MedCare Continues Growth in Hospital Market, MedCare Program Adds Eureka Community Hospital
OAK BROOK, Ill., Dec 16, 1999 (BUSINESS WIRE) -- MedCare
Tech(NASDAQ: MCAR)
MedCare Technologies, Inc. (NASDAQ: MCAR), announced today that it has
entered into an agreement with Eureka Community Hospital, located in
Eureka, Illinois, for its nationally recognized MedCare Program. The
Program is the leading conservative treatment for millions of urinary
incontinence sufferers in the United States. This is MedCare's 5th
treatment site in the state of Illinois.
Eureka Community Hospital, a BroMenn Healthcare facility, is situated
within approximately 20 miles of the two metropolitan centers of Peoria
and Bloomington-Normal. As Woodford County's only community hospital,
Eureka offers a full complement of inpatient, outpatient,
rehabilitative, and emergency services. "We are very excited to be
working with MedCare to provide this valuable service to our
community," said Jeff Varney, Director of Support Services. "We are
very confident that patients participating in this program will
experience significant improvement related to incontinence symptoms."
"A few months ago, we refined our business model and started to focus
our sales and marketing attention on the hospital market," comments
Jeff Aronin, President and Chief Executive Officer of MedCare
Technologies. "While the sales process is longer, we now expect our
Program to begin to grow at a faster pace. The addition of more and
more profitable hospital sites to our network should provide us with
the catalyst for improved and profitable results."
Mr. Aronin continues, "The signing with Eureka demonstrates that the
demand for our product is coming from both large and small hospitals.
We are extremely encouraged by the response we are receiving from both
urban and rural hospital settings. It is a clear indication of the size
and scope of the market."
On December 13, 1999, the Company signed a Strategic Service Partner
Agreement with Quorum Health Resources, LLC, the largest manager of
not-for-profit hospitals in the United States. The agreement designates
the MedCare Program as the primary provider of hospital based programs
providing conservative treatment of urinary incontinence for its
affiliated facilities.
Quorum Health Resources manages approximately 214 hospitals and
provides consulting services to more than 180 additional hospitals and
has operations in 44 states and the District of Columbia
In November, MedCare signed an agreement with PHS Mt. Sinai Medical
Center-East, located in Cleveland, Ohio. In the third quarter, Aurora
Medical Group; part of Aurora Health Care, Wisconsin's leading
not-for-profit health care system with over 230 locations in 65
communities, was added to the MedCare Program network.
Based on studies, it is estimated that incontinence affects upwards of
25 million people in North America, at an annual cost of approximately
$26 billion. The MedCare Program is offered as a comprehensive
continually supported program that provides an effective, non-intrusive
treatment for sufferers of incontinence. MedCare provides the
equipment, technology and training to the treatment site, as well as,
ongoing support through its clinical and billing divisions. The
training is all-inclusive in order for a hospital to promote a
successful program, including proven protocols for equipment operation,
community education, billing, managed care and outcomes. In addition,
the Company offers a variety of financing options to the hospital
through a plan developed with American Express Equipment Finance.
MedCare Technologies, Inc. is a healthcare technology service company
that focuses on under-served high growth markets. The Company began by
developing the MedCare Program, now the nations leading conservative
therapy for treating urinary incontinence, a hidden health condition
that, at approximately $26 billion, costs more than diabetes and bypass
surgery combined. The Company also recently launched RxSheets.com
(www.rxsheets.com), which offers a wide array of compelling and focused
information and services, including drug sample requests for
physicians, drug protocols and studies, research information, and other
pertinent aspects of the $270 billion worldwide pharmaceutical market.
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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