SAN FRANCISCO, CALIFORNIA--(Marketwire - June 19, 2012) - Patient Home Monitoring Corp. (TSX VENTURE:PHM), a company focused on in-home cardiology healthcare services, today announces its monthly progress report on its business as it expands into becoming a provider of multiple in-home healthcare services for cardiology patients.
PHM continues to build its platform for management of clinical operations. In the past quarter, PHM has rolled out a state-of-the-art software application for linking in-home data and launched its National Dosing Support Center. In May and June, PHM management has been assessing various in-home services suitable for its cardiology market patients to expand its offering in the following underserved large markets:
- Heart-healthy weight loss programs
- Corporate wellness services
- Sleep monitoring
- Overnight event monitoring
- Residentialist services (House calls)
- Hospital readmission reduction programs
- In-home monitoring for health plan patients
- Alert programs
- Smart phone technology services support
PHM management plans to finalize the decision for its next initiative into a new market in the coming months, as the first step in a process of leveraging its platform to cardiologists to achieve complementary offerings for broader patient management. PHM is assessing each area based upon criteria including low marginal costs, low capital costs, high levels of demand from the current patient base and regulatory risks.
Monthly Growth in Blood Thinner Patients
As PHM begins to focus upon a broader market offering, PHM will shift announcing monthly meter shipments and INR tests to each quarter, starting in June 2012. PHM plans to continue to invest in this high margin business and expects continued growth from the business. As PHM expands into multiple revenue lines, management will present appropriate key performance indicators. PHM has grown monthly by adding patients on blood thinners to their long-term annuity stream business.
- Monthly Growth. PHM generates a recurring revenue stream from enrolled testers by recording a weekly INR value and transmitting the information to the patient's healthcare provider.
- In May of 2012, PHM recorded 9,335 INR tests.
- In May of 2012, PHM shipped 115 meters. 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).
"As announced last month, we are using this opportunity in the young life of PHM to expand into new areas of service that will benefit our current patients and referral doctor groups," said Dr. Jaime Gerber, PHM's CEO. "We continue to believe in the power of our platform and now we will leverage our investment in this platform to enter one or more of these exciting growth markets. This will give us multiple revenue streams and will help PHM take advantage of the loyalty it has earned from current cardiology groups."
"We believe that continued high quality work in our blood thinner monitoring services and clinic management is key to our success in new markets," continued Dr. Gerber. "The local clinics will be the foundation for providing new and innovative services to our existing patients and referral groups."
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(r) 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.
(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 MD&A 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 guarantee, 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.
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:
Chairman, Patient Home Monitoring
Managing Director, Stanmore Capital Partners, Inc
(323) 253-3055