SAN FRANCISCO, Aug. 30 /CNW/ - Patient Home Monitoring (PHM) (TSXV:PHM), a new company focused on in-home cardiology healthcare services, today released its post Reverse Take Over third quarter financial results, which primarily represent the period from the RTO on June 2, 2010 to June 30, 2010.
Q3 2010 Highlights
- PHM has been engaged by one of the largest cardiology groups in the
U.S., with over 50 cardiologists managing more than 3,500 patients on
Coumadin, to offer and service their entire patient base with PHM's
Patient Self-Testing (PST) services.
- As planned, PHM launched in-home monitoring services with patients
from this customer starting in April 2010.
- Extrapolating from current enrollment statistics, PHM's business
model has yielded 3 times the amount of patient enrollment per clinic
than its largest competitor.
- The Board successfully recruited Ed Berenblum as Chief Executive
- PHM's competitive advantage resonates strongly with its growing
pipeline of interested cardiology groups and Coumadin clinics.
- PHM closed equity financing of $4.5 million and listed on the TSX
- PHM developed and launched a comprehensive patient-friendly web site.
"We achieved a significant milestone," said Michael Dalsin, Chairman of Patient Home Monitoring. "We have seen PHM's competitive advantage in action. Statistically, PHM's systematic approach to PST enrollment in cooperation with a clinic can yield more than three times the amount of enrollment per clinic than the largest competitor. For the clinic, this leads to more patients, more efficient enrollment and better care for patients. It also leads to better financial outcomes for clinics. For PHM, this approach reduces acquisition cost per patient and increases our growth potential."
"In the third quarter, PHM continued to add the building blocks necessary to create a world class business," continued Mr. Dalsin, "After closing a $4.5 million equity financing and listing on the exchange, we recruited a highly regarded healthcare CEO from Genpact (NYSE: G), a GE spin off. Best of all, one of the largest cardiology groups in the US, which has become known for being a leader in improving patient care, chose PHM over its larger competitors to service their entire patient base with PST services."
"With regard to the financial results in this short quarter," Mr. Dalsin explained "virtually all of the expenses were related to the financing, reverse takeover and listing. The operational expenses were small, as PHM had only a few employees and consultants servicing a small group of patients from the large customer."
Mr. Dalsin concluded by saying, "PHM launched enrollment on schedule in April and started building a pipeline of interested cardiology groups. However, the company was not financed and listed until mid-June. Many of the steps required to meet market demand since launch have taken longer than we hoped, including bringing Ed Berenblum in as CEO in mid-July, enhancing marketing and sales materials to reflect our competitive advantage, satisfying Medicare and commercial payor credentialing requirements, and acquiring technology to improve the company's overall efficiency as it increases enrollment rates each day. Since Ed's arrival, progress has been made in these areas, and we are confident that the effects of these delays will be overcome."
"PHM has made progress in building new systems deliberately and thoughtfully to service the market demand as efficiently as possible," said Ed Berenblum, CEO of Patient Home Monitoring. "Keep in mind, this is a new and fast growing market, a new reimbursement code, a brand new company and a novel service offering; and while PHM has succeeded in its business model, the company continues to improve and hone its operational systems, work to acquire payor contracts and sharpen its offering to the target market."
"Through the experience of selling and servicing its first large customer," Mr. Berenblum explained, "PHM has confirmed its approach to successfully penetrate the market. With this knowledge in hand, PHM has begun to market to its list of other mid-size and large independent and hospital based medical groups, many of which have already expressed interest in the in-home testing and support services we provide."
"The company is finalizing its start-up phase," continued Mr. Berenblum, "We are recruiting an experienced sales team to approach the entire target market, we are finalizing our credentialing requirements with Medicare, and we now understand the resources and systems necessary to provide the services profitably in a fast growth enrollment environment. Once these steps are completed, PHM will launch into full commercial mode, where it can efficiently and profitably meet demand by enrolling numerous groups simultaneously, and offer a service with a unique and sustainable competitive advantage on a large scale."
Unlike competitors who market directly to patients as consumers, PHM leverages the long standing relationship the patient already has with their doctor. PHM provides high quality in-home services through the current Coumadin clinic owned by the doctor group. Because of this, PHM has a unique value proposition for physicians and clinic nursing staff, with whom it creates mutual benefits to service their patients.
PHM's experience in the market to date has confirmed that positioning itself as a company that provides comprehensive services for the large independent and hospital based physician group market, rather than as a direct-to-patient service competitor, yields a significant competitive advantage. PHM's centre of operations is its Patient Support Center (PSC) in San Francisco which provides the foundation for offering services to physician and hospital owned Coumadin Clinics. Leveraging its PSC, PHM offers physicians a systematic approach to PST enrollment that results in increased revenues through enrollment of a large percentage of patients, costs savings through scale and, perhaps most importantly, continued physician control over the patients' therapy and outcomes.
At June 30, 2010, PHM had total cash on hand of $3,317,889 and working capital of $3,162,802.
At June 30, 2010, PHM had total shares outstanding of 60,054,380.
PHM will post a recorded webcast with Mr. Dalsin and Mr. Berenblum in September 2010. For further information please refer to the Company's website and complete filings at www.sedar.com.
PHM is a healthcare services company focused on providing in-home testing for patients on blood thinner medications such as Coumadin or warfarin. In 2008 Medicare expanded reimbursement for in-home patient self testing (PST) of blood coagulation levels. PHM has a unique value proposition for cardiology groups and hospital based physicians that manage patients on blood thinners, focusing on systemization of enrolling patients in PST. This unique, systemized approach creates an opportunity for physician groups to operate more efficiently and profitably, while providing a higher standard of care for patients.
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.
SOURCE PHM PATIENT HOME MONITORING
For further information: For further information: Michael Dalsin, Chairman, Patient Home Monitoring, Managing Director, Stanmore Capital Partners, (323) 253-3055, firstname.lastname@example.org; Michael Moore, Investor Relations, Equicom Group, 619-467-7067, email@example.com