SOURCE: Metiscan, Inc.

February 27, 2009 15:00 ET

Metiscan Positioned to Capitalize on $20B Economic Stimulus Bill

Monetary Incentives Encourage Physicians to Use Electronic Health Records

DALLAS, TX--(Marketwire - February 27, 2009) - Metiscan, Inc. (PINKSHEETS: MTIZ) announced today that it is positioned to capitalize on a portion of the recently passed the American Recovery and Reinvestment Act of 2009, better known as the Economic Stimulus Bill. The plan allocates $20B to encourage the adoption of health information technology including payments to physicians who can demonstrate they are using electronic heath records (EHR) systems as Metiscan provides for diagnostic imaging facilities.

Metiscan is a provider of products and services that streamline the management of diagnostic imaging facilities. Metiscan's EHR system enables diagnostic imaging facilities to share radiological information between referring physicians, diagnostic imaging facilities, and radiologists electronically. The EHR incentives, as outlined in the economic stimulus bill, entitle physicians to reimbursement for implementation of the EHR system. Physicians, who meet the EHR obligations by 2011 or 2012, will receive a lump-sum incentive of $18,000. Each year thereafter, the lump sum incentive decreases accordingly, $15,000 if implementation occurs in 2013, $12,000 if the technology is implemented in 2014, $8,000 in 2015, $4,000 in 2016, and $2,000 in 2017. Physicians who do not adopt EHR technology by 2015 will have a 1% penalty in the fee schedule, increasing up to 3% by 2017.

"I am excited about the opportunities that will arise from this economic stimulus package," explains Iain Shigeoka, President and CEO of Metiscan Managed Services, Inc., a wholly owned subsidiary of Metiscan, Inc. "Our established and proven business model is based on the electronic management of healthcare records for diagnostic imaging facilities. I feel that we are well positioned for tremendous growth for years to come due to this package. In many ways, the economic stimulus bill reaffirms our business model and the value proposition our EHR products and services that we provide for our clients."

Metiscan is working towards additional initiatives to secure its future position in the EHR market place. Metiscan is working towards participating and having an active voice in EHR standardization. Metiscan is also exploring other EHR opportunities similar or related to diagnostic imaging.

About Metiscan, Inc.

Metiscan, Inc. is a national provider of products and services that streamline the management and operation functions of diagnostic imaging facilities, radiology groups, in-office imaging groups, small hospitals and physician offices and is an operator of two diagnostic MRI facilities located in Corpus Christi, TX, and Pottsville, PA. Metiscan's keystone product is a web-based radiology information system that interfaces Radiology Information System (RIS), Teleradiology and PACS (Picture Archiving and Communication System) for its clients. Metiscan also provides information management and operations support for diagnostic imaging facilities through complete revenue cycle management, electronic health records or EHR, medical transcription services and functional training as needed.

Safe Harbor Statement: Certain of the statements made in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Metiscan's actual results to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "intends," "anticipates" or "plans" to be uncertain and forward-looking. The Company does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.

Contact Information

  • Contact:
    Investor Relations
    David Donlin
    Cervelle Group
    Phone: 407-475-9966