UPLAND, Calif., Sept. 13, 2005 (PRIMEZONE) -- Healthcare Business Services Groups, Inc. (OTCBB:HBSV) today announced that it has signed a billing service contract with a pain management association consisting of 200 practices with one or more doctors when fully serviced.
"This opportunity is the greatest news for HBSGI shareholders," said Chandana Basu, CEO of HBSGI. "This contract could increase HBSGI's net revenue by $10 to $12 million per year when fully serviced. All new contracts are usually for one year, renewed for two years, but in many cases clients stayed with us more than eight years. Our proprietary software is now ready to handle many billing accounts and will allow us to add new contracts with minimal addition to staff or internal expenditures. We are fortunate to be in an industry which is easy-to-scale and expand without large capital expenditures and is in growing demand. Our existing infrastructure allows us to fill a consistent flow of new leads to create strong top and bottom line improvements this year and beyond."
About Healthcare Business Services Groups, Inc.
Healthcare Business Services Groups, Inc. ("HBSGI") 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. For more information, visit http://www.hbsgi.com/.
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