LOS ANGELES, July 28, 2005 (PRIMEZONE) -- PracticeXpert, Inc. (OTCBB:PXPT) announced today that it has completed a company-wide reorganization into business units focused around delivery of its various product lines, allowing the rapidly-growing physician practice management solutions provider to reduce administrative costs and improve operational efficiency.
The reorganization, begun in February 2005, has resulted in the creation of five business units, each with a newly appointed vice president. The five business units and their respective VPs are: Revenue Management Services Group, Tony Biele, VP; Health Information Systems Group, David Pack, VP; Transcription Services Group, Michael Gale, VP; Consulting and Education Group, Scott Phillips, VP; and Managed Operations Group, Kim Ransier, VP. Each of the VPs previously held management positions in the company.
Business unit vice presidents' report to Senior Vice President of Operations Don Calabrese, who managed the implementation of the reorganization plan. The new organizational strategy, which is aligned with the delivery of PracticeXpert's various product lines, enables increased management accountability, improved communication, and delivery of a consistent quality of service to customers.
The reorganization is a direct result of PracticeXpert's impressive growth over the past two years driven by several acquisitions of physician services companies providing a variety of services and products, including outsourced medical billing services, medical transcription, software systems, and consulting. Five of the acquired companies alone provided outsourced medical billing services, with much of the business focused in the oncology specialty, but with operations spread amongst five facilities with dissimilar management structures and financial reporting systems.
"With so much growth we had achieved critical mass, and it was time to integrate our operations and consolidate management," said Jonathan Doctor, PracticeXpert CEO. "Now with our operations streamlined we've got an organization that can easily assimilate future acquisitions and track performance," Doctor added.
Commenting on the organizational strategy, PracticeXpert CFO Mike Manahan said: "From the beginning, one of the goals of our acquisition strategy was to reduce operating overhead in the acquired companies by centralizing and aggregating core administrative functions that have no impact on the services and products we provide to our customers, ultimately increasing profitability. This restructuring allows us to maximize these savings and realize these savings sooner for future acquisitions."
In parallel with the reorganization into business units, corporate accounting, finance and human resources departments have been centralized and consolidated for all business units at the company's Oklahoma City facility. Heading these departments are Lisa Dobbs, Director, Accounting and Finance, and Masumi Ward, Director, Human Resources.
About PracticeXpert, Inc.
PracticeXpert provides turn-key practice management services and technology solutions to medical practitioners that improve operational efficiencies and enhance cash flow. PracticeXpert offerings include medical billing, accounts receivable management, practice management, transcription, consulting, seminars, practice management software, electronic medical records software and related services. 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.