UPLAND, Calif., July 18, 2005 (PRIMEZONE) -- Healthcare Business Services Groups, Inc. (OTCBB:HBSV) today announced that it has secured one (1) new pain medical billing contract with California Physician. The 36-month contract should yield $360,000 in revenue for the company over the life of the contract.
"Every medical billing contract we obtain is a significant milestone for the company," noted Chandana Basu, CEO of HBSGI. "The incremental revenue over extended periods of time provides consistent cash flow which is dependable and easy to forecast out over multi-year periods. These new contracts also represent high-margin opportunities as our existing overhead allows us to add new contracts with minimal addition to staff or internal expenditures. We are fortunate to be in an industry which is easy-to-scale and expand without large capital expenditures and is in growing demand."
All new contracts take approximately 90 days to have noticeable revenue. This contract will add to HBSGI's bottom line in the fourth quarter 2005.
About Healthcare Business Services Groups, Inc.
Healthcare Business Services Groups, Inc. or HBSGI (OTCBB:HBSV) is a provider of full-service medical billing services and solutions and operator of surgery centers. The company provides traditional, customized medical billing services and support to physicians, providers, and healthcare facilities across the nation. In addition to its core medical billing services, HBSGI offers a comprehensive, full-service medical billing software product, AutoMed, Inc., we believe that is the only fully automated product on the market. HBSGI also plans to develop and operate surgical centers in several geographical markets.
Forward-Looking Statements
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