The Quantum Group Continues to Expand Subsidiary
07 Diciembre 2006 - 10:26AM
PR Newswire (US)
Two Additional Companies Added to QMed BILLING Control WELLINGTON,
Fla., Dec. 7 /PRNewswire-FirstCall/ -- The Quantum Group, Inc.
(OTC:QTUM) (BULLETIN BOARD: QTUM) (http://www.qtum.com/) announced
today that its subsidiary, QMed BILLING, Inc.
(http://www.qmedbilling.com/), has entered into Management
Agreements with two additional Florida based medical billing and
collection companies serving the Southern and Central Florida
regions. These agreements, executed on December 1, 2006, continue
our model of assembling strategically sized medical billing and
collection companies to expand our abilities to service physicians
and hospitals throughout the state. The Company has begun
conducting the appropriate due diligence and pre-closing process
necessary to facilitate full acquisitions. Quantum expects to close
these acquisitions in the second quarter of 2007. With these
agreements, QMed BILLING will serve over 300 accounts collectively,
including doctors, labs and hospital groups throughout the State of
Florida. The Company utilizes electronic processing systems to
efficiently process claims and collect payments. Using state of the
art software systems, QMed BILLING will be able to service clients
statewide from their two operation centers. This leading technology
also allows the Company to focus more attention on working with
their clients to improve collections and turn around time. QMed
BILLING performs all medical billing and collection services,
including patient pay invoicing and collection, and encounter
processing for Medicare patients. Quantum's President & CEO
Noel J. Guillama commented, "A recent congressional study noted
that certain government sponsored claims experienced a 18% denial
rate. Claims filed by billing companies average a 4% denial rate.
We are looking forward to offering our over 1,200 affiliated
physicians these and other services that will help simplify their
lives and allow more time and resources to be dedicated to direct
patient care." The Quantum Group, based in Wellington, Florida, is
one of Florida's largest community based healthcare systems. In
conjunction with its subsidiary companies, Renaissance Health
System of Florida, Inc. (RHS) (http://www.rhsfl.com/) and QMed
BILLING, Inc. (http://www.qmedbilling.com/), Quantum provides
administrative and service solutions to the Florida Medicare
Advantage managed care industry as well as to the over burdened
physicians of Florida. Through our growing number of nearly 1,200
contracted physicians and multiple managed care relationships in
the state of Florida, we are strategically positioned to bring
increased and highly valued efficiencies to the over $1OO billion
Florida healthcare industry. According to an article published in
the August 22, 2006 edition of the New York Times (By Gina Kolata),
"By 2030, predicts Robert W. Fogel, a Nobel laureate at the
University of Chicago Graduate School of Business, about 25 percent
of the G.D.P. will be spent on health care, making it "the driving
force in the economy," just as railroads drove the economy at the
start of the 20th century." Certain statements contained in this
news release, which are not based on historical facts, are
forward-looking statements as the term is defined in the Private
Securities Litigation Reform Act of 1995, and are subject to
substantial uncertainties and risks in part detailed in the
respective Company's Securities and Exchange Commission 10-KSB,
10-QSB, S-8 and 8-K filings, that may cause actual results to
materially differ from projections. Although the company believes
that its expectations are reasonable assumptions within the bounds
of its knowledge of its businesses, expectations, representations
and operations, there can be no assurance that actual results will
not differ materially from their expectations. Important factors
currently known to management that could cause actual results to
differ materially from those in forward-looking statements include
the company's ability to execute properly its new business model,
to raise substantial and immediate additional capital to implement
its continuing business model, the ability to attract and retain
personnel -- including highly qualified executives, management and
operational personnel, ability to negotiate favorable current debt
and future capital raises, ability to manage the care of its
patients with reasonable medical loss ration, ability to negotiate
beneficial managed care agreements with a diversified and expanding
provider base, continue to supply the services needed by the HMO
clients as well as the growing list of physician clients and the
inherent risk associated with a diversified business to achieve
positive cash flow. In light of these risks and uncertainties,
there can be no assurance that the forward-looking information
contained in this press release will, in fact, occur. Media
Contact: Tanya Marie McPherson Corporate Communications The Quantum
Group, Inc. 561.798.9800 DATASOURCE: The Quantum Group, Inc.
CONTACT: Tanya Marie McPherson, Corporate Communications of The
Quantum Group, Inc., +1-561-798-9800 Web site:
http://www.thequantumgroupinc.com/ http://www.qmedbilling.com/
http://www.rhsfl.com/
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