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Plantation, Feb. 21, 2013 (GLOBE NEWSWIRE) -- Health Revenue Assurance Holdings Inc. ("HRAA" or the "Company") (OTCBB: HRAA), the leading provider of revenue integrity solutions for healthcare organizations, announced today that it has completed a loan agreement (the "Loan Agreement") whereby lenders provided the Company with a secured loan facility for a total of $2.035 million (the "Loan"). The Loan bears interest at 12 percent per annum and matures on April 30, 2015.
The proceeds of the loan secured by HRAA will be used for working capital purposes and may be prepaid by the Company prior to its maturity date without penalty.
"We are very excited to have secured this financing as it shows the confidence our investors have in the future of HRAA, as well as our ability to lead this company," stated Robert Rubinowitz, HRAA's President and COO. "With our data analytics technology and coding business accelerating, we will use this capital to expand our list of customers as we continue to execute our growth strategy."
HRAA (OTCBB: HRAA) is a leading provider of revenue integrity technology and services for healthcare organizations across the US, interpreting data to ensure that healthcare is efficient and effective for everyone. Founded in 2001 and based out of Plantation, FL, HRAA combines years of industry expertise with best-in-breed technology to create market leading business intelligence products and consulting services to improve the healthcare delivery experience for doctors, nurses and patients. HRAA offers the only
full suite of solutions needed to keep up with the ever-changing healthcare industry, which include: data analytics software, business intelligence technology, medical coding, auditing, education, revenue cycle consulting, and ICD-10 transition solutions. For more information please visit:
Caution Regarding Forward Looking Statements
Certain statements in this news release and such conference call are forward-looking, including (without limitation) expectations or guidance respecting customer contract expansion, growing revenues and profits through organic growth and acquisitions, attracting new business that will increase HRAA's revenues, continuing to maintain costs and consummating any transactions. Undue reliance should not be placed on such forward-looking statements because the matters they describe are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond the Company's control. The Company's actual results, performance and trends could differ materially from those indicated or implied by such statements as a result of various factors, including (without limitation) the continued strengthening of HRAA's selling and marketing functions, continued customer satisfaction and contract renewal, new product development, continued availability of capable dedicated personnel, continued cost management, the success and availability of acquisitions, availability of financing and other factors, as well as by factors applicable to most companies such as general economic, competitive and other business and civil conditions. Information regarding certain of those and other risk factors and cautionary statements that could affect future results, performance or trends are discussed in HRAA's most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and other filings made with the Securities and Exchange Commission from time to time. All of the Company's forward-looking statements are expressly qualified by all such risk factors and other cautionary statements.
CONTACT: Investor Relations Contacts:
Phil Carlson / Alex Woodbury
KCSA Strategic Communications
212-896-1233 / 212-896-1267
firstname.lastname@example.org / email@example.com
Danielle DeVoren / Brittany Fraser
KCSA Strategic Communications
212-896-1272 / 212-896-1251
firstname.lastname@example.org / email@example.com