Kovo HealthTech Corporation Exceeds Anticipated Acquisition Integration Timeline
Operations successfully integrated within three weeks of acquisition
Vancouver, British Columbia--(Newsfile Corp. - July 26, 2021) - Kovo HealthTech Corporation (TSXV: KOVO) (the "Company" "Kovo") — a leader in health technology and Revenue Cycle Management ("RCM") software and services — reports that it has exceeded anticipated timelines and successfully integrated operations of its newest acquisition, Midwest Medical Billing, Service Inc., ("Midwest") ahead of schedule.
Smooth Transition Results in Immediate Accretive Revenue Growth
The Company took control of Midwest's daily operation on July 1, 2021 and successfully completed monthly billings by the end of the first business day, confirms Kovo CEO Greg Noble.
As announced on July 20, 2021, Kovo expects fiscal revenue will be approximately 43% higher than in 2020 due to organic growth on its core RCM software and services business. On a consolidated basis, including its recent acquisition, the Company is forecasting proforma revenue between USD$4,700,000 to USD$5,100,000 for the year ending December 31, 2021 — which it expects to translate into revenue growth in the range of 56% to 69% versus 2020. (See www.SEDAR.com for more information).
"The Midwest and Kovo teams worked extremely hard pre- and post-closing to ensure a smooth transition of the business, which allowed us to exceed timelines and complete Midwest's integration within three weeks," explains Noble. "This is a testament to our strong operational, technology and customer service teams and their ability to consolidate RCM processes rapidly and efficiently," he adds.
Kovo Actively Seeking Acquisition Growth Opportunities
Noble confirms that Kovo is actively seeking new acquisition opportunities for growth and estimates there are roughly 15,000 RCM specialist companies* — operating within the RCM software and services industry — that meet Kovo's investment criteria.
About Revenue Cycle Management (RCM)
Kovo HealthTech Corporation is a growing healthcare technology company that specializes in RCM services and software for US healthcare clinics, hospitals and private practices. RCM is a process used by healthcare providers in the US and globally to digitally track and manage patient care registration, services, billing and payments in a seamless way. Effective RCM practices are essential to ensure health care settings maintain the financial viability that allows them to provide ongoing quality care for their patients. The Company's focus is organic growth of its core RCM business and acquiring profitable RCM related businesses and systems within the US. Kovo optimizes acquired businesses by leveraging its over 20 years of operating experience and proprietary technology.
*source: Lawrence, Evans & Co. LLC
About Kovo HealthTech Corporation
Kovo is a leader in healthcare technology and Revenue Cycle Management software and services. Kovo creates, acquires and grows businesses to better the healthcare experience within the patient encounter continuum. To learn more about Kovo and to keep up-to-date on Kovo news, visit www.kovo.co.
For more information:
Greg Noble, CEO
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