DEERFIELD BEACH, Fla., Jan. 26, 2004 (PRIMEZONE) -- iBX Transcription Services, Inc., a division of iBX Group, Inc. (OTCBB:IBXG) that provides advanced medical dictation, transcription and workflow management solutions for the healthcare industry, confirmed today that it is expecting a 30 percent increase in annual revenue during 2004. The division's revenue projections were revised after the addition of several new clients during the past month, company officials said.
A large urology practice, a leading breast care center and a prominent orthopedic surgery practice in South Florida are among the company's new clients, according to Ira Fruchtman, Managing Director for iBX Transcription Services. Fruchtman credited a new aggressive direct marketing campaign, as well as the company's policy of maintaining consistent follow-up with potential customers, with the recent upsurge in business.
"We'd been talking to many of these clients periodically after making contact months ago, and with the incentive of our new document management technology, we were able to finalize several agreements during the past few weeks," Fruchtman said. "Right now, we're negotiating with a number of additional, and potentially lucrative, medical practices, and we expect to be able to announce those contracts very soon."
iBX Transcription Services recently announced that it is acquiring the rights to an advanced technology solution it helped develop that will enable the company to significantly increase productivity and expand its customer base to include a wider variety of healthcare practices. The company is currently working on several changes to the software that will allow it to meet each client's specific document management needs. The technology 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.