PRESS RELEASE: MEDCARE WILL OWN THIS MARKET ! ! ! !
Thursday April 9, 5:08 pm Eastern Time
Company Press Release
SOURCE: MedCare Technologies, Inc.
Priority Placed on Unit Growth and Gaining Market Share in 1998, With Goal Of Opening 90
MedCare Program Sites;
New Marketing Campaign at Pilot Site Producing Approximately $20,400 In Average Monthly Revenues, With
$9,500 in Expenses
MedCare has over $4 million in cash to support faster growth, still has no long term debt and recorded over
900 patient visits in 1st Quarter of 1998; Ms. Lynn Wertke joins as Executive Director of Clinical Division;
Mr. Al Lewis, renowned authority on disease management, joins MedCare's Medical Advisory Board;
OAK BROOK, Ill. /PRNewswire/ -- MedCare Technologies, Inc. (OTC bulletin Board: MCAR - news), developer of The MedCare Program, a proprietary
non-surgical and non-drug system for treating individuals suffering from urinary incontinence, today announced an important enhancement to its expansion
strategy which now places a greater emphasis on the growth in the number of MedCare Program sites nationally. ''Our original goal was to establish 65 new
MedCare Program locations in 1998,'' said Mr. Harmel S. Rayat, Chairman and CEO of MedCare Technologies. ''Our 85% plus clinical success rate, and our
ability to increase patient traffic and ancillary service business for affiliated MedCare physicians has lead to a much greater demand from doctors than we
initially anticipated. As a result, we've been adding experienced health care executives to our senior management team, and we now have the managerial
strength, and breadth to support a growth rate that will see MedCare opening 90 new sites by year end. While controlled growth at this pace may not result in a
significant bottom line in the near term, we believe a greater number of MedCare Program sites this year will allow the Company to obtain a significantly
larger market share than any other organization in the field of non-traditional incontinence treatment, and position MedCare for solid, longer term
profitability. With no debt and over $4 million in cash to support a much faster growth rate, we believe gaining market share in the short term is in the best
long term interest of our shareholders, and will invariably make us only stronger should we ever decide to add synergistic, value-added products or services
for the urological and urogynecological market through our unique MedCare Program office network.''
MedCare records over 900 patient visits and continues to receive praise
from physicians
MedCare Technologies today also announced that its MedCare Program sites
collectively had 923 patient visits during the first 3 months of 1998.
"What's most impressive with this patient visit traffic number is that we
actually only had 12 MedCare Program sites up and going during the first three
months of 1998, and many of these were not even open for the entire quarter,"
commented Mr. Jeff Aronin, MedCare's President and Chief Operating Officer.
"During the first quarter, we've primarily concentrated on fine tuning our
advertising and marketing strategies, hiring talented people and getting
corporate and clinical infrastructure in place so that we can meet our
projected goals, as well as signing up new doctors. Better still, we now have
over 1 year of operating history under our belt to be able to show new doctors
coming in what they can expect being part of the MedCare Program. At one of
our newer sites in Raleigh, NC, which was opened 6 months ago by Dr. Kane,
we've averaged over the last three months around $20,400 in monthly revenues,
and approximately $9,500 in monthly expenses. This office has been the pilot
site for our newest marketing and advertising campaign and now sees around 9
patients a day, and is typical of what we expect with our future locations.
These are compelling numbers when you consider that it costs us around $20,000
to $30,000 to establish each location on behalf of participating physicians."
Commenting on the success of his 6 month old MedCare Program office, Dr. Richard Kane states, ''The MedCare Program is an alternative method of treatment as
opposed to pharmaceutical or surgical intervention and my patients are embracing it. We are learning that early intervention and conservative therapy like the
MedCare Program should be implemented with most every patient.'' Another well respected urologist who has had similar experiences, Dr. Joel Slutsky,
affiliated with Rush Presbyterian St. Lukes Medical Center, adds, ''Incontinence is truly a horrible social problem, with sufferers who often feel like they're
trapped in their own homes. The MedCare Program will change the way physicians treat incontinence.'' Dr. Marc Colton comments that, ''MedCare offers a
proven, successful conservative therapy which is a crucial first step in the treatment of incontinence.''
The Company now has established or is in the process of opening the following locations in conjunction with leading local medical professionals:
City, State Medical Associate Affiliation Actual* or Projected
Open Date
Norman, OK Dr. Michael M. Blue Private practice 11/04/96*
Winter Park, FL Dr. Jake Jacobo Urology Consultants 03/10/97*
Denver, CO Dr. Rueven Rosen Denver Urology Clinic 06/02/97*
Raleigh, NC Dr. Richard D. Kane Triangle Urology 09/30/97*
Associates
Kankakee, IL Dr. Joel Slutsky Kankakee Urological 11/17/97*
Associates
Cleveland, TX Dr. Robert Rosen Private practice 01/05/98*
Toledo, OH Dr. Gregory Haselhahn Center Urology 02/09/98*
Associates
Lake Worth, FL Dr. Mark Lieberfarb Private practice 03/02/98*
Coral Springs, FL Dr. Michael Lazzopina Americare Health 03/09/98*
& Rehab
Phoenix, AZ Dr. William Crisp Associated 03/09/98*
Gynecologists
Fremont, CA Dr. Scott Kramer Private practice 03/09/98*
New York, NY Dr. Robert Gluck Midtown Urologic 03/30/98*
Associates
Stamford, CT Dr. Jon Waxberg Private practice 04/20/98
Roswell, GA Dr. Omar Eubanks North Fulton 04/27/98
Rehab Services
Fayetteville, NC Dr. Garret Franzoni Hoffman Urology Clinic 05/11/98
New Rochelle, NY Dr. Larry Roberts Private practice 05/18/98
Dallas, TX Dr. Brian Feagins Urology Specialists 05/18/98
& Associates
West Palm Beach,
FL Dr. Robert Burger Urologic Specialists 05/18/98
Baltimore, MD Dr. Marci Roenneberg Private practice 05/26/98
Clackamas, OR Dr. Herbert Tirjer Private practice 05/26/98
Amherst, OH Dr. Steven Lesley Lorraine Surgical 05/26/98
Specialists
St. Louis, MO Dr. Mohan Gursahani Bellview Urological 05/26/98
Group
Columbus, OH Dr. Stephen Richards Columbus Institute 06/02/98
For Female Incon.
Alexandria, VA Dr. A. Roger Weiderhorn Alexandria Urological 06/02/98
Associates
Silver Springs, MD Dr. Robert L. Urological Consultants 6/10/98
Goldman
Mine Hill, NJ Dr. Marc Colton Private practice 06/10/98
Peekskill, NJ Dr. Michael Altumura Premier Urological 06/18/98
Leading health care executives join MedCare Technologies
MedCare Technologies today announced the appointment of Ms. Lynn C. Wertke as Executive Director of MedCare's Clinical Division and Mr. Al Lewis as the
newest member of its Medical Advisory Board. Ms. Wertke holds an MBA from Keller Graduate School of Management and has spent over 15 years in the health
care industry, with the majority of her experience focused in urology, including sales, marketing and management positions at Circon ACMI and Surgitek
Corporation. ''Lynn brings a level of expertise to our Clinical Division which will allow us to open sites at a much faster rate than ever before,'' states Mr. Jeff
Aronin, President & COO of MedCare. ''Lynn has experience in many areas our Clinical Division needs to assist us through our corporate growth period, such as
forecasting, strategic planning, incentive programs, compensation, budgeting, and training and development.''
Mr. Al Lewis, formerly CEO of Peer Review Analysis, is one of the ''deans'' of the disease management industry. He is an advisor to many disease management
forums and Disease Management News. He pioneered the outsourced full-risk disease management transaction, and frequently contributes articles to Medical
Interface and other publications and is a featured presenter at leading disease management symposia nationwide. ''I am excited about the potential The MedCare
Program has to offer the managed care community,'' states Mr. Al Lewis. ''Their innovative approach addresses the HMO's need for a cost effective alternative
and answers the patients' desire for a non-invasive treatment option.'' On the appointment of Mr. Lewis to MedCare's Advisory Board, Mr. Greg Wujek, Vice
President of Managed Care at MedCare, comments ''There could not be a better time for Al to join MedCare. As managed care increases the number of
relationships with specialty health management companies, the focus on overlooked diseases or symptoms will prevail. MedCare's approach to the treatment of
incontinence falls in line with the current treatment trend of non-invasive alternatives and meets the needs of the growing diversity amongst HMO populations.''
MedCare Technologies has developed a cost effective, non-drug, non- surgical and non-invasive system for the care and treatment of patients suffering from
urinary incontinence. MedCare's proprietary treatment protocol does not require FDA approval, is covered by most health insurance plans and results in the
reduction or complete elimination of the most commonly found urinary incontinence symptoms. Unlike traditional treatment options, which are costly and often
unsuccessful or inadequate, MedCare's treatment program is completely risk free and has a three year history with a proven success rate in excess of 85%.
MedCare Technologies offers a multi- modality program based on behavioral techniques and neuromuscular electromyography biofeedback. The MedCare
Program is designed to mobilize and strengthen various sensory-response systems and is based on operant conditioning strategies whereby specific
physiological responses are progressively shaped, strengthened and coordinated. Affecting some 25 million Americans, UI is a $16 billion market and accounts
for almost half of all nursing home admissions. Despite being one of the most prevalent medical conditions in health care today, with almost half of all women
being affected at some point, UI remains a vastly under-serviced and over-looked market place.
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.
For more information, contact Mr. Bill Mann at 800-611-3388 or visit our website at medcareonline.com. |
