FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


MTBC Secures $10MM Facility From Opus Bank

September 08, 2015, 07:38 AM
Filed Under: Technology
Related: Opus Bank

Medical Transcription Billing, Corp. ("MTBC"), a leading provider of healthcare IT solutions today announced that is has secured a $10 million credit facility from the Technology Banking division of Opus Bank.

"The financing provided by Opus is a very important corporate milestone for MTBC," said Mahmud Haq, MTBC's CEO. He continued, "It will allow us to further pursue our acquisition strategy and make important investments in our sales and marketing infrastructure."

The credit facility totaling $10 million was officially extended by Opus to MTBC on September 2, 2015. It consists of an initial term loan in the amount of $4 million, to repay outstanding debts, a $2 million revolving line of credit, and an additional term loan amount of $4 million, subject to MTBC's timely completion of its Series A Preferred Stock offering.

MTBC (Medical Transcription Billing, Corp) is a healthcare information technology company that provides a fully integrated suite of proprietary web-based solutions, together with related business services, to healthcare providers, revenue cycle management companies and software vendors throughout the U.S.

Opus Bank is an FDIC insured California-chartered commercial bank with over $5.8 billion of total assets, $4.6 billion of total loans, and $4.6 billion in total deposits as of June 30, 2015.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.