CB2 Insights (OTCMKTS:CBIIF) has announced the completion of the Maverick Count Medical acquisition in Eagle PassTexas. The Maverick county Medical acquisition expands CB2’s physical location and telemedicine services in 14 states and also adds around 10,300 new patients to the current list of 100,000.
CB2 Insights acquires MCM
MCM boasts of strong patient retention having been operational in the last 15 years in Eagle Pass, Texas. Some of the facility’s services to patients include occupational medicine, primary care, minor surgeries, disease management, and treatment of patients with auto injuries among others. Notably, the services that MCM offers are mainly reimbursed through insurance providers such as Medicaid, Medicare, and commercial payors. Also, MCM offers services to un-insured patients but this represents a smaller percentage of its revenues currently.
CB2 expects to see significant patient registrations and visits growth as MCM overcomers the COVID-19 induced challenges that clinics have faced recently. Additionally, the company will work to expand its current services offering quickly by leveraging telemedicine infrastructure to offer services and access to patients across Texas State. CB2 also plans to evaluate its current service offering to establish growth in new and complementary services, expand patient care, and also add new revenue lines from insurable services.
MCM vital in CB2 Insights’ expansion in Texas
Prad Sekar, CB2’s CEO stated that the company’s objective is to offer affordable and accessible healthcare solutions. Sekar said that the expansion to Texas through MCM acquisition is a huge milestone and they are welcoming staff, doctors, and practitioners that align with the company’s direction. Most importantly MCM will be a central point of CB2’s expansion in the state to offer its services through uninsured patients’ subscription services, telemedicine as well as a vision for an integrated national healthcare system.
MCM is the first acquisition following its recently oversubscribed private placemat of C$5.13 million. CB2 paid around C$0.98 million for MCM but the deal is subject to customary transition with 50% paid in cash to previous owners following the signing of the deal and the rest expected after six months.