LOS ANGELES, Sept. 4, 2003 (PRIMEZONE) -- PracticeXpert, Inc. (OTCBB:PXPT) today announced that it has entered into a Strategic Marketing Agreement with King Thomason Credit Card Services, Inc. ("KTCCS"), a division of the King Thomason Group, Inc. (OTCBB:KGTH), to operate a private label version of KTCCS's credit card program for medical accounts receivable.
Under the agreement PracticeXpert will begin offering existing and potential physician clients the opportunity to increase collections of patient-pay, non-insurance covered medical receivables through a private label, PXpert(TM) credit card. Under the program PracticeXpert acquires the delinquent accounts receivable by assignment from the physician. The balance owed is then transferred to a credit card issued to the patient enabling him or her to pay down the balance on a flexible monthly basis. As the balance is paid down, the patient is able to use the available balance on the credit card for other purchases. Under this program, PracticeXpert and KTCCS act as an agent for the credit card issuer, and incur no credit risk from the transaction. PracticeXpert earns a collection fee on money collected on behalf of physicians through the credit card program.
Commenting on the agreement, Tim King, President of the King Thomason Group, Inc., stated, "PracticeXpert is the ideal partner for us as we expand our past due medical accounts receivable credit card program. Clearly this represents another avenue to physicians who will work with us to implement our program, and PracticeXpert's growing base of physician clients is ideal. Today, tens of millions of dollars go uncollected by physicians because patients are not offered a consistent, structured payment plan for that portion of their medical bills not covered by insurance. We believe that our medical accounts receivable credit card plan, as it has in the past, will be well received by past due patients."
Jonathan Doctor, CEO of PracticeXpert, Inc., stated, "We are very excited at introducing this new program for our physician clients. Since the founding of PracticeXpert, our credo has been to develop and implement strategies to maximize collections for physicians. Today, with many insurance plans calling for increased co-pays and deductibles, the portion of the medical bill that is the patient's responsibility is on the rise. Collecting from patients is a challenge, as physicians typically don't want strong-arm collection tactics used on patients they will most likely be seeing again in the future. The KTCCS credit program is a win-win for everyone. The patient gets an easy and convenient way to pay, and a credit card which can be used for other purchases, and the doctor gets payment without harsh collection practices-and PracticeXpert received additional fees for its services. Offering this service to our customers puts us another step ahead of our competition."
About King Thomason Group, Inc.
King Thomason Group's Credit Card Services Division provides and manages a Company developed proprietary, non-insured (patient pay), past due, credit card based accounts receivable recovery program for physicians and hospitals. The Insurance Division is a developer and internet mass marketer of affordable healthcare coverage. For additional information visit www.kgth.com.
About PracticeXpert, Inc.
PracticeXpert, Inc., a healthcare technology and services company, is in the business of developing and deploying systems, technologies and services designed to improve operational efficiencies, reduce billing errors and enhance cash flow for medical practitioners. Its services revolve around its flagship patent-pending hand-held patient encounter system, PXpert(TM), and include medical billing, collections, transcription, clinical trial accruals, contracting and practice management. For additional information visit www.pxservices.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.