MTBC Doubles Bookings and Expands Team to Support Continued Growth

Rhea-AI Summary

MTBC, Inc. (Nasdaq: MTBC, MTBCP) announces key promotions in its sales leadership team, including Karl Johnson as Chief Growth Officer. The company reported a doubling of organic sales bookings in 2020, achieving a customer acquisition cost (CAC) significantly below the SaaS industry benchmark. Johnson's expanded role will oversee all sales initiatives, while Wes Stolp is named Senior Vice President of Business Development, focusing on enterprise growth. MTBC provides a comprehensive cloud-based healthcare IT suite, enhancing operational performance for healthcare providers.

Positive

• Doubling of organic sales bookings in 2020, indicating strong growth.
• Customer acquisition cost (CAC) reported at half the SaaS benchmark.
• Promotions of sales leaders to drive further growth initiatives.

Negative

• None.

SOMERSET, N.J., Feb. 23, 2021 (GLOBE NEWSWIRE) -- MTBC, Inc. (Nasdaq: MTBC) (Nasdaq: MTBCP), a leading provider of cloud-based healthcare IT solutions and services, today announces sales leadership team promotions to support its continued growth during 2021 and beyond, including the expansion of Karl Johnson’s role to Chief Growth Officer.

“During 2020, we were very pleased to double our organic sales bookings, year-over-year, as we continued to innovate and increase our investment in growth initiatives while also achieving a customer acquisition cost (CAC) that we believe to be half of the CAC benchmark for SaaS-enabled companies,” said Stephen Snyder, CEO, MTBC. “As we continue to increase the velocity of our organic growth, I’m pleased to announce Karl Johnson’s expanded role as Chief Growth Officer and Wes Stolp’s new role as Senior Vice President of Business Development.”

MTBC’s sales team now includes experienced professionals who have served at some of the industry’s leading healthcare IT companies. MTBC’s sales experts play a vital role - supporting the modern medical provider in today’s evolving healthcare landscape.

“Our growing team consists of talented, experienced professionals who truly understand the needs and requirements of today’s highly competitive, fast-paced practice environment,” said Karl Johnson, Chief Growth Officer, MTBC. “It is such an honor to take on this new role and a privilege to lead this highly accomplished group of professionals as we work towards another record-setting growth year.”

As Chief Growth Officer, Karl Johnson has over 30 years of experience working with large revenue cycle management companies, group practices, and hospitals and most recently served as divisional president of the company’s workforce extension services - MTBC Force. By stepping into the role of Chief Growth Officer, Karl will assume leadership for all new and existing client sales, including MTBC Force growth initiatives.

“I am proud and excited to steer such a crucial segment of MTBC’s growing sales division,” said Wes Stolp, Senior Vice President of Business Development. “We have been setting our sights on capturing more of the enterprise-level market share for some time now, and I’m honored to lead this initiative, offer support to new enterprise groups, and help expand our services to this unique segment.”

As Senior Vice President of Business Development, Wes Stolp has over 15 years of experience serving various physician practice services and will now focus on driving enterprise-level growth for the company, an initiative that MTBC has been doubling down on over the past six months. As business development leader, Wes will ensure MTBC is actively and successfully breaking into new markets and enterprise partnerships.

About MTBC

MTBC is a healthcare information technology company that provides a full suite of proprietary cloud-based solutions, together with related business services, to healthcare providers and hospitals throughout the United States. Our Software-as-a-Service (or SaaS) platform includes revenue cycle management (RCM), practice management (PM), electronic health record (EHR), business intelligence, telehealth and patient experience management (PXM) solutions for high-performance medical groups. MTBC helps clients increase financial and operational performance, streamline clinical workflows and make better business and clinical decisions, allowing them to improve patient care while reducing administrative burdens and operating costs. MTBC’s common stock trades on the Nasdaq Global Market under the ticker symbol “MTBC,” and its Series A Preferred Stock trades on the Nasdaq Global Market under the ticker symbol “MTBCP.”

For additional information, please visit our website at www.mtbc.com. To view MTBC's latest investor presentation, read press releases, and listen to interviews with management, please visit ir.mtbc.com.

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SOURCE MTBC

Company Contact:
Bill Korn
Chief Financial Officer
MTBC, Inc.
bkorn@mtbc.com

Investor Contact:
Matt Kreps
Managing Director
Darrow Associates Investor Relations
mkreps@darrowir.com

Media Inquiries:
Mike Cuesta
Chief Marketing Officer
MTBC, Inc.
mcuesta@mtbc.com

FAQ

What recent leadership changes occurred at MTBC?

MTBC announced the promotion of Karl Johnson to Chief Growth Officer and Wes Stolp to Senior Vice President of Business Development.

How much did MTBC's organic sales bookings increase in 2020?

MTBC reported a doubling of its organic sales bookings year-over-year in 2020.

What is MTBC's customer acquisition cost compared to industry standards?

MTBC's customer acquisition cost is reported to be half of the benchmark for SaaS-enabled companies.

What are the stock symbols for MTBC?

MTBC trades under the ticker symbol MTBC, while its Series A Preferred Stock trades under MTBCP.

What is the focus of MTBC's business development strategy?

MTBC's business development strategy focuses on capturing enterprise-level market share and expanding partnerships.