PracticeXpert, Inc. announced the sale of its transcription business unit
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to Transcend Services, Inc. on 2006-01-04
CALABASAS, Calif., Jan. 3, 2006 (PRIMEZONE) -- PracticeXpert, Inc. (OTCBB:PXPT) today announced the sale of its transcription business unit to Transcend Services, Inc. (Nasdaq:TRCR).
Commenting on the sale, Jonathan Doctor, president and CEO of PracticeXpert, stated, "Transcend is very much like PracticeXpert. They utilize leading-edge software applications to deliver transcription services, just as PracticeXpert utilizes leading-edge software applications to deliver our physician revenue management services. Allowing Transcend to focus on providing our customers with transcription services will allow us to focus on what we do best -- outsourced billing and collections for medical practitioners.
"We consider this transaction much more than a sale of our transcription business unit. We see it as the beginning of a long-term partnership with Transcend. We intend to formalize a strategic marketing arrangement with Transcend under which they will be the transcription provider of choice to PracticeXpert customers, and Transcend will be able to offer our revenue management service, practice management systems, and electronic medical record systems to the thousands of physicians who currently use their services."
Under the terms of the agreement with Transcend, PracticeXpert will receive up to $500,000, over three years, on an earn-out basis, with an initial payment on closing in the amount of $40,000.
About PracticeXpert, Inc.
PracticeXpert provides turn-key practice management services and technology solutions to medical practitioners that improve operational efficiencies and enhance cash flow. PracticeXpert offerings include medical billing, accounts receivable management, practice management, consulting, seminars, practice management software, electronic medical records software and related services. PracticeXpert bundles its technology applications with its billing and other practice management services to provide a complete and integrated solution to its physician customers. To find out more about PracticeXpert, Inc. (OTCBB:PXPT), visit our website at www.practicexpert.com.
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