Equity Technologies and Resources, Inc., Estimates Kentucky Medicaid Savings Of $20-$30 Million
August 05, 2002 2:10:00 PM ET
LEXINGTON, Ky., Aug. 5 /PRNewswire-FirstCall/ -- Equity Technologies & Resources, Inc. (OTC Bulletin Board: ETCR) President Frank Dickey estimates the patent-pending Verified Prescriptions Safeguards(TM) real-time reporting system will not only reduce prescription drug diversion, but can lead to a reduction in medical malpractice premiums and significant curtailment of Medicaid fraud. "Based on a 1996 report in the American Journal of Public Health," Dickey said, "we can estimate the annual savings in Kentucky alone would be between $20 and $30 million."
Dickey made the statement when he announced today that the Company has been notified by U.S. Congressman Harold Rogers' (R-KY) office that the Kentucky grant application has been received by the U.S. Department of Justice for funds to conduct a two-county pilot program of a real-time prescription drug diversion monitoring system. "This confirmation is extremely important in that it assures us the process is on track for securing Federal funds from the Harold Rogers Prescription Drug Diversion Monitoring Fund." Dickey noted the two-county pilot project authorized by the 2002 Kentucky General Assembly will commence later this year.
The fund was established by the House Appropriations Committee, chaired by Virginia Congressman Frank Wolfe, in the name of Kentucky Congressman Harold Rogers. "The two-county pilot program, authorized by the Kentucky General Assembly and Governor Paul Patton, will take place in Eastern Kentucky, where some areas are ravaged by controlled prescription painkillers being sold on the street," Dickey said. "The VPS(TM) system tracks prescription transactions between the physician and the pharmacy in real time to create an electronic record that will assist regulators and law enforcement in curtailing prescription drug diversion and abuse."
This press release contains forward-looking statements that reflect the Company's current expectations regarding future events. While these statements reflect the Company's best current judgment, they are subject to risks and uncertainties. Actual results may differ significantly from projected results due to a number of factors, including, but not limited to assumptions beliefs and opinions relating to the business and growth strategy of Equity Technologies & Resources, Inc. and it's wholly owned subsidiary Verified Prescription Safeguards, Inc., and implementation thereof, based upon the Company's interpretation and analysis of financial and market conditions, the decisions of businesses with whom the Company is either engaged in business with or negotiating, healthcare industry trends and management's ability to successfully finance, develop, market, sell and implement its e-commerce and internet solutions, clinical and financial e-transaction services and software applications to physicians, pharmacies, governmental agencies, laboratories, insurance companies, HMO's, and payers. These factors and other risk factors are more fully discussed in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any intent or obligation to update any forward-looking statements.
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