UPLAND, Calif., March 2, 2005 (PRIMEZONE) -- In a release issued on Feb. 28 under the same headline, the URL in the second paragraph was incorrect; please note the change. The complete corrected release follows:
Healthcare Business Services Groups, Inc. (OTCBB:HBSV), a provider of full-service medical billing services and practice management solutions and future operator of surgery centers, announced today the launch of its marketing campaign and availability of its full-service automated billing software solution, AutoMed.
AutoMed is an automated comprehensive medical billing application, which streamlines and automates the often-complicated billing process. The software offers medical professionals a stress free billing and follow-up solution with minimal assistances from billing personnel. From making appointments, tracking supplies to collection of money, the software codes for procedures and sends electronic billing to insurance companies, Medicare and Medical/Medicaid. In addition, AutoMed prints HCFA and UB92 forms for physician and facility billing, generates customized reports automatically into web sites for providers to view anywhere at their leisure. It follows up on unpaid claims and informs operator when payment is not made within 45 days from billing. The software also posts Medicare payments automatically into each patient's ledger, and will bill secondary (in development). In the near future, several other tools to automate entire practice will be available. The software also adheres to all HIPAA compliance standards. A fully featured, online demonstration for the web-based application is available at www.automedbilling.com
Chandana Basu, chief executive officer of Healthcare Business Services, stated, "We are proud of the thoroughness of the AutoMed suite. Professionals will be able to comprehensively bill and track patients and insurance companies more thoroughly than they could have in the past. The suite offers significant savings and operational medical benefits to medical practices and facilities. The Company has made a demonstration version available to qualified users at no charge, to demonstrate the confidence we have in our product."
Basu continued, "The launch and availability of the AutoMed software suite to physicians and providers is a milestone in the execution of the Company's business model. The software suite is the only product of its kind, offering a fully automated, streamlined solution to medical billing. This first-to-market status should provide tremendous value to our client base and shareholders. We have projected that the sales of the AutoMed software suite has the potential to earn the company over $1.5 million by year-end 2005 and over $6 million by 2007. The software offers high-margin licensing, support, and transactional revenue streams for Healthcare Business Services Group."
About Healthcare Business Services Group, Inc.
Healthcare Business Services Group, Inc. is a provider of full-service medical billing services and solutions and operator of surgery centers. The Company provides traditional, customized medical billing services and support to physicians, providers, and healthcare facilities across the nation. In addition to its core medical billing services, the Company offers a comprehensive, full-service medical billing software product, AutoMed, Inc., that is the only fully automated product on the market. Healthcare Business Services Group also plans to develop and operate surgical centers in the primary geographic markets it provides medical billing services to provide a full-service, low cost surgical center option to physicians and providers. The Company has completed architectural and engineering plans for its first surgical center, has retained a general contractor, and acquired the financing to begin development. For more information visit http://www.thenewhbsgi.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains or may contain forward-looking statements such as statements regarding the Company's growth and profitability, growth strategy, liquidity and access to public markets, operating expense reduction, and trends in the industry in which the Company operates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive effect.