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MEDCARE TECH INC (NASDAQ: MCAR)
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News July 8, 12:23 Eastern Time
MedCare Technologies Reports 35% Increase In 2nd Quarter Business
OAK BROOK, Ill., Jul 8, 1999 (BUSINESS WIRE via COMTEX) -- MedCareTechnologies, Inc. (NASDAQ Small Cap: MCAR), developer of The MedCare Program, America's largest network of conservative therapy centers for the treatment of urinary incontinence, today announced that the Company's system-wide second quarter patient traffic increased by 35% over the first quarter.
Total patient visits were 3,788 in the second quarter versus 2,796 patient visits during the first quarter, for which the Company receives $145 pervisit.
"With over 25 million sufferers spending over $26 billion on the treatment of incontinence in the US alone, the market for MedCare Program offices numbers in the thousands," states Mr. Jeff Aronin, President and CEO of MedCare Technologies. "Within a very short period of time, we have built the nation's largest and fastest growing system for treating incontinence - a hidden health problem that costs more than diabetes and bypass surgery combined. Our dominance in the market places us in a very enviable position as incontinence becomes a condition that more and more people speak openly about. Just as impotence came 'out of the closet', incontinence is also becoming a condition that people no longer hide."
Mr. Aronin continues, "MedCare's mandate is to focus on overlooked and underserved niches in healthcare. Just as our leadership in the conservative treatment of incontinence market, we expect to do the same with MedcareOnline.com, where we are building the world's largest on-line physician community offering a virtual world of medical tools, information and resources using a single point of access to address all medical needs.
"While many companies, including America Online (NYSE: AOL) and Lycos, are directing their attention to the crowded consumer market, we're focusing on both the physician and the consumer. In fact, it's the physicians that account for some $800 billion in annual healthcare spending. Few companies such as WebMd and Medcare have discovered a market that is technologically underserved - and we aim to respond to this need quickly. We're providing a 'virtual office' that will simplify physician's lives by integrating multiple administrative, transaction, communication and research functions into a single, easy-to-use Web-based solution. We are banding together with healthcare industry leaders to create a Medical Informatics solution for physicians where they can address their information and services needs through the Internet."
ABOUT MEDCARE
MedCare Technologies, Inc. is a healthcare technology service company offering services that improve the way physicians operate in today's changing environment. MedCare has a successful record of identifying and filling lucrative, untapped commercial voids, including the development of the MedCare Program, a non-drug, non-surgical treatment for patients suffering from Urinary Incontinence (UI). In association with hundreds of physicians nationally, MedCare is now the largest and fastest growing network of offices treating UI in the United States.
In addition, through its wholly owned subsidiary, Medcareonline.com. Inc., MedCare is providing an Internet Healthcare Portal for physicians. The portal will simplify healthcare practices by integrating multiple administrative, communication and research functions into a single, easy-to-use Web-based solution. Medcareonline has joined together with industry leaders to create a Medical Informatics solution for physicians where they can address their information and services needs through the Internet.
THE HEALTH.NET INDUSTRY
In a recent institutional research report entitled "The health.net Industry", Hambrecht & Quist analysts Stephen Fitzgibbons and Richard Lee state, "We believe the Internet will dramatically change how information flows and how people and organizations interact in healthcare. As an inexpensive, ubiquitous, and flexible technology, the Internet will be used to streamline current processes, enhance the quality of care, and create entirely new ways of conducting business. Individual participants, such as patients and physicians, will benefit from the Internet's strength as an information source and a communications medium. Companies that successfully deploy Internet-based strategies will grow revenues and decrease costs at the expense of their less advanced competitors....Health.net companies, in our opinion, will be a driving force behind this change and reap the rewards of progress."
The companies mentioned in this report include Eclipsys, HBO & Co., now part of McKesson, IDX Systems, mediconsult.com, OnHealth Network, Healtheon Corp., Yahoo ! (NASDAQ: YHOO), AOL, and drKoop.com (NASDAQ: KOOP).
FOR ADDITIONAL INFORMATION
For additional information on MedCare Technologies, including recent analyst reports, please contact Mr. Bill Mann at 800-611-3388 or visit our website at medcareonline.com
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, changes in insurance reimbursement, economic conditions, the impact of competition and pricing, government regulation, and other risks defined in this document and in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof. |
