(Orlando, FL – Sep. 1, 2005) - XGear Technologies, Inc., a leading provider of Internet-based ASP practice management and medical billing software for the healthcare industry, announced today that it has processed its three millionth transaction. It took the company 3 years to process its millionth transaction in March 2004. Eleven months later the company processed its 2 millionth transaction in February 2005. And now, just 7 months later the company has processed its 3 millionth transaction. XGear is the maker of ClaimGear, one of the healthcare industry's leading medical billing and practice management software programs.
"I'm very excited about the company's growth during 2005 and I am anticipating breaking the 6M transaction mark in 2006," said Douglas A. Kegler, President and CEO of XGear Technologies. "More and more physicians and billing services are realizing how simple and inexpensive it can be to successfully manage their billing and accounts receivables."
XGear processes transactions in 49 states, including the submission electronic and paper claims, real-time insurance eligibility verification, and auto-application of insurance payments. In addition to processing their transactions, ClaimGear clients can also use the program to maintain patient records, manage appointments, manage documents, track payments and accounts receivables, and conduct other functions critical to managing a medical practice or billing service.
Kegler explained that the company's increasing growth is due in part to the enhancements and added features that the company has incorporated. "ClaimGear is a highly client-driven product, and its enormous success is a testament to the customer care and attention given at all levels of our organization, from our programming team to our sales staff and our support department."
About XGear Technologies
Headquartered in Orlando, FL, XGear Technologies provides the healthcare industry with an Internet-based Medical Billing and Practice Management Software program, ClaimGear, which has the speed of a local PC application and the "use anywhere" flexibility of a Web browser application. Through the Internet and its Java-based system, which utilizes Sun Microsystems Inc.'s (Nasdaq:SUNW) Java technology, ClaimGear is giving physician offices and billing services the opportunity to become more efficient and flexible. For more information, visit: http://www.claimgear.com.
Note to Editors: ClaimGear is a trademark of XGear Technology in the United States. Java is a trademark of Sun Microsystems Inc. in the United States and other countries.
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Note: As of Apr 26, 2007 ClaimGear has changed to CollaborateMD.
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