SAN FRANCISCO, CA, Feb. 24 /CNW/ - Patient Home Monitoring (PHM)
(TSXV:PHM), a company focused on in-home cardiology healthcare
services, today announced it has signed an agreement to provide
facilities that will support the operations of a Coumadin point-of-care
(POC) clinic for patients currently served by a major hospital system
in Southern California.
The POC clinic, with the support of PHM, will replace the operations of
an existing tele-management hospital-based Coumadin clinic
facility. Patients will receive expanded options for treatment of
cardiac conditions, including the opportunity to participate in patient
self-testing (PST), POC testing and the option of walk-in face-to-face
evaluations. Patients may also receive PST training at the facility,
located on the hospital campus. The upgraded facility, supported by
PHM, will be available to serve over 1500 area physicians who prescribe
Coumadin to patients and seek a high quality and efficient solution for
testing and managing patients, whether through testing at home, at the
clinic or some combination of both.
"I believe that PHM has created a model and demonstrated its ability to
operate its high-margin annuity-based PST business and handle steady
growth. I am excited about exploring other ways to extend our service
offerings and continue to expand our revenue growth," said Ed
Berenblum, Chief Executive Officer of PHM. "Since last summer, we have
put extraordinary focus on executing our PST business model of
systematic enrollment of patients served by large cardiology groups.
This model increases revenue opportunities for the referring
physicians, reduces the labor for their practice and results in
markedly higher account penetration than that achieved by the
competition. This model is the mainstay of our business, as it creates
strong margins from repeat monthly customers with steady and
predictable growth. Fortunately, we are now positioned to take
advantage of our reputation and experience and create additional
related avenues to serve the cardiac patient market and enroll patients
into PHM's self-testing services.
"By stepping into the point-of-care facilities business at first in a
support role," continued Mr. Berenblum, "PHM has found a limited risk
way to broaden the reach to its customer base, namely physicians with
patients on Coumadin therapy. The support of Coumadin clinic
facilities in select, high income, high patient density markets,
positions PHM to capitalize efficiently on referrals from large
cardiology and electrophysiology groups as well as from small
cardiology and primary care practices in the area. Some of the Coumadin
clinic support operations can be performed from our San Francisco call
center, further reducing the operating cost of these facilities.
"I believe this model has the potential of increasing revenue while
establishing a significant barrier to entry around a large local
market," concluded Mr. Berenblum. "Our focus continues to be on
executing our business model. By offering POC facilities services, PHM
can both increase PST enrollment and realize additional revenue from
related services with little additional investment or expense."
PHM is a healthcare services company focused on providing in-home and
point of care testing for patients on blood thinner medications such as
Coumadin or warfarin. Medicare recently expanded reimbursement for
in-home patient self testing (PST) of blood coagulation levels. 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.
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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this statement.
SOURCE PHM Patient Home Monitoring
For further information:
|Michael Dalsin |
Chairman, Patient Home Monitoring
Managing Director, Stanmore Capital Partners, Inc.
416-815-0700 ext. 241