LOS ANGELES, April 13, 2004 (PRIMEZONE) -- PracticeXpert, Inc. (OTCBB:PXPT), today announced that its Texas subsidiary, PracticeXpert of Texas, Inc., has signed a new transcription contract with a Southern California Orthopedic Group.
The contract provides that PracticeXpert of Texas, Inc., dba Singer MedScript, will provide full transcription services for a five office, twelve physician orthopedic medical group operating in Southern California. Based upon historical transcription volumes, the Company estimates that the annual revenue from this contract will be approximately $160,000.
Jonathan Doctor, chief executive officer of PracticeXpert, stated, "We typically do not announce every new contract we receive from physicians, but this contract is significant for two reasons. First, it represents a substantial piece of business, and this contract alone will increase revenues of our Texas operations by 20%. Second, this new business was secured in the first month after we acquired Singer MedScript, demonstrating that with PracticeXpert's assistance, our acquired companies can really gear up their business development."
Mr. Doctor continued, "We are beginning to see the payoff from many of the sales and marketing initiatives we began last year, both at corporate and at the division level. Including this new contract, we have signed approximately $600,000 worth of new business, on an annualized basis, since the beginning of the year. Based on new business in the pipeline, we are confident that we will continue to add significantly to our customer base in the coming months."
About PracticeXpert, Inc.
PracticeXpert, Inc. is in the business of developing and deploying systems, technologies and services designed to improve operational efficiencies, reduce billing errors and enhance cash flow for medical practitioners. Its services revolve around its flagship Revenue Management System, PXpert(tm), and include medical billing, collections, transcription, clinical trial accruals, contracting and practice management. 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.