FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
SNYDER STEPHEN ANDREW
   2. Issuer Name and Ticker or Trading Symbol
MTBC, Inc. [MTBC] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Chief Executive Officer
(Last)
(First)
(Middle)
7 CLYDE ROAD		 3. Date of Earliest Transaction (Month/Day/Year)
01/31/2020
(Street)

SOMERSET, NJ 08873		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Series A Cum Redeemable Perp Pref Stock [MTBCP] 01/31/2020   M   12,000 A $ 0 (1) 18,480 D  
Series A Cum Redeemable Perp Pref Stock [MTBCP] 01/31/2020   F(3)   5,520 D $ 27.06 12,960 D  
Common Stock 02/02/2020   M   7,500 A $ 0 (2) 211,095 D  
Common Stock 02/02/2020   F(4)   3,450 D $ 4.91 207,645 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Restricted Stock Unit $ 0 (1) 01/31/2020   M     12,000   (1)   (1) Series A Cumulative Redeemable Perpetual Preferred Stock 12,000 $ 0 (1) 0 D  
Restricted Stock Unit $ 0 (5) 01/31/2020   A   12,000     (5)   (5) Series A Cumulative Redeemable Perpetual Preferred Stock 12,000 $ 0 (5) 12,000 D  
Restricted Stock Unit $ 0 (2) 02/02/2020   M     7,500   (2)   (2) Common Stock 7,500 $ 0 (2) 22,500 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
SNYDER STEPHEN ANDREW
7 CLYDE ROAD
SOMERSET, NJ 08873		   X     Chief Executive Officer  

Signatures

 /s/ Norman Roth, Attorney-in Fact for Stephen Andrew Snyder   02/04/2020
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Represents the conversion upon vesting of restricted stock units into shares of preferred stock on January 31, 2020. These shares of preferred stock issued upon vesting of such units were acquired under the Company's Amended and Restated Equity Incentive Plan without payment by the requesting person.
(2) Represents the conversion upon vesting of restricted stock units into common stock on February 2, 2020. These restricted stock units and the shares of common stock issued upon vesting of such units were acquired under the Company's Amended and Restated Equity Incentive Plan, without payment by the reporting person. The remainder of the restricted stock units vest on various dates between August 2020 and August 2021.
(3) Shares withheld by the issuer to satisfy the mandatory tax withholding requirement upon awarding of Preferred Stock. This is not an open market sale of securities.
(4) Shares withheld by the issuer to satisfy the mandatory tax withholding requirement upon awarding of the common stock. This is not an open market sale of securities.
(5) The restricted stock unit was granted on January 31, 2020 and vests upon attainment of certain performance targets.

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