Guam and Puerto Rico. talkEHR is a phenomenal addition to our fully integrated, industry leading, cloud-based and mobile platform and we expect it to play an important role as we continue to expand our customer base,” said Karl Johnson SVP Sales and Marketing.
Separately, Medical Transcription Billing Corp (NASDAQ:MTBC) has made the final payment of $5 million for the acquisition of New Jersey-based medical billing company MediGain. The payout follows the settlement of the company’s debt with Opus Bank.
Medical Transcription Billing Corp (NASDAQ:MTBC) got funds for the repayment of the debt and the MediGain transaction from the issuance of 240,000 shares of convertible Series A preferred stock. The company generated gross proceeds of $6 million from the offering.
According to MTBC president, Stephen Snyder, repayment of the two transactions combined with year over year growth leaves the company well positioned for continued growth.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.