TRX AND CODERYTE ANNOUNCE STRATEGIC ALLIANCE "Bundling" Transcription and Coding Services Will Offer Improved Cash Flow and Enhanced Productivity for Health Care Providers

"Bundling" Transcription and Coding Services Will Offer Improved Cash Flow and Enhanced Productivity for Health Care Providers

PORTLAND, OR/NEW YORK, NY/BETHESDA, MD - February 24, 2003 -
TRX, Inc., a medical document management service with offices in Portland, Oregon and New York City and CodeRyte, Inc., a Bethesda, Maryland-based pioneer in creating medical coding software today announced a strategic alliance between the two companies. Under the agreement, TRX will be offering a completed, transcribed coded product that will reduce costs for its hospital and multi-specialty clinic clients. Not only will TRX be able to provide a more accurate, lower cost medical records solution, but clients will also increase cash flow through rapid claims submission. An added benefit of the bundling of transcription and coding will be improved quality of care and service to patients.

Long known for the quality of its transcription product, rapid turn-around time, and excellent customer service, through its partnership with CodeRyte, TRX now offers its clients a more complete electronic medical record (EMR) solution. The addition of medical coding to its product offerings is the next logical step in realizing a seamless, one-source EMR.

"We are excited by this opportunity to offer a more complete medical records solution to the health care industry," said Lori Boone, CEO and president of TRX. "Our clients and prospects have been searching for a way to receive transcription and coding from one reliable source. Our alliance with CodeRyte will enable them to obtain it from a source they trust. Rapid reimbursement is a critical issue for providers and through the TRX-CodeRyte alliance we can offer them a timely solution to a problem that has become acute. Our core values of strong partnership, transparent communication, and excellent customer service are reinforced by our relationship with CodeRyte. We are pleased to partner with a company that is leading the way in creating Internet-based automated coding solutions. Together we will help create a new era in medical records management"
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According to Rick Toren, CodeRyte's Chairman of the Board, "the alliance between our two companies points to the future of medical records. Innovative transcription and document management services like TRX are using technology to offer providers an elegant solution to problems that have plagued MR departments for years, such as quality control, slow turn-around, and unbilled procedures. Our partnership with TRX is a natural fit. Our companies both understand that advances in technology will improve efficiency and ultimately result in both cost-savings and improved patient care. We are proud to join with TRX in offering its clients the next generation in document management."

About CodeRyte

CodeRyte is an innovative Internet-based medical coding service bureau located in Bethesda, Maryland. Using the latest, most advanced statistical-based Natural Language Processing (NLP) technology, CodeRyte is able to code medical services (both ICD-9-CM and CPT-4 codes) directly from a provider's transcribed note or report far faster than regular human coders could--and with greater accuracy.

CodeRyte reduces lost revenue due to undercoding or missed or incorrectly coded services. It can reduce Fraud and Abuse risks, and enhance compliance efforts by ensuring every time that only those services, which are documented, are billed.
For more information about CodeRyte, visit www.coderyte.com or call (301) 951-5353.

About TRX

TRX combines cutting edge technology with high quality transcription to provide outstanding service to leading health care organizations across the U.S.                 Founded in 1991, TRX is a national firm with offices in Portland, Oregon and New York City. While providing services that reflect its core values of building strong partnerships and creating innovative transcription solutions - always with a commitment to complete integrity -- TRX also promotes the educational and economic development of the people and communities it serves. Contact us toll-free at (877) 2TRXINC (877-287-9462) or log on to www.trxinc.net to learn more about how TRX can provide your healthcare organization with unrivaled document management solutions.

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