UPLAND, Calif., April 25 /PRNewswire-FirstCall/ -- Healthcare Business Services Groups, Inc. (BULLETIN BOARD: HBSVE) , a provider of full-service medical billing services and practice management solutions and future operator of surgery centers, announced today that an existing surgery center customer of Healthcare Business Services Groups has raised its collection fees offered to the Company. The additional collection fee may result in an increase of over $100,000 to Healthcare Business Services Groups' revenue over the next 12 months. In addition to service charges and transaction fees collected by medical billing services, collection fees represent a significant revenue opportunity for the Company.
One of the Company's surgery center clients has agreed to pay the Company an increased collection fee due to the Company's success in the past. Chandana Basu, chief executive officer of Healthcare Business Services, stated, "Collections in the medical profession are vastly different than collections in other commercial industries. Often, past-due medical bills are ignored or written-off since by the very nature of the service provided, it makes it difficult to take action on those that are outstanding. Healthcare Business Services Groups, however, has been instrumental and very efficient in legitimately and appropriately following up on these delinquent balances for its clients."
Basu continued, "A significant portion of our revenue is generated via collection fees. When a client agrees to a raise in those collection fees, it means much more in additional revenue to the Company; it is a testimony to the cost-savings we bring to our clients and the increased financial efficiency they have as a result of using our services."
About Healthcare Business Services Groups, Inc.
Healthcare Business Services Groups, Inc. is a provider of full-service medical billing services and practice management solutions nationwide. In addition to its core medical billing services, the Company offers what it believes to be the only fully automated medical billing software product, AutoMed, on the market. Healthcare Business Services Groups also plans to develop and operate surgical centers nationwide to provide full-service, low cost surgical center options to physicians and providers. The Company maintains a website at 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.
Chandana Basu, CEO Rick McCaffrey Healthcare Business Services Groups, Inc. OTC Financial Network (909) 608-2035 781-444-6100 x625 Colorred1@aol.comRick@otcfn.comhttp://www.thenewhbsgi.com/http://www.otcfn.com/hbsv/ also http://www.hbsgi.com/
Healthcare Business Services Groups, Inc.CONTACT: Chandana Basu, CEO of Healthcare Business Services Groups, Inc.,+1-909-608-2035, Colorred1@aol.com; or Rick McCaffrey of OTC Financial Network,+1-781-444-6100 ext. 625, Rick@otcfn.com