accidentally happened upon this company. future sounds promising. who are the competitors of this new joint venture company(cybercare)?
tia for any info
rhonda
Medical Industries of America Announces Agreement Between CyberCare & Nortel for e-Care System
BOYNTON BEACH, Fla.--(BW HealthWire)--July 13, 1999--Medical Industries of America (Nasdaq:MIOA) announced Tuesday that CyberCare Inc., currently in the process of being acquired by MIOA, and Nortel (Northern Telecom) (NYSE:NT) (TSE:NTL) have signed an agreement to jointly monitor a complete, reliable home health/remote health system that enhances the accessibility and delivery of medical care at a lower overall cost.
The CyberCare System, promises to significantly advance the delivery of health care in North America and abroad.
The System enables health care providers to see and talk with patients in their homes and access key health indicators such as heart rate, blood pressure, blood-oxygen and blood-sugar levels. In addition to home care, other sectors of the healthcare field such as assisted living centers and nursing homes will likely benefit from this durable, network-friendly telehealth solution.
The CyberCare technology was originally developed by Medical College of Georgia and the Georgia Institute of Technology to improve the management of chronic medical conditions through the application of low-cost telemonitoring and video links in combination with a reduced need for on-site care. The integration of cost-efficient multimedia networks and human resources promotes wellness and medical stability. The reduced utilization of high cost in-hospital and emergency resources is a side benefit to the real user -- the patient.
"The product is geared to help keep people with chronic health problems as healthy as possible and avoid unnecessary hospitalizations," said Michael F. Morrell, chairman and chief executive officer of MIOA. "In the United States, some 30% of all health costs are spent on 1% of the population, 80% of which are chronically ill. In addition to the high marks received from patients it clearly makes great business sense for Health Maintenance Organizations and other payers to use the MIOA solution."
"The System is a great complement to Nortel's Healthcare Solutions portfolio. It offers Nortel's healthcare customers the ability to further capitalize on the existing network investment by creating a value added service to the members and patients of their healthcare system," said Robert Horne, vice president, Nortel Healthcare Solutions development.
"This application requires the type of networking expertise for which Nortel is known," said Dr. Max E. Strachura, director of Medical College of Georgia's Telemedicine Center. "We are excited to be working with CyberCare in delivering this service to the healthcare industry."
Based in Boynton Beach, MIOA currently operates sleep centers, pain centers, physical occupational and speech therapy centers, pharmaceutical services and one of, if not, the world's largest international air ambulance transport services.
Nortel works with customers worldwide to design, build and deliver telecommunications and IP-optimized networks. Customers include public and private enterprises and institutions; Internet service providers; local, long-distance, cellular and PCS communications companies, cable television carriers, and utilities.
Nortel's common shares are listed on the New York, Toronto, Montreal, Vancouver and London stock exchanges. Nortel had 1997 revenues of US $15.5 billion and Bay Networks, a wholly owned subsidiary of Nortel, had revenues of US $2.4 billion during its most recent fiscal year. The combined company's workforce totals approximately 80,000 employees worldwide.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties, including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, regulatory approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the company's filings with the Securities and Exchange Commission.
CONTACT:
Medical Industries of America, Boynton Beach
Linda Moore, 561/737-2227
KEYWORD: FLORIDA INTERNATIONAL CANADA
BW1214 JUL 13,1999
6:50 PACIFIC
9:50 EASTERN
|
