Kovo HealthTech Corporation (TSX-V:KOVO), a leader in healthcare technology and Billing-as-a-Service (BAAS), said Omicron-related healthcare labour shortages are continuing to accelerate the US shift to digital medical billing outsourcing.
In a statement, Kovo CEO Greg Noble said the company's revenues have grown steadily and predictably throughout the COVID-19 pandemic, illustrating the long-term stability of the global BAAS healthcare industry, which is anticipated to reach $250 billion by 2028. The industry is growing at an expected average compound annual growth rate of 11.2%.
"Typically, the Billing-as-a-Service market operates on very long-term contracts," Noble said. "Thanks to our team's ability to help take the strain off healthcare providers by simplifying their back office medical billing systems and ensuring they get paid more quickly, we've grown to support over 1,700 healthcare providers in more than 40 States.”
READ: Kovo HealthTech forecasts 30% year-over-year organic growth in 2022
According to the CEO, the combination of stable contracts, pandemic-propelled acceleration of digital healthcare outsourcing, and the Kovo team's ability to leverage its technology platform form the foundation for the company's recently released 2022 guidance and anticipation of a 30% increase in year-over-year organic growth (excluding additional acquisitions) for the year.
Kovo helps healthcare providers digitally track and manage complex patient care registration, services, billing, and payments in a seamless way, using its proprietary OneRev technology platform. Currently, through its clients, Kovo processes billing transactions for more than 3.5 million patients.
By offering effective billing practices and technology through long-term SaaS-style contracts, Kovo helps healthcare practitioners get paid so they can focus on offering quality care. The company posted 94% year-over-year revenue growth in the quarter ending September 30, 2021.
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