Medix Resources Acquires Frontline Physician Exchange and Frontline Communications
10 November 2003 - 3:57PM
PR Newswire (US)
Medix Resources Acquires Frontline Physician Exchange and Frontline
Communications Medical Answering Service Expands HealthRamp
Offerings; Provides Access to 2,300 Potential CarePoint Users NEW
YORK, Nov. 10 /PRNewswire-FirstCall/ -- Medix Resources, Inc. today
announced the completion of its previously announced acquisition of
Frontline Physicians Exchange and Frontline Communications
("Frontline") from The Duncan Group, Inc., an Indianapolis,
Indiana-based holding company. Frontline Physicians Exchange
provides high quality telephone answering services to physicians
and other medically-related businesses. Frontline Communications
provides answering and other virtual office services to non-medical
businesses and the professional community. Medix, through its
wholly-owned HealthRamp subsidiary, provides Internet-based
communication, data integration, and transaction processing
technologies designed to provide access to safer and better
healthcare. Medix announced a letter of intent to purchase
Frontline on July 10, 2003, calling for it to purchase
substantially all of the assets of Frontline, subject to completion
of satisfactory due diligence on the part of Medix and the
negotiation and execution of definitive documents. The closing of
the transaction occurred today, November 10, 2003. The entire staff
of Frontline will be joining Medix Resources as employees.
Frontline's established clientele includes 2,300 physicians, nurse
practitioners, and other healthcare providers in more than 300
offices, and covers the majority of physicians practicing in the
greater Indianapolis area. Revenues for 2003 are expected to be in
excess of $1.4MM, and Frontline has been profitable for each of the
past five years. Frontline Physicians Exchange conducts more than
90% of Frontline's existing business. The opportunities to expand
both of Frontline's operations are substantial, and represent part
of the impetus for this transaction on behalf of both parties. "Our
acquisition of Frontline's superior quality 24-hour messaging
service is a significant addition to our persuasive portfolio of
solutions for physicians. Its regional dominance, high quality
execution, and reputation as a trusted service provider will enable
us to introduce our HealthRamp connectivity solutions to their
existing clientele with relative ease," stated Darryl Cohen, Medix
CEO and Chairman. "An organization as well managed as Frontline is
truly a rare and valuable find. We look forward to building on its
extremely successful track record, both within the physician
community and beyond. Regional expansion and tight integration of
Frontline's products with our CarePoint(TM) technologies are our
immediate focus, and should allow for significant growth for us as
a company," concluded Cohen. "All of us at Frontline are very
enthusiastic about joining Medix to provide physicians with access
to better healthcare delivery services, both by introducing our
existing clients to HealthRamp's CarePoint solutions and by
expanding the Frontline model to new markets. The opportunity to
answer a physician's calls over the course of the entire day, as
opposed to our current after hours and overflow services, is one
area about which we are particularly excited. Utilizing CarePoint's
electronic prescribing technologies and evolving scheduling
capabilities, our telephone answering services become increasingly
more valuable to our clients," stated Nancy Duncan, Frontline's
President. "Our vision of helping healthcare providers deliver
better patient care is definitely consistent with Medix
management's vision. The quality and dedication with which Nancy
and I have built Frontline is shared by Medix's management, making
our combination a comfortable fit. We look forward to together
continuing to build a dynamic company servicing the needs of
physicians nationwide," stated M. David Duncan, Frontline's CEO.
The Duncan Group, Inc., established in 1996, is the holding company
for Frontline Communications and Frontline Physicians Exchange.
Frontline Physicians Exchange provides high quality 24-hour
telemessaging service for physicians and other medically-related
businesses only. Frontline Communications provides 24-hour
messaging and virtual office services to the non-medical business
and professional community. Frontline focuses exclusively on
quality answering services. Additional information about Frontline
Physicians Exchange and Frontline Communications can be found at
http://www.frontlineindy.com/. Medix, through its wholly owned
HealthRamp subsidiary, enables the communication of high value
healthcare information among physician offices, pharmacies,
hospitals, pharmacy benefit managers, health management
organizations, pharmaceutical companies and health insurance
companies. Additional information about HealthRamp, and its
products and services, can be found at http://www.healthramp.com/.
Safe Harbor Statement: To the extent that any statements made in
this press release contain information that is not historical,
these statements are essentially forward-looking. Forward-looking
statements can be identified by the use of words such as "expects,"
"plans," "will," "may," "anticipates," "believes," "should,"
"intends," "estimates," and other words of similar meaning. These
statements are subject to risks and uncertainties that cannot be
predicted or quantified and, consequently, actual results may
differ materially from those expressed or implied by such
forward-looking statements. Such risks and uncertainties include,
without limitation, the ability of Medix to raise capital to
finance the development of its Internet services and related
software, the effectiveness, profitability and the marketability of
those services, the ability of the Company to protect its
proprietary information and to retain and expand its user base, the
establishment of an efficient corporate operating structure as the
Company grows and, other risks detailed from time-to-time in our
filings with the Securities and Exchange Commission. The Company
undertakes no obligation to publicly update any forward-looking
statements. DATASOURCE: Medix Resources CONTACT: Investors, Andrew
Brown, +1-212-697-2509, or Media, Robin Schoen, +1-215-504-2122,
both of Medix Resources Web site: http://www.medixresources.com/
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