SAN FRANCISCO, CALIFORNIA--(Marketwire - Aug. 20, 2012) - Patient Home Monitoring Corp. (TSX VENTURE:PHM), a company focused on providing in-home cardiology healthcare services via its high touch call centre and growing network of owned and partner cardiology clinics, commented today on the impact of the recent enactment of the Affordable Care Act (also known as "ObamaCare") and Medicare's proposed rule change to increase financial incentives to enroll patients into in-home Coumadin® monitoring.
PHM believes each of these developments will significantly enhance its value proposition to cardiologists and patients.
Increased Financial Incentives for Physicians enrolling Patients into PHM's Service
Medicare recently proposed a rule change that will favorably adjust reimbursements for PHM's cardiology group customers. Starting in 2013, doctors will receive additional financial incentives from Medicare to increase the average testing frequency for patients on Coumadin. This financial incentive should create a more abundant environment in which to increase patient enrollment into PHM's once per week Coumadin® monitoring service.
The recent announcement by the Supreme Court upholding the Affordable Care Act extends health care coverage to approximately 37 million additional Americans, helping to ensure services are available and affordable to significantly more patients in PHM's target market. Additionally, the role of Accountable Care Organizations ("ACOs") will expand, creating new market opportunities for PHM in the areas of home testing, wellness, obesity treatment, and reduction in hospital re-admissions. PHM anticipates this will increase the market size and demand for PHM's services.
"PHM will continue focusing on service offerings that will reduce long term healthcare costs while delivering quality care," commented Dr. Jaime Gerber, PHM's CEO. "The recent ObamaCare decision along with the changes being proposed by Medicare regarding physician reimbursements appears to be strongly supportive of PHM's strategy of providing high-touch, high compliance in-home monitoring services."
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.
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.