DEERFIELD BEACH, Fla., Jan. 6, 2004 (PRIMEZONE) -- iBX Transcription Services, Inc., a division of iBX Group, Inc. (OTCBB:IBXG), announced today that it has secured the rights to an advanced medical dictation, transcription and workflow management solution that it helped develop from AIT Corp., of Coral Springs, Fla.
The new arrangement is expected to generate a 20 percent increase in 2004 revenue for the medical records management division, company officials said.
"By finally acquiring this technology for our own use, we'll be able to significantly increase productivity," said Ira Fruchtman, Managing Director of iBX Transcription Services. "Until now, a per-user fee had made it cost-prohibitive to take on some smaller medical practices. This allows expansion of our customer base to include single-physician and other healthcare businesses, in addition to our larger clients.
"Having better control of the system in-house will allow the company to better serve existing clients," Fruchtman continued. "We plan to make several changes to the software that will allow us to better meet the specific needs of our customers. And our tech staff will have immediate access to the system to perform maintenance checks and provide for any future modifications."
The technology solution is fully compliant with and meets the requirements of all current state and federal healthcare legislation, including the Health Insurance Portability and Accountability Act (HIPAA) and new Medicare regulations, Fruchtman said.
Based in Deerfield Beach, Florida, iBX Group Inc. develops and deploys creative, cost-effective methods for integrating financial, administrative and information services for the healthcare industry. iBX is a results-oriented company, consisting of six divisions -- iBX Technologies, which enables healthcare organizations to maximize collections of their accounts receivables; Florida HealthSource, a network of physical therapy and wellness centers; MediCompliant Solutions, which ensures medical practices' compliance with today's complex legal requirements; iBX Transcription Services, which offers physicians quick turn-around and Web-accessible progress reports; NursesSTAT, which deploys leading-edge staffing administration technology to healthcare facilities; and provides cost-effective temporary staffing solutions. iBX also owns SportshealthNet.com, an interactive Web portal providing consumers with comprehensive healthcare information and advice, and increasing physician referrals.
This release is comprised of interrelated information that must be interpreted in the context of all of the information provided and care should be exercised not to consider portions of this release out of context. This release contains certain "forward-looking statements and information" (as defined in the Private Securities Litigation Reform Act of 1995) concerning iBX Group, Inc. that are based on the beliefs of iBX Group, Inc.'s management, as well as assumptions made by and information currently available to iBX Group, Inc. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in iBX's filings with the Securities and Exchange Commission.