MTBC Completes Acquisition of Orion

MTBC (NASDAQ:MTBC),  a leading provider of cloud-based healthcare IT solutions announced that it has completed its acquisition of the assets of Orion Healthcorp and 13 of its affiliate companies.

MTBC said that they made the acquisition through MTBC’s wholly owned subsidiaries MTBC Health and MTBC Practice Management.

As quoted in the press release:

“The Orion acquisition is an important milestone and will further expand our client base, team, and offerings,” said Stephen Snyder, CEO. “This combination will significantly accelerate our growth as we scale our business, enabling us to grow revenues without a corresponding increase in overhead, while expanding margins and investing in the people and technology that enable us to provide world class service. It also opens up two new revenue segments – long-term practice management services and a physician group purchasing organization – each of which presents growth opportunities and potential cross-selling.”

“Joining MTBC marks an exciting turning point for the more than three hundred Orion employees who are now part of the MTBC team,” said Kelli Caskey, who was previously a key member of the Orion team and now serves as president of MTBC Health. “We are thrilled to join MTBC’s world-class organization and look forward to leveraging our combined team and resources to help our clients increase revenues, reduce operating costs, and streamline workflows.”

The business units acquired from Orion had offices in 10 states, which are now operated by MTBC.  As part of the acquisition, MTBC acquired most of the assets of Orion, including revenue cycle management service contracts with more than 150 hospitals and independent healthcare practices. In addition, MTBC acquired Orion’s practice management services group, which manages three pediatric practices in Ohio and Illinois, through multi-decade management services agreements (“MSA”).

“In addition to the RCM contracts and MSAs, MTBC acquired Orion’s group purchasing organization (“GPO”), which enables thousands of physicians to purchase vaccines from leading pharmaceutical companies at discounted rates. We look forward to making this valuable service available to all MTBC customers and introducing our new GPO customers to MTBC’s full suite of services,” said Snyder.

Click here for the full text release.