Patient Home Monitoring Corp.

September 06, 2011 20:45 ET

Patient Home Monitoring (PHM) Announces the Award of a Prestegious Accreditation From The Joint Commission, August Growth Figures, and an Updated Investor Presentation

SAN FRANCISCO, CALIFORNIA--(Marketwire - Sept. 6, 2011) - Patient Home Monitoring (PHM) (TSX VENTURE:PHM), a company focused on in-home cardiology disease management services, today announced that it has earned The Joint Commission's Gold Seal of Approval™ for accreditation by demonstrating compliance with The Joint Commission's national standards for health care quality and safety in home care. Additionally, PHM announced meters shipped for August 2011 and released an updated investor presentation.

Joint Commission Accreditation

The Joint Commission accreditation award recognizes PHM's dedication to continuous compliance with The Joint Commission's state of the art standards.
The Joint Commission's standards address the organization's performance in specific areas, and specify requirements to ensure that patient care and services are provided in a safe manner. An independent, not-for-profit organization, The Joint Commission is the oldest and largest standards-setting and accrediting body in health care in the United States (

PHM underwent a rigorous unannounced on-site survey in July 2011. A team of Joint Commission expert surveyors evaluated PHM for compliance with standards of care specific to the needs of patients, data management, leadership and regulatory review of medical equipment.

"In achieving Joint Commission accreditation, PHM has demonstrated its commitment to the highest level of care for its patients," says Margherita Labson, R.N., executive director, Home Care Accreditation, The Joint Commission. "Accreditation is a voluntary process and I commend PHM for successfully undertaking this challenge to elevate its standard of care and instill confidence in the community it serves."

"The Joint Commission accreditation positions PHM at the top of the market in terms of quality and excellence in care. This accreditation affirms the culture of excellence our customers have come to expect," says Nathan Gilliland, Chief Financial and Operations Officer, "and will reinforce PHM's standing in the market with prospective customers."

August 2011 Growth From New Patient Enrollment

At the end of each month, PHM classifies revenue into two components:

  1. Existing Patient Services. PHM generates a recurring monthly revenue stream from enrolled weekly testers.
  2. New Patient Enrollment. New patients add to the existing monthly revenue stream.

Once enrolled, PHM ships a meter with an expected 5-year economic life to a patient. With this meter investment, PHM generates monthly recurring revenue by providing weekly monitoring services to the patient.

Understanding how many meters were shipped to newly enrolled patients each month is relevant for analyzing growth because shipment of a meter is a prerequisite to performing INR (1)tests eligible for reimbursement (2).

PHM shipped 157 meters in August 2011.

These new meters were shipped to patients who have been prescribed weekly INR tests. If these new patients, along with the patients added in July 2011, achieve compliance levels equal to those generated by existing patients, the tests would generate additional annual revenues in excess of $400,000 above and beyond the revenue reported for the quarter ending June 30, 2011.

Updated Investor Presentation

PHM has released an updated investor presentation on its investor website:

(1)International normalized ratio ("INR") tests are used as measures of current and future sales performance. Please refer to the "Non-GAAP Measures" section of PHM's MDA for further discussion on these operational measures.

(2)Management does not mean to suggest or imply that shipment of meters is equivalent to revenue. Meter shipment is a prerequisite, but not a guaranty, of revenue. Management does not propose meter shipments as a non-GAAP financial measurement, because there is no simple reconciliation between meter shipment and GAAP revenue.

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, 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

  • Stanmore Capital Partners, Inc.
    Michael Dalsin
    Managing Director
    +1(323) 253-3055