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PaperFree Medical Solutions, Inc. Update & Outlook Jan 21, 2008 8:30:00 AM Copyright Business Wire 2008 View Additional Profiles
KOKOMO, Ind.--(BUSINESS WIRE)--
PaperFree Medical Solutions Inc. (OTCBB:PFMS) announced today that it has successfully completed several upgrades that have already begun to have a positive effect on revenue, shareholder value and customer benefit. The company's efforts have improved Profit Margins by over 400%; Year-to-Date compared to End-of-Year Fiscal 2007.
"Our continuous improvement in technology, processes, and developing practice improvement products is paying off," said Craig Barrow, Chairman of the Board of Directors. "The results of what we have already done in our proprietary billing, medical management and logic development already show signs of increased client satisfaction and increased revenue to their practices. We now project our year end collections on clients, after adjustment, to reach 92% across our customer-base."
In the last quarter, the company regained listing status on the Over-The-Counter-Bulletin-Board (OTCBB) through continued timely filings with unqualified auditor reviews. The company has reduced cost of operations further while improving performance to client accounts. Compliance with all Federal, State, and Local tax authorities has been attained through a combination of improved accounting processes and systems and close collaboration with Plante & Moran to file all back returns. The result is a Net Operating Loss carry-forward for the company of approximately six million dollars.
Within the company's wholly-owned subsidiary, LEAPprn, Kris Fivecoate is reaching out to the area revenue cycle management community by establishing Howard County's first chapter of the American Association of Professional Coders. As President of the local chapter, Kris is raising the awareness and dissemination of the rapid changes in medical coding mandated by increasing Federal involvement. The company expects this cooperation and collaboration with area professional coders to improve relationships with regional healthcare systems and the providers that have privileges in those facilities.
During the past few quarters, we have added clients and re-contracted with significant partners in delivering digital revenue and practice management solutions to independent providers. Hiring a Vice-President of Business Development, Jeff McGill, an Indiana resident, has brought a new focus to regional sales. The company expects to have conversions from the sales pipeline at a faster rate than shown in the first three quarters of the year. To take care of increased business we have added employees by taking advantage of a Intern program with the University of Indiana, Kokomo.
This Press Release contains or incorporates by reference "forward looking statements including certain information with respect to plans and strategies of PaperFree Medical Solutions Inc. For this purpose, any statements contained herein or incorporated herein by references that are not statements of historical fact may be deemed forward looking statements. Without limiting the foregoing, the words "believes", "suggests", "anticipates", "plans", "expects", and similar expressions are intended to identify forward looking statements. There are a number of events or actual results of PaperFree Medical Solutions' operations that could differ materially from those indicated by such forward looking statements.
Source: PaperFree Medical Solutions Inc.
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PaperFree Medical Solutions Inc. Investor Relations: Jeff McGill 765-456-1089 Fax: 765-456-1091 E-Mail: info*mdpaperfree.com
94,561,908 as of January 7,2007
Posts: 1343 | From: Rome Georgia | Registered: Oct 2004
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PFMS only 97,061,908 shares issued and outstanding per last filing
Had nice volume last week. Just a little more buying pressure and we are off to the races imo for this low floater.
Posts: 712 | Registered: Mar 2006
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