DEERFIELD BEACH, Fla.--(BUSINESS WIRE)--Feb. 5, 2003--Florida HealthSource, a wholly owned subsidiary of iBX Group, Inc. (OTCBB:IBXG), announced today it is opening a multi-disciplinary facility providing physical therapy, occupational medicine, pain management and wellness services in a prominent medical center in downtown Boca Raton later this month.
"This new facility will serve as a model for bringing together all fields of wellness, preventative therapies, rehab and sports medicine into one full-service location while showcasing all of the management, technology and compliance services iBX has to offer," said iBX Group president and CEO Evan R. Brovenick. "We could not have picked a more appropriate location. The facility is conveniently situated in the heart of east Boca Raton around the corner from Boca Raton Community Hospital and Florida Atlantic University."
The center is expected to generate an estimated $750,000 a year in revenue and is part of Florida HealthSource's plan to open at least 10 multi-disciplinary clinics throughout Florida. The new clinics are expected to generate an estimated $3 million in new revenue during 2003, according to Florida HealthSource management. In January, the company opened a facility in Jacksonville, with Dr. Robert M. Chapa, a board certified physician and one of the foremost Physical Medicine and Rehabilitation specialists in Northeast Florida, serving as Medical Director.
"Florida HealthSource has developed a long-term vision to become one of the premier providers of physical therapy, consumer and referral services in the country," Brovenick said. "The 'superstore' concept is part of that vision. Patients will have access to a highly trained staff of healthcare professionals and a state-of-the-art gymnasium."
Florida HealthSource is the preferred provider network for more than 100,000 employees throughout the state of Florida and a physical and occupational therapy vendor for a major U.S. retailer. Last month, the subsidiary achieved national referral status with the largest directly contracted medical network for workers compensation, group health and government agency markets in the U.S. through a contract with First Health Group Corp. Florida HealthSource now has access to 98 percent of the U.S. population through the First Health Network, which is approaching 4,290 hospitals and 411,150 doctors and allied health-care professionals in every state, the District of Columbia, and Puerto Rico.
"With our state-wide referral base plus the partnership with First Health Group already in place, we expect to be serving a number of patients at the Boca Raton clinic immediately," Brovenick said.
The center will be designed to showcase several of iBX Group's technology services, including digital transcription services, web-enabled management tools and advanced document management and storage. The facility will also be featured on SportsHealthNet.com, an iBX-owned Internet portal which offers consumers an interactive forum for sports medicine advice while providing leading orthopedic surgeons, chiropractors and physical therapists a source for patient referrals.
The new Boca Raton facility will be fully compliant with HIPAA -- the Health Insurance Portability and Accountability Act, which Congress enacted in 1996 to ensure the protection and confidentiality of health information in an era of electronic transmission and access to medical records -- well in advance of the government's April 2003 deadline.
Based in Deerfield Beach, Florida, iBX Group Inc. (http://www.ibxg.com) develops and deploys innovative, cost-effective methods for integrating financial, administrative and information services for the healthcare industry. iBX is a results-oriented company, consisting of three divisions -- Healthcare Transaction Management, Physical Therapy and Rehabilitation, and Technology and Information Services. By creating and utilizing the latest technologies, Internet-based communications and hands-on expertise, iBX strives to meet the needs of hospitals, single and multi-specialty physician group practices and healthcare service organizations seeking to achieve the maximum financial benefit of their accounts receivables by controlling workflow, consolidating administrative functions and addressing compliance issues.
This release is comprised of interrelated information that must be interpreted in the context of all of the information provided and care should be exercised not to consider portions of this release out of context. This release contains certain "forward-looking statements and information" (as defined in the Private Securities Litigation Reform Act of 1995) concerning iBX Group, Inc. that are based on the beliefs of iBX Group, Inc.'s management, as well as assumptions made by and information currently available to iBX Group, Inc. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in iBX's filings with the Securities and Exchange Commission.