In order to update everyone, here is another press released issued today. It looks like they are starting to move again in the contracts and various activities:
WEST PALM BEACH, Fla.--(BUSINESS WIRE)--May 29, 1997--Paul A. Brown, M.D., chairman of HEARx Ltd. (AMEX: EAR), announced today that MDNY Healthcare, based in Melville, N.Y. (Long Island), a physician owned managed care organization, has signed a contract with HEARx covering hearing aids and diagnostic audiology for their members.
Under the terms of the contract, Medicare members participating in the "Classic Program" will be entitled to a $500 hearing aid benefit once every three years, while the Medicare members participating in the "Select Program" will be entitled to a $300 benefit. In addition to the credit when purchasing a hearing aid, members will also be entitled to receive, at no additional charge, a three year warranty, one year of batteries and a $200 trade-in value (should their hearing change or should they decide to upgrade to new technology). Dr. Brown stated that this contract is expected to significantly increase the company's revenues in this geographic region as the plan continues to sign up new members. Dr. Brown noted that MDNY Healthcare has already received Health Care Financing Administration (HCFA) approval for their Medicare program and has commenced marketing efforts to add new members.
HEARx, with the largest network of audio-vestibular rehabilitative centers in the $2 billion field of hearing services, operates 72 company-owned centers in Connecticut, Florida, New Jersey, New York, Pennsylvania, Oregon and Virginia. The company provides hearing care primarily to patients whose health insurance and managed care organizations have contracted with HEARx.
CONTACT:
HEARx Ltd.
Paul A. Brown, M.D.
561/478-8770 Ext. 12
or
Silverman Heller Inc.
Edward Silverman
212/682-9222
KEYWORD: FLORIDA
INDUSTRY KEYWORD: MEDICINE PHARMACEUTICAL
BW1004 MAY 29,1997
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