LOS ANGELES, March 16, 2005 (PRIMEZONE) -- PracticeXpert, Inc. (OTCBB:PXPT) today announced that it has entered into a management services contract to manage a cancer treatment center located in the Pacific Northwest.
Under the terms of the management services contract, PracticeXpert will have full management and operational responsibility for the facility, including non-physician staffing, purchasing, accounting, billing, collections, cash management, credentialing, third-party payor agreements, and fee scheduling. The contract expires in April, 2010, and is expected to generate in excess of $4 million in revenue annually.
Commenting on the contract, Jonathan Doctor, chief executive officer of PracticeXpert, stated, "This agreement is our second full-service practice management contract. While this type of contract is not for every physician's practice, it makes a great deal of sense for those physicians who want to own their own practice, but who would rather spend the day treating patients than worrying about managing staff and paying bills. We see a significant business opportunity in taking on additional contracts of this nature.
"Given that we are fundamentally taking over the business operations of this practice, it presents an opportunity for us to participate in the profitability. The better job we do of running the business side of the practice, the greater will be our share of the profits. However, with our extensive experience in providing administrative solutions to physicians, we are as focused on providing the highest standards of patient care, as we are on efficient administration of the business."
About PracticeXpert, Inc.
PracticeXpert provides turn-key practice management services and technology solutions to medical practitioners that improve operational efficiencies and enhance cash flow. PracticeXpert offerings include medical billing, accounts receivable management, practice management, transcription, consulting, seminars, practice management software, electronic medical records software and related services. 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.