CARESPAN HEALTH PROVIDES STRATEGIC BUSINESS UPDATES AND ANNOUNCES LEADERSHIP TRANSITION
VANCOUVER, BC, Oct. 8, 2024 /CNW/ - CareSpan Health, Inc. (TSXV: CSPN) ("CareSpan" or the "Company") a digital healthcare company focusing on primary care and mental health through its provider networks American-APN and American-Med Psych, and its "Clinic-in-the-Cloud" integrated digital care platform, provides an update on recent strategic initiatives and announces a leadership transition.
U.S. Military Contracts Expansion
CareSpan continues to focus on expanding its network of providers performing medical examinations for U.S. military veterans and reservists - a business segment with improved margins. Despite continued growth in its provider network, a decline in referral volumes possibly due to federal budget adjustments and contract management strategies, the Company remains optimistic about the potential impact of The PACT Act,1 which the Company expects to drive increased demand for V.A. medical exams and boost the volume of disability assessments as backlogged claims are processed.
Golden Care Solutions Partnership
The Company has deepened its collaboration with Golden Care Solutions, leveraging CareSpan's Clinic-in-the-Cloud™ platform to support comprehensive preventive services such as Annual Wellness Visits, Remote Patient Monitoring ("RPM"), and Chronic Care Management ("CCM"). CareSpan has signed a new agreement with Golden Care Solutions to expand RPM and CCM services to members of the American-APN (AAPN) network. This partnership aims to empower practices nationwide to deliver value-based care and drive better health outcomes.
Update on ChopraX Transaction
Further to its press releases dated November 7, 2023 and July 8, 2024, the parties have terminated the definitive agreement entered into between the Company and ChopraX LLC, dated September 12, 2023. Notwithstanding the termination, the Company and the team at Chopra intend to collaborate with respect to utilizing the "Chopra Whole Person Care" brand in the Company's digital care platform and will continue working with Dr. Sheila Patel as Medical Director.
Leadership Transition
CareSpan announces that its Chief Financial Officer, Leslie Markow, has resigned from her position as Chief Financial Officer of the Company, effective September 3, 2024. Ms. Markow is remaining with the Company on an interim basis as a contractor, to facilitate a smooth transition of responsibilities to her successor (once identified). Ms. Markow's contributions have been invaluable, and her continued involvement will ensure a seamless handover as CareSpan advances its strategic initiatives.
Outlook and Future Initiatives
CareSpan continues to focus on scaling its digital health solutions and expanding its provider networks to capture opportunities in underserved U.S. markets. The strategic talks with a potential artificial intelligence ("AI") partner are ongoing, with the goal of aligning CareSpan with AI capabilities that enhance clinical decision-making and operational efficiencies.
CareSpan is a healthcare technology and services company. CareSpan, with its office in British Columbia, is the parent company of the CareSpan group, which holds a 100% interest in its operating subsidiary, CareSpan Holdings, Inc., a Delaware incorporated company. CareSpan is a healthcare technology and services company that operates a digital platform integrating remote patient monitoring, diagnostic tools, patient electronic health records, and telehealth services. CareSpan's Clinic-in-the-Cloud™ platform supports both in-person and virtual care, aiming to improve healthcare access and outcomes globally.
This news contains "forward-looking statements" within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements") which reflect the current expectations of management of the company's future growth, results of operations, performance, and business prospects and opportunities, including the statements made above with respect to: (i) the Company's opinion on the impact of The PACT Act, and the resulting increase in demand for V.A. medical services; (ii) the implications of the expanded services with Golden Care Solutions; (iii) seamless transition to a new Chief Financial Officer; (iv) strategic talks with an AI partner to advance the AI capabilities of the Company and the resulting effects on the Company's operations; and (v) the intended collaboration with the Chopra team. Forward-looking statements are frequently, but not always, identified by words such as "may", "would", "could", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential for", "intend" and similar expressions or the negative of these terms or other comparable terminology, although these words may not be present in all forward-looking statements.
Forward-looking statements are based on management's assumptions as at the date of the forward-looking statements are provided, including but not limited to the following: the ability of the Company to execute its growth plans; the Company's ability to deliver and generate revenue from the Golden Care Solutions partnership; the ability of Company's management to execute its business strategy and deploy capital in an efficient and profitable manner; no adverse changes in the applicable regulatory environment of the Company; and Company's ability to sufficiently capture opportunities to grow. Though management believes that its assumptions are reasonable in the circumstances, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to differ materially from all or any of the future results, performance or achievements expressed or implied by forward-looking statements.
Risk factors that could cause the Company's actual results, performance, or achievements to differ from the forward-looking statements in this news release include, but may not be limited to: general market and economic risk; the ability of the Company's management to execute its strategy; the Company's ability to allocate capital in an efficient manner; the Company may never reach profitability and has a history of losses; risk of dilution and further share issuances to raise capital; consumer demand for remote patient monitoring in the United States; reliance on key personnel and management; and unexpected or adverse regulatory changes in the healthcare space. These factors should be considered carefully, and prospective investors should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in the news release are based upon what management currently believes to be reasonable assumptions, the Company cannot assure prospective investors that actual results, performance or achievements will be consistent with these forward-looking statements. Except as required by law, the Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
https://www.carespanhealth.com
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The Sergeant First Class Heath Robinson Honoring our Promise to Address Comprehensive Toxics Act of 2022 ( "The PACT Act"). |
SOURCE CareSpan Health, Inc.
Contact Information: Contact: Darrell Messersmith, Email: [email protected], Telephone: (888) 337-5889
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