DEERFIELD BEACH, Fla., April 27, 2004 (PRIMEZONE) -- iBX Technologies, a division of iBX Group, Inc. (OTCBB:IBXG), announced today that it has been retained by Beacon Business Finance, LLC to manage more than $9 million in accounts receivable from a defunct physical therapy and rehabilitation concern.
iBX Technologies expects to recover at least $2 million, which encompasses more than 9,000 open transactions dated back several years, according to Matthew Sarnelli, Project Manager for iBX Technologies. "We expect optimum results utilizing our core expertise in this type of healthcare transaction management," Sarnelli said.
iBX Technologies has more than a decade of experience in providing transaction processing services for healthcare organizations. "The medical accounts receivable industry is a multi-billion-dollar business with few companies offering the specialized knowledge, technological capabilities and hands-on approach needed to recover accounts in the most expeditious manner," Sarnelli noted.
The accounts receivable project represents the second agreement involving Beacon Business Finance. In 2003, iBX Group's Florida HealthSource of Tampa subsidiary took over operations at a St. Petersburg-based physical therapy and rehabilitation facility as a result of this strategic partnership with Beacon.
Today's announcement was the result of iBX Group's ongoing strategic alliance with Getter Health Care, a Coral Springs, Fla., company that specializes in due diligence for healthcare mergers and acquisitions, on-site project management and corporate restructuring services. Getter Health Care's vice president, Jodie C. Getter, is a healthcare industry pioneer who serves on iBX's advisory board.
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 five 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; and NursesSTAT, a revolutionary temporary staffing solution. The company also owns SportshealthNet.com and TheNetDigest.com, interactive Web portals providing patients with comprehensive healthcare information and advice, and increasing physician referrals.
Media Relations Contact: Andrew M. Rose, 954-428-2678 or andy@marketingink.net
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.