PXPT .135 early 2005
(COMTEX) B: PracticeXpert Signs Agreement to Acquire PracticeOne ( PRIMEZO
B: PracticeXpert Signs Agreement to Acquire PracticeOne ( PRIMEZONE )
LOS ANGELES, Dec 22, 2004 (PRIMEZONE via COMTEX) -- PracticeXpert, Inc.
(OTCBB:PXPT), today announced that it has signed a definitive agreement to
acquire Physicians Informatics, Inc. t/a PracticeOne ("PracticeOne"), a leading,
single source provider of total practice and clinical management solutions
including outsourced medical billing and administrative services as well as
proprietary practice and clinical management software. While terms were not
disclosed, the transaction is forecast to add more than $5 million in annualized
revenue in 2005 and is expected to close in early January 2005, subject to
customary closing conditions.
PracticeOne (www.practiceone.com) provides HIPAA compliant integrated software
and service solutions that address core practice management, clinical management
and claims management enabling physician practices to increase productivity.
PracticeOne's suite of products consists of e-Medsys, a robust, high-end
practice management system, PracticeOne Clinical, an electronic medical records
("EMR") system that integrates with e-Medsys, and PracticeOne Claims Management,
a medical billing and accounts receivable management service. These solutions
are offered on both client-server and ASP platforms and provide unified access
to a suite of innovative and proven applications, affordably and through a
single desktop menu. PracticeOne maintains offices in Calabasas, California,
Somerset, New Jersey, and Richland, Washington. The company employs
approximately 50 people and has provided its software and services to over 1,500
customers.
Jonathan Doctor, Chief Executive Officer of PracticeXpert, stated, "We are very
excited about the acquisition of PracticeOne. Its management, staff and
solutions-set will be a real strength as we continue to enhance our ability to
better serve the medical community. Similar to PracticeXpert, PracticeOne
understands the advantages of combining technology with service into an
integrated solution that delivers more to the customer. We believe this
combining of technology with service gives us a major competitive advantage over
most medical billing companies."
"PracticeOne owns its medical billing software. We currently spend approximately
$600,000 in fees to use third party software for medical billing. There is an
opportunity for us, over time, to transfer our existing customers and new
customers to the PracticeOne system."
"PracticeOne also has an EMR system. Many of our existing customers, and new
customers, have asked about our ability to help them deploy EMR in their
practices. Now we are able to offer our customers a functional EMR system that
can be combined with our traditional billing services."
"There are many other synergies that should result from this acquisition,
including allowing for a more robust sales and marketing group, reduction in
operating costs by combining certain back end processes, and the ability to
market our services such as consulting, accounts receivables management and
transcription to previous and current PracticeOne customers. We look forward to
making everyone at PracticeOne part of the PracticeXpert team, and continuing
with our objective of building a market leading unified provider of
administrative solutions for physicians."
About PracticeXpert, Inc.
PracticeXpert, Inc. is in the business of providing "turn-key" administrative
services to, as well as developing and deploying systems, technologies and
services designed to improve operational efficiencies, reduce billing errors and
enhance cash flow for, medical practitioners. Our services revolve around our
flagship Revenue Management System, PXpert(tm), and include medical billing and
accounts receivable management, practice management, transcription, and
consulting. Where applicable, PracticeXpert bundles its technology applications
with its billing and other practice management services to provide a complete
and integrated solution to its physician customers. To find out more about
PracticeXpert, Inc. (OTCBB:PXPT), visit our website at www.practicexpert.com.
Note: Any statements released by PracticeXpert, Inc. that are forward- looking,
are made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act. Editors and investors are cautioned that forward-looking
statements invoke risk and uncertainties that may affect the Company's business
prospects and performances. These include economic, competitive, governmental,
technological and other factors discussed in the statements and in the Company's
filings with the Securities and Exchange Commission.
SOURCE: PracticeXpert, Inc.
By Staff
CONTACT: For Investor Relations Contact: For Product and Trade
PracticeXpert, Inc. Relations Contact:
Michael Manahan, CFO Mohajer, Philpy & Hiles
(800) 661-9984 Mike Hiles
mike@pxpert.com (310) 234-3200
mhiles@mphpr.com
(C) 2004 PRIMEZONE, All rights reserved.
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INDUSTRY KEYWORD: Healthcare & Medical Services
SUBJECT CODE: SOFTWARE
MEDICAL
Mergers and Acquisitions
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