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iPractice Group Receives Largest Investment Offer To Date for $32M in Funding
Nashville, Tenn. -- iPractice Group Inc. a Tennessee corporation based in Nashville has received a letter of intent from a publicly traded California corporation to purchase 4 million shares of iPractice Group common stock at $8 per share. Currently, iPractice Group provides electronic health record, practice management, and IT services to medical practices in 22 states. The infusion of $32 million in funding will allow iPractice Group to further expand its healthcare IT business into states not currently part of the customer base. In addition, a majority of the funds will be allocated toward acquisitions of similar companies with an existing customer base using an outdated EHR or Practice Management software system. These customers will be provided with IT product packages offered by iPractice Group in order to meet the increasing complexity mandated by the federal government.
Once physicians implement the technology package offered by iPractice Group, they can attest for meaningful use and collect the available stimulus funding allocated for the adoption of the certified EHR system offered by the company. Currently, between $44,000 to $63,000 is available per qualified provider accepting Medicare or Medicaid. An estimated 600,000 physicians will need to adopt an EHR to meet government mandates.
Until the complete funding contract is negotiated, both parties have agreed not to identify their partners. Further information will be provided to iPractice Group shareholders as the company does its due diligence. A final review and decision by the iPractice Group management team will be issued by June 30, 2012.
About iPractice Group:
As a Certified Gold Partner and authorized reseller of PrimeSUITE software, iPractice Group provides all-inclusive IT services for independent physicians. The company offers a turnkey solution for integrating Electronic Health Records, Practice Management software, hardware, and IT services. In addition, iPractice Group provides Revenue Cycle Management and Billing Services to various specialties and healthcare providers. iPractice Group is the single source for IT solutions that physicians need to become more efficient and compliant. iPractice Group is located at 51 Century Boulevard, Ste 125, Nashville, TN, 37214. For more information on iPractice Group, visit www.iPracticeGroup.com.
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