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News article received, Friday, April 30, 1999 11:10:27 AM EST
MedCare enhances business model to meet increased physician demand. New model will enable growth to exceed 300 Percent over expectations
OAK BROOK, ILL. (April 30) BUSINESS WIRE -April 30, 1999--MedCare Technologies, Inc. (NASDAQ: MCAR) today announced the launch of a second version of The MedCare Program.
In conjunction with over 300 physicians, The MedCare Program is the nation's largest network of conservative therapy centers for the treatment of urinary incontinence, a condition that affects up to half of all women and 1 out of 4 men after prostate surgery at an annual cost of over $26 billion. In the Company's expanded model, which has been requested by a large number of physicians, each new doctor shares the up front costs and pays a set monthly management fee. By doing so, the physician enjoys a higher revenue stream, while at the same time allowing MedCare to grow faster and reach a greater number of doctors that were previously excluded from the Program.
"With over 25 million sufferers in the US alone, the potential marketplace for treating incontinence numbers in the thousands of offices," comments Mr. Jeff Aronin, President and CEO of MedCare Technologies. "Despite the success that we've enjoyed with our present system, as evidenced by our revenues increasing by 35 percent per month in the first quarter, we are limited to certain practices and specialties because we assume all the risk. Our new model will allow us to grow much faster, and offer our program to a few hundred thousand more physicians. In fact, we've turned down many potential doctors in the past because they did not meet our model requirements. Now we have the ability of opening a MedCare Program site with these same physicians and treat their incontinent patients. Over the next three years, we expect an increase of 300 percent over our previous expectations."
ABOUT MEDCARE TECHNOLOGIES
MedCare Technologies is the developer of The MedCare Program, a non-drug, non-surgical system for the care and treatment of patients suffering from urinary incontinence. Despite being more prevalent than diabetes, and costing $26 billion annually, more than what is spent on dialysis and heart bypass surgery combined according to USA Today, incontinence remains one of the least talked about conditions in healthcare today. Unlike traditional treatment options, which are costly and often unsuccessful or inadequate, MedCare's treatment program is completely risk free and has a proven national success rate in excess of 85 percent. In association with over 300 physicians, MedCare has the largest network of offices treating UI in the US.
ABOUT MEDCAREONLINE.COM
MedCare Technologies, through its wholly owned subsidiary, medcareonline.com, Inc., has also developed www.medcareonline.com as a comprehensive healthcare portal offering extensive medical information. MedCare's health portal has been designed to meet the current grassroots movement sweeping across the web, where 46 percent of all online users search for information about a medical or personal problem according to a recent Intelliquest Inc. survey. MedCare's "vertical" portal provides health-specific information and resources, such as health travel advisory, health news, symposiums, medical journals and publications. In addition to offering comprehensive medical information to consumers, medcareonline.com also plans to offer free web hosting and home page services to an estimated 750,000 US physicians, enabling them to send and retrieve free e-mail, conduct e-commerce and allowing their patients to interact on various health topics in "disease and condition" specific chat rooms.
For additional information, including recent analyst reports, please contact Mr. Bill Mann at 800-611-3388 or visit our website at medcareonline.com
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.
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