CALABASAS, Calif., March 21, 2006 (PRIMEZONE) -- PracticeXpert, Inc. (OTCBB:PXPT) today announced that it has entered into a strategic alliance and contract acquisition agreement with RevCare, Inc.
Under the agreement, PracticeXpert will take over the management of physician billing for two major RevCare outsourced medical billing clients and will begin to convert them to PracticeXpert's Xpert Practice Manager software platform. Assuming a successful transition to XPM, PracticeXpert has the right to assume the client service agreements, with the client's consent. In the event that the contracts are ultimately assigned to PracticeXpert following the conversion, PracticeXpert and RevCare will participate jointly in the profits of these contracts for a period of three years. In addition, RevCare has committed to referring all opportunities for physician billing services arising from its existing and future relationships with healthcare providers exclusively to PracticeXpert.
Commenting on the agreement, Jonathan Doctor, president of PracticeXpert, stated, "We are very pleased to have entered into this agreement with RevCare. We anticipate annual revenues from these contracts in excess of $500,000, and we believe there are further opportunities for us to work with RevCare and provide our billing services and software to RevCare clients."
About RevCare
RevCare, headquarters in Cypress, California, is in the business of providing accounts receivable management, administration and debt collection services primarily to health care providers and consumer credit issuers. RevCare's services are focused on offering a comprehensive and integrated suite of services to manage all the phases of the revenue cycle of healthcare providers, non-delinquent and delinquent receivable collections, reimbursement maximization projects, back and litigation management services.
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, 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.
This release and other written or oral statements made from time to time by PracticeXpert may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature and which may be identified by the use of words like "intends", "expects", "assumes", "projects", "anticipates", "estimates", "we believe", "could be", and other words of similar meaning, are forward-looking statements. These statements are based on management's expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed. Factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include: PracticeXpert's success in obtaining, retaining and selling additional services to clients; the pricing of products and services; changes in laws regulating medical billing, practice management and electronic medical record systems; market and economic conditions, including interest rate trends; competitive conditions; stock market activity; changes in technology; availability of skilled employees and associates, the impact of new acquisitions and divestitures, and other factors discussed in PracticeXpert's filings with the Securities and Exchange Commission. PracticeXpert disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.