GenoMed Qualifies For Health Savings Account (HSA) Reimbursement
CONTACT: GenoMed Inc. David W. Moskowitz, MD, MA, FACP (314) 652-0500 dwmoskowitz@genomedics.com
For Immediate Release
ST. LOUIS, MO. – July 14, 2004 – GenoMed, Inc. (Pink Sheets: GMED), a Next Generation DM™ (Disease Management) company that uses its expertise in medical genomics to improve clinical outcomes, announced today that it qualifies for reimbursement via the Health Savings Account (HSA) legislation recently approved by Congress.
Health Savings Accounts (HSA's) can be used to pay for medical expenses outside of a health plan's usual coverage. Both employers and employees can contribute tax-free dollars to the HSA, which can then be used to pay for eyeglasses, dental visits, preventive medical care, and so on. Within broad limits, the employee can decide what the funds are spent on. Information about HSA's are given on the Internal Revenue Service website at irs.gov
Said Dr. David Moskowitz, GenoMed's CEO and Chairman, "HSA's are the perfect vehicle for reimbursement for GenoMed. We offer effective preventive medicine at a reasonable price, well within what every Health Savings Account can afford."
Dr. Moskowitz continued, "HSA's give people direct control over their healthcare expenses for the first time ever. Instead of having to pay out of pocket for GenoMed's Disease Management services, now employees can use their HSA to pay for our Clinical Outcomes Improvement Program (COIP[tm]). The only thing standing in the way of better public health now is simply getting the word out about GenoMed's superior clinical outcomes. Once employees with HSA's and diabetes or high blood pressure hear that we can prevent kidney failure if we start treatment early enough, they can avail themselves of our treatment right away. Same for patients with emphysema."
Dr. Moskowitz ended by saying, "Congress is already encouraging employers to adopt HSA's for their employees so as to rein in healthcare costs. Of all the healthcare players, only the patients themselves and their employers are financially incentivized to prevent disease. The rest of the healthcare system thrives on sickness. GenoMed's unparalleled effectiveness at preventive molecular medicine dovetails perfectly with the financial instrument which Congress has just created. It's a win-win situation for patients, their employers, and GenoMed's investors."
About GenoMed
GenoMed is leading the worldwide medical revolution which medical genomics has already made possible. In addition to looking for new disease-predisposition genes, the Company is currently marketing its treatment to prevent kidney failure due to diabetes and high blood pressure, and to delay emphysema. This summer, GenoMed is conducting a global, Internet-based clinical trial against West Nile virus encephalitis. To enroll, just go to www.genomedics.com and click on "West Nile virus trial." |
