Plantation, FL, Aug. 8, 2013 (GLOBE NEWSWIRE) -- Health Revenue Assurance Holdings Inc. (OTCQB: HRAA) ("HRAA"), aprovider of technology and revenue integrity solutions forhealthcare organizations, has announced the addition of two newindependent members to its Board of Directors. Peter Russo, formerCFO of magicJack and Corporate Strategist Michael Brainard willjoin HRAA's board, effective today. The appointments increase thenumber of HRAA directors from two to four. Over the coming quarters, the board will continue to search foradditional industry and corporate veterans to serve as directors.Mr. Russo and Mr. Brainard will join Company CEO and ChairmanAndrea Clark and Company COO Robert Rubinowitz on the board. Mr. Russo served as the CFO and Treasurer of magicJack VocalTecLtd. from July 2010 to May 2013 and also served as its PrincipalAccounting Officer. Mr. Russo serves on the Advisory Board of OchoGaming, LLC. Ocho Gaming is a premiere operator and provider ofonline gaming in the Latin American market. Mr. Russo, along withhis wife, is a co-founder of bracelet retailer FriendlyBands LLC.Mr. Russo also serves as a consultant to ResumeBear, a leadingonline job search technology company. Prior to his appointment asCFO of magicJack VocalTec Ltd., Mr. Russo served as CFO of YMaxsince 2005. Prior to joining YMax, from 1996-1999, he was aconsultant and served as CFO of Group Long Distance, Inc. (GLD), apublicly traded reseller of local and long distance services. Priorto joining GLD, Mr. Russo was the Executive Vice President of theState Bank of South Australia. He holds a B.B.A. degree fromPace University in New York. Mr. Brainard brings over 15 years of experience to the Board asa management consultant, senior executive, executive coach,manager, entrepreneur, and researcher. As a management consultant,Michael has designed and conducted process re-engineering andre-structuring, organizational assessments, leadership developmentinitiatives, performance management systems, change managementprocesses, and a variety of strategic planning initiatives.Additionally Michael has worked as a post-acquisition internal andexternal integration leader. Mr. Brainard has provided strategy andconsulting services to companies such as Scripps, AMN Healthcare,AccentCare, Memorialcare, and Patient Safe Solutions. He holds aB.A. in Psychology from the University of Delaware, an M.S. inIndustrial Psychology from Alliant International University and aPh.D. in Industrial Psychology from Alliant InternationalUniversity.
"We are very excited to welcome qualified corporate executivessuch as Peter and Michael to our Board of Directors," commentedAndrea Clark, Chairman and CEO of HRAA. "As we edge closer to theICD-10 transition deadline, we look forward to their invaluableexpertise and insights to further increase value for ourshareholders and customers."About HRAA HRAA (OTCQB: HRAA) interprets data to ensurethat healthcare is efficient and effective for hospitals, providersand other healthcare organizations by pulling medical data togetherto create a predictive window to understand cost and revenueslooking back and going forward. Founded in 2001, HRAA combinesyears of industry expertise with best-in-breed technology to createmarket leading business intelligence products and consultingservices to ensure healthcare organizations are reimbursed forevery pill they prescribe, every procedure they perform and everytest they administer. HRAA both trains and supplies high techworkforce to generate the predictive data used by the wholehealthcare system and offers a full suite of solutions needed tokeep up with the ever-changing industry including data analyticssoftware, business intelligence technology, medical coding,auditing, education, revenue cycle consulting, and ICD-10transition solutions. For more information please visit: http://www.hraa.com Caution Regarding Forward LookingStatements Certain statements in this news release and such conference callare forward-looking, including (without limitation) expectations orguidance respecting customer contract expansion, growing revenuesand profits through organic growth and acquisitions, attracting newbusiness that will increase HRAA's revenues, continuing to maintaincosts and consummating any transactions. Undue reliance should notbe placed on such forward-looking statements because the mattersthey describe are subject to known and unknown risks, uncertaintiesand other unpredictable factors, many of which are beyond theCompany's control. The Company's actual results, performance andtrends could differ materially from those indicated or implied bysuch statements as a result of various factors, including (withoutlimitation) the continued strengthening of HRAA's selling andmarketing functions, continued customer satisfaction and contractrenewal, new product development, continued availability of capablededicated personnel, continued cost management, the success andavailability of acquisitions, availability of financing and otherfactors, as well as by factors applicable to most companies such asgeneral economic, competitive and other business and civilconditions. Information regarding certain of those and other riskfactors and cautionary statements that could affect future results,performance or trends are discussed in HRAA's most recent annualreport on Form 10-K, quarterly reports on Form 10-Q, and otherfilings made with the Securities and Exchange Commission from timeto time. All of the Company's forward-looking statements areexpressly qualified by all such risk factors and other cautionarystatements.
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