UPLAND, Calif., Aug. 2, 2005 (PRIMEZONE) -- Healthcare Business Services Groups, Inc. (OTCBB:HBSV) today announced that it has secured one new surgery center billing contract with Southern California Surgery Center on 7/29/2005. The 12-month contract may yield $200,000 in revenue for the company during the term of the contract.
"One more billing contract is another significant milestone for the company," noted Chandana Basu, CEO of HBSGI. "The incremental revenue over extended periods of time provides consistent cash flow, which is dependable and easy to forecast out over multi-year periods. These new contracts also represent high-margin opportunities as our existing overhead allows us to add new contracts with minimal addition to staff or internal expenditures. This Contract has an initial term of 12-months and renewal for additional two years. Most of our contracts are renewed after the first year. We are fortunate to be in an industry in which is easy-to-scale and expand without large capital expenditures and is in growing demand."
All new contracts take approximately 90-days to see noticeable revenue. This contract will add to HBSGI's bottom line in the fourth quarter 2005.
About Healthcare Business Services Groups, Inc.
Healthcare Business Services Groups, Inc. or HBSGI (OTCBB:HBSV) is a provider 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, HBSGI offers a comprehensive, full-service medical billing software product, AutoMed, Inc., we believe that is the only fully automated product on the market. HBSGI also plans to develop and operate surgical centers in several geographical markets.
Forward Looking Statements
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