SURC S & P Company Insights Search
SureCare, Inc. (SURC), formerly MediQuik Services, Inc., is a distributed healthcare company. Distributed healthcare is a new term that describes an emerging niche in the healthcare market. Distributed healthcare is disease focused linkage of goods distribution with consumer education and experience while collecting and distributing important clinical outcomes data. Distributed healthcare provides products and benefits both for the healthcare consumer (member) and the healthcare payer. Distributed goods include such items as nonprescription and prescription pharmaceuticals, equipment, testing supplies, educational materials, member monitoring, and consultations. The health care payers include government programs, self-insured, self-administered employers of all sizes, small to moderate sized health insurance companies, small to moderate sized health maintenance organizations, preferred provider organizations, pharmacy benefits managers, and third-party administrators. SURC's product offerings include diabetes and respiratory self-management programs that includes diabetes and respiratory equipment, supplies, and clinical status questionnaires. As SURC's business matures, the company intends to offer other disease-focused products, such as congestive heart failure self-management programs. In October 2000, the company developed a direct-to-consumer marketing program and began using the name SureCare in its operations. SURC evaluated the potential of this direct-to-consumer program in 2001 and decided to pursue a strategy of internal growth and development of the managed care and government plan markets through the distributed healthcare model. The company formally changed its corporate name to SureCare, Inc. on June 3, 2002. Total net revenue was $2,507,740 in 2001, an increase of 44% from $1,744,022 in 2000. According to the company, revenue growth was primarily derived from diagnostic product and pharmaceutical sales to managed care plans, providers and members.
History: INCORPORATED in Delaware as Cash Flow Marketing, Inc. in November 1998 to facilitate the reincorporation of a Colorado company of the same name (incorporated July 9, 1997) on a share-for-share basis Dec. 31, 1998. Also on Dec. 31, 1998, the company merged MediQuik Services, Inc. (predecessor). Pursuant to the merger, every 0.9327 of a Common share of predecessor was exchanged for one Common share of the company. The company subsequently changed its name from Cash Flow Marketing, Inc. to MediQuik Services, Inc. Name changed to SureCare, Inc. June 3, 2002. Predecessor was incorporated in Delaware Apr. 7, 1998, to acquire, on Apr. 20, 1998, the assets of MediQuik Services, LLC for 2,629,000 Common shares and the assumption of $160,000 in notes of MediQuik Services, LLC. Effective Sept. 1, 2000, the company received 7,251,600 membership units of MiraQuest Ventures LLC and $2,000,000 cash, represented in part by the cancellation of loans previously made by MiraQuest to the company, in exchange for 7,048,996 Common shares; 513,266 Ser. A Conv. Preferred shares; and a warrant for the purchase of an additional 650,000 shares of Common stock at $0.60 per share.
Subsidiaries:
ChronicRx.com
Capital Expenditures, thousand. US Dollar
Year Amount
2001 0
2000 287
1999 75 |
