Patient Home Monitoring Corp.

August 08, 2012 19:15 ET

Patient Home Monitoring Announces Monthly Progress Reports for June and July 2012

SAN FRANCISCO, CALIFORNIA--(Marketwire - Aug. 8, 2012) - Patient Home Monitoring Corp. (TSX VENTURE:PHM) -

Accomplishments and Highlights:

  • Continued strong growth in patient enrollment for Coumadin® monitoring
  • PHM has finalized its operational retooling plan with several key improvements implemented
  • Completed research on new potential service lines; developing market launch plans

Patient Home Monitoring Corp., a company focused on in-home cardiology healthcare services, today announced monthly updates for shareholders.

PHM continues to add patients every month to its long-term Coumadin® monitoring service. There are currently thousands of patients on this annuity stream service, representing annualized revenues of over $4,000,000. Due to operational efficiencies, PHM anticipates being able to free up current resources to focus on additional service offerings.

PHM has completed the operational improvement plan undertaken in late spring and has re-organized, making significant improvements in its clinical operations. The Stabilizer XL software system has brought significant efficiencies to the operations in Southern California and Connecticut.

PHM has resumed discussions about managing Coumadin® clinic operations in targeted locations around the United States and has several potential transactions in serious negotiations. New clinics create a local presence through which PHM can efficiently introduce new services.

PHM is also pleased to announce that it has completed research on additional services that it can offer to existing, loyal customers. These services were evaluated against a variety of criteria, including the ability to leverage existing relationships with service providers, high margins, low patient acquisition costs and limited capital expenditures.

"We have reached our goal of establishing a platform from which to expand into additional revenue lines," said Dr. Jaime Gerber, PHM's CEO. "Since reaching operational profitability, managing two major clinics and launching our newly organized clinic operations, we have been planning to lever our platform to expand into services our patients are currently finding elsewhere. I believe we are the best option for many of the in-home clinical services they require. Our weekly contact with these patients on top of our strong existing partnership with their clinical team creates a natural opportunity."

"We will continue to enroll patients into our largest revenue stream, Coumadin® monitoring," continued Dr. Gerber. "This revenue brings a growing cash flow into PHM and enables us to finance our growth into new services."

About PHM

PHM is a healthcare services company focused on providing home-based monitoring services and supplies for cardiology patients. PHM's entry-point service monitors patients on blood thinner medications such as Coumadin® or warfarin. Medicare recently expanded reimbursement for this in-home service. PHM has a unique value proposition to cardiology groups that manage patients on blood thinners, focusing on systemization to enroll patients in PST. This unique, systemized approach creates an opportunity for physician groups to operate more efficiently, increasing revenue to their clinic while providing a higher standard of care for patients. PHM plans to lever its position as a value-added service provider to expand into other home-based services for these patients and their referring physicians.

Information in this news release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. Implicit in this information, particularly in respect of the future outlook of PHM and anticipated events or results, are assumptions based on beliefs of PHM's senior management as well as information currently available to it. While these assumptions were considered reasonable by PHM at the time of preparation, they may prove to be incorrect. Readers are cautioned that actual results are subject to a number of risks and uncertainties, including the availability of funds and resources to pursue operations, decline of reimbursement rates, changes in US healthcare laws, coverage or budgets, dependence on few payors, possible new drug discoveries, a novel business model, dependence on key suppliers, granting of permits and licenses in a highly regulated business, competition, low profit market segments as well as general economic, market and business conditions, and could differ materially from what is currently expected.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Michael Dalsin
    Chairman, Patient Home Monitoring
    Managing Director, Stanmore Capital Partners, Inc.
    (323) 253-3055

    Robert Munro
    Managing Director, The Chrysalis Capital Group Inc.
    1 (888) 448-4946