LOS ANGELES , Nov. 10, 2003 (PRIMEZONE) -- PracticeXpert, Inc. (OTCBB:PXPT), today announced that it has completed the acquisition of National Healthcare Management Services, Inc. ("NHMS").
NHMS, located in Buckhannon, West Virginia, provides medical billing, practice management and transcription services to physician practices and dental offices located in West Virginia, Maryland, Ohio, North Carolina, South Carolina and New Jersey. NHMS serves physicians practicing in orthopedics, OBGYN, family medicine, anesthesia and medical imaging as well as providing billing services for an ambulatory surgical center and a small regional hospital.
Jonathan Doctor, chief executive officer of PracticeXpert, Inc., said, "We previously announced that our revolving credit facility would allow us to close on at least one of the acquisitions that we have been working on. As a result of that funding, we have closed on the acquisition of NHMS. This acquisition should increase our revenue run rate by as much as 15%. As important, this acquisition gives us a presence in the Eastern part of the U.S., and a base upon which to build our business in the Eastern region. We will now seek to add a regional sales representative in this area to drive additional business into NHMS. Ms. Edmond, the president and former owner of NHMS, has done a great job of building her company to where it is today, and we look forward to working with her to take her business to the next level."
About PracticeXpert, Inc.
PracticeXpert, Inc.'s business is conducted through is main operating subsidiary, PracticeXpert Services Corp. PracticeXpert Services Corp, 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. PracticeXpert bundles its technology applications with its billing and other practice management services to provide a complete and integrated solution to its physician customers. 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.