LOS ANGELES, Dec. 22, 2004 (PRIMEZONE) -- PracticeXpert, Inc. (OTCBB:PXPT), today announced that it has signed a definitive agreement to acquire Physicians Informatics, Inc. t/a PracticeOne ("PracticeOne"), a leading, single source provider of total practice and clinical management solutions including outsourced medical billing and administrative services as well as proprietary practice and clinical management software. While terms were not disclosed, the transaction is forecast to add more than $5 million in annualized revenue in 2005 and is expected to close in early January 2005, subject to customary closing conditions.
PracticeOne (www.practiceone.com) provides HIPAA compliant integrated software and service solutions that address core practice management, clinical management and claims management enabling physician practices to increase productivity. PracticeOne's suite of products consists of e-Medsys, a robust, high-end practice management system, PracticeOne Clinical, an electronic medical records ("EMR") system that integrates with e-Medsys, and PracticeOne Claims Management, a medical billing and accounts receivable management service. These solutions are offered on both client-server and ASP platforms and provide unified access to a suite of innovative and proven applications, affordably and through a single desktop menu. PracticeOne maintains offices in Calabasas, California, Somerset, New Jersey, and Richland, Washington. The company employs approximately 50 people and has provided its software and services to over 1,500 customers.
Jonathan Doctor, Chief Executive Officer of PracticeXpert, stated, "We are very excited about the acquisition of PracticeOne. Its management, staff and solutions-set will be a real strength as we continue to enhance our ability to better serve the medical community. Similar to PracticeXpert, PracticeOne understands the advantages of combining technology with service into an integrated solution that delivers more to the customer. We believe this combining of technology with service gives us a major competitive advantage over most medical billing companies."
"PracticeOne owns its medical billing software. We currently spend approximately $600,000 in fees to use third party software for medical billing. There is an opportunity for us, over time, to transfer our existing customers and new customers to the PracticeOne system."
"PracticeOne also has an EMR system. Many of our existing customers, and new customers, have asked about our ability to help them deploy EMR in their practices. Now we are able to offer our customers a functional EMR system that can be combined with our traditional billing services."
"There are many other synergies that should result from this acquisition, including allowing for a more robust sales and marketing group, reduction in operating costs by combining certain back end processes, and the ability to market our services such as consulting, accounts receivables management and transcription to previous and current PracticeOne customers. We look forward to making everyone at PracticeOne part of the PracticeXpert team, and continuing with our objective of building a market leading unified provider of administrative solutions for physicians."
About PracticeXpert, Inc.
PracticeXpert, Inc. is in the business of providing "turn-key" administrative services to, as well as developing and deploying systems, technologies and services designed to improve operational efficiencies, reduce billing errors and enhance cash flow for, medical practitioners. Our services revolve around our flagship Revenue Management System, PXpert(tm), and include medical billing and accounts receivable management, practice management, transcription, and consulting. Where applicable, 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.