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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/