UPLAND, Calif., April 13, 2005 (PRIMEZONE) -- Healthcare Business Services Groups, Inc. (OTCBB:HBSV), a provider of full-service medical billing services and practice management solutions and future operator of surgery centers, announced today that the Company has secured a medical billing contract with a large multi-specialty medical clinic and pain management center. The contract has the potential to grow the Company's total revenues to over $4 Million in less than a year.
Chandana Basu, chief executive officer of Healthcare Business Services Groups, stated, "This contract represents Healthcare Business Services Groups strength and importance in the healthcare services market, a more than $1.7 trillion dollar industry. We have been working toward initializing our three-tiered business plan of medical billing contracts such as the one announced today; promoting AutoMed, the Company's proprietary full service medical billing software suite; and building surgery centers. The Company has existing revenues from outsourced billing programs and other medical billing contracts."
Basu continued, "This is the fifth medical billing contract we have signed in the past 30 days. We have successfully been able to increase revenues for our clients between 50% and 200% with our customized billing program and diligent follow-up programs. Such a large contract is significant to the Company and its investors as it represents near and long-term cash flow and the strong upside potential of Healthcare Business Services Groups. We are continuing to pursue additional medical billing contracts to increase the Company's incremental cash flow and are pleased with the continued progress of our campaign."
About Healthcare Business Services Groups, Inc.
Healthcare Business Services Groups, Inc. is a provider full-service medical billing services and practice management solutions nationwide. In addition to its core medical billing services, the Company offers the only fully automated medical billing software product, AutoMed, on the market. Healthcare Business Services Groups also plans to develop and operate surgical centers nationwide to provide full-service, low cost surgical center option to physicians and providers. Also http://www.thenewhbsgi.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains or may contain forward-looking statements such as statements regarding the Company's growth and profitability, growth strategy, liquidity and access to public markets, operating expense reduction, and trends in the industry in which the Company operates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive effect.