DEERFIELD BEACH, Fla., Feb. 16, 2004 (PRIMEZONE) -- iBX Group, Inc. (OTCBB:IBXG) confirmed today that its core iBX Technologies division, which implements administrative and technology services to assist healthcare organizations in maximizing their accounts receivables, has added a new project to its existing portfolio to manage $5.6 million in patient accounts from a prominent hospital in the Washington, D.C. area.
Fee income from the project, which could include approximately 32,000 transactions, is expected to exceed $700,000 this year, company officials said.
"Each of our divisions is exploring lucrative opportunities within their respective specialties, but accounts receivables management is still our core business," said Evan R. Brovenick, president and CEO of iBX Group, which develops financial, administrative and technology solutions for the healthcare industry. "In addition to negotiating new receivables management contracts and expanding our agreements with long-standing clients, iBX Technologies is also working to modify its proprietary transaction management technology for use in other industries."
The new contract comes on the heels of iBX's announcement last week that its Florida HealthSource division, which operates a statewide network of physical therapy and rehabilitation clinics, has opened its flagship healthcare center in Boca Raton. The division also launched a re-developed Web site www.floridahealthsource.com. IBX's NursesSTAT, which develops staffing administration technology for hospitals, is working to finalize several acquisitions. The company expects to announce the details of these transactions within the coming weeks, Brovenick 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; and 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.