Somerset health care IT solutions company promotes Chaudhry to CEO

MTBC says former CEO Snyder recommended the change — and will continue with company, leading M&A

MTBC, a leading provider of proprietary, cloud-based health care information technology solutions and services, announced Wednesday that A. Hadi Chaudhry will succeed Stephen Snyder as CEO.

The move is effective March 29.

Chaudry currently serves as president. And, while a replacement for that role was not immediately announced, it was announced that Snyder will continue with the company.

Snyder, an attorney by background, will serve as chief strategy officer and continue to serve as a director. Snyder pursued this change to enable him to devote a portion of his personal time to pro bono legal work, while continuing to lead the MTBC’s mergers & acquisitions growth and strategy.

Snyder said he welcomed the transition.

“Leading alongside my colleagues over the past 10 years as president and then CEO has been the privilege of a lifetime, and I couldn’t be more thankful to Mahmud (Haq), our visionary founder and executive chairman, our board, team members, customers, and shareholders for the opportunity to be part of MTBC’s amazing journey,” said Snyder. “Since 2013, the year before our IPO, we’ve grown our revenues 10-fold and have become one of the leading providers of proprietary, cloud-based health care IT solutions in the U.S. — and I am convinced that our best days are still to come.”

MTBC Inc. went public in 2014, serving 1,030 health care providers. From 2013-20, the company has grown both its revenues and its adjusted EBITDA by more than 900%. Today, more than 40,000 health care providers leverage its cloud-based solutions to deliver care to tens of millions of patients across the United States. 2020 was a record-breaking year that included 68% year-over-year revenue growth, more than 100% growth in its bookings, greater than 200% growth in its health care provider customer base, the closing of its 25th and 26th acquisitions and record adjusted EBITDA.

Chaudhry, who joined the company in 2002 and has served in various leadership roles, said he was looking forward to the new job.

“It is a privilege to succeed Stephen as CEO of MTBC,” he said. “I am honored to continue representing our exceptional family of companies to the next level of success, and to continue to work alongside Stephen toward the company’s continued growth.

“We more than doubled our revenue over the last two years and we aspire to again double our revenue over the next two years. We have an incredible team that is ready to develop new opportunities and create value for our clients through innovative solutions.”