This should add more than 50% in revenues to the company's existing run rate...last 3 quarters's revenue: 327k, 378k, 395k, and now we are adding over 75k per month = 225k, with over 150k per month by year end.
(PR Wires) DJ: MedCard Division of SIMS Communications to Manage Doctor
DJ: MedCard Division of SIMS Communications to Manage Doctor Collections for
The Suffolk Bureau of Medical Economics
IRVINE, Calif.--(BUSINESS WIRE)--May 5, 1999--
Revenue Will Immediately Increase by $75,000/Month
with Anticipated Increase to $150,000/Month By Year-End
SIMS Communications Inc. (Nasdaq:SIMSC) Wednesday announced that its MedCard
Division has entered into a long-term service agreement with The Suffolk
Bureau of Medical Economics (SBME) to manage its collections business.
SBME is a collection agency for health-care providers established to collect
overdue accounts receivable from their medical patients. It currently has
more than $13 million worth of claims in process. MedCard is the premier
group for all medical insurance company billings and collections and this
agreement extends their many service offerings to patient collections.
This agreement immediately adds an estimated $75,000 to MedCard's monthly
revenues with anticipated growth to $150,000 per month by calendar year-end.
No additional funds from the company are expected to be required for the
implementation of this new business venture.
SIMS Communications provides electronic transaction solutions for the
health-care industry. The company's products include: its MedCard System, a
system that provides 100% paperless electronic data entry at the physician's
office for all medical insurance billings and collections; its One Medical
Service System, a cost-effective solution that gives pharmacies the ability
to provide a complete, one-stop shopping solution for all its customers'
home medical equipment (HME) and home health-care-related service needs and
to participate in managed-care contracts; and its Internet HME e-commerce
sales and its Internet health-care portal, both under development, that will
deliver health-care information to consumers and health-care providers and
also will provide links to other Internet health-care Web sites.
This release contains forward-looking statements that are subject to risks
and uncertainties, including but not limited to, the impact of competitive
products and pricing, product demand and market acceptance, reliance on key
strategic alliances, fluctuations in operating results and other risks
detailed from time to time in the company's filings with the Securities and
Exchange Commission.
CONTACT: Investor Relations
Tom Madden, 253/815-1076
www.ibchannel.com
or
SIMS Communications
Marvin S. Berger, 949/261-6665
21:12 EDT MAY 5, 1999
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