MedCare Signs Agreement with Largest Manager of US Not-For-Profit Hospitals-Quorum Health Resources,LLC
OAK BROOK, IL., Dec 13, 1999 (BUSINESS WIRE) -- MedCare Technologies,
Inc. (NASDAQ: MCAR) announced today that it has signed a Strategic
Service Partner Agreement with Quorum Health Resources, LLC, the
largest manager of not-for-profit hospitals in the United States. This
Agreement designates the MedCare Program as the primary provider of
hospital based programs providing conservative treatment of urinary
incontinence for its affiliated facilities.
Quorum Health Resources manages approximately 214 hospitals and
provides consulting services to more than 180 additional hospitals and
has operations in 44 states and the District of Columbia.
Quorum Health Resource's Strategic Partner Program is designed to
identify companies in designated service areas and to partner with such
companies to provide access to these services at a competitive price to
its affiliated facilities. There are presently 44 such Strategic
Service Partner relationships in place.
"Since launching our new business hospital model, this is the most
significant partnership we have put in place," said Jeff Aronin,
President and Chief Executive Officer. "This three-year agreement
clearly demonstrates the credibility and interest level that our
Program has achieved in the hospital market. We believe that the
signing of this agreement provides us with an excellent opportunity to
pursue additional national agreements, maintain our market leadership
position and enhance our overall marketing efforts. Furthermore, it
should allow us to grow and expand our incontinence treatment business
at a faster pace and create additional opportunities for our
RxSheets.com business."
Based on studies, it is estimated that incontinence affects upwards of
25 million people in North America. The MedCare Program is offered as a
comprehensive continually supported program that provides an effective,
non-intrusive treatment for sufferers of incontinence. MedCare provides
the equipment, technology and training to the treatment site, as well
as, ongoing support through its clinical and billing divisions. The
training is all-inclusive in order for a hospital to promote a
successful program, including proven protocols for equipment operation,
community education, billing, managed care and outcomes. In addition,
the Company offers a variety of financing options to the hospital
through a plan developed with American Express Equipment Finance.
MedCare Technologies, Inc. is a healthcare technology service company
that focuses on under-served high growth markets. The Company began by
developing the MedCare Program, now the nations leading conservative
therapy for treating urinary incontinence, a hidden health condition
that, at approximately $26 billion, costs more than diabetes and bypass
surgery combined. The Company also recently launched RxSheets.com
(www.rxsheets.com), which offers a wide array of compelling and focused
information and services, including drug sample requests for
physicians, drug protocols and studies, research information, and other
pertinent aspects of the $270 billion worldwide pharmaceutical market
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.
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