News
Thursday May 27, 2:30 pm Eastern Time
Company Press Release
SOURCE: HealthCare Imaging Services, Inc.
HealthCare Imaging Services, Inc., Announces
Exclusive Arrangement with National Healthcare
Resources, Inc.
MIDDLETOWN, N.J., May 27 /PRNewswire/ -- HealthCare Imaging Services, Inc. (Nasdaq: HISS - news), (HIS),
announced today that it has entered into a five-year, exclusive arrangement with National Healthcare Resources, Inc. (NHR),
to provide for the delivery of MRI services, and other radiology services to the extent practicable, through Atlantic Imaging
Group, LLC, a joint venture, to several large automobile insurance carriers in New Jersey including, but not limited to, Allstate
Insurance Company, Palisades Safety and Insurance Association, National General Insurance Company, Metropolitan,
National Continental Progressive Insurance Company and Highlands Insurance Group. NHR is a national provider of medical
claims management services, offering medical cost-containment and care management solutions to payors of medical claims.
NHR specializes in the medical and utilization management of automobile, workers' compensation and disability insurance
claims. NHR, which has been in a strategic partnership with Welsh, Carson, Anderson & Stowe since July 1995, is a leader in
disability and automobile cost containment services (case management) and will provide the medical case management services
on behalf of those insurers with which it has similar exclusive contractual arrangements.
As part of its effort to reduce automobile insurance premiums, the New Jersey Legislature adopted The Automobile Cost
Reduction Act of 1998, and in March 1999 the New Jersey Department of Banking and Insurance enacted regulations
allowing for the pre-certification of MRI and other diagnostic imaging procedures reimbursable through automobile insurance
policies before each procedure is performed.
As a result, NHR, on behalf of its contracted clients, will pre-certify patients requiring MRI and other diagnostic imaging
procedures and will direct them to Atlantic Imaging Group's network of contracted facilities, which is presently comprised of
over 70 diagnostic imaging facilities throughout New Jersey including those owned by HIS.
''We are pleased to align ourselves with one of the nation's largest case management firms,'' said Elliott H. Vernon, President of
the company. ''Our partnership with NHR will facilitate the delivery of high level, diagnostic imaging services, while contributing
to the coordinated efforts of the New Jersey Legislature and the Insurance industry to reduce automobile insurance premiums.''
Healthcare Imaging Services, Inc. is a healthcare management and services company that provides state-of-the-art healthcare
equipment, facilities and services to physicians, hospitals and other healthcare providers. The Company currently specializes in
magnetic resonance imaging and operates 11 diagnostic imaging facilities located in Brooklyn and New York City, New York;
Wayne, Edgewater, Ocean Township, Bloomfield, Voorhees (two facilities), Northfield and Williamstown, New Jersey and
Philadelphia, Pennsylvania. As previously announced, the Company is expanding its strategic direction into the area of physician
practice management and is currently in various stages of discussions and negotiations with several multi-specialty physician
practices and other healthcare providers.
This communication may contain certain ''forward-looking statements'' within the meaning of the Private Securities Litigation
Reform Act of 1995 that are based on the beliefs of the Company and its management. When used in this document, the words
''anticipate,'' ''believe,'' ''continue,'' ''estimate,'' ''expect,'' ''intend,'' ''may,'' ''should,'' and similar expressions are intended to
identify forward-looking statements. Such statements reflect the current view of the Company with respect to future events and
are subject to certain risks, uncertainties and assumptions, including, but not limited to, the risk that the Company may not be
able to implement its growth strategy in the intended manner, risks associated with the Company's need to refinance certain
near-term debt maturities and to redeem its convertible preferred stock, risks regarding currently unforeseen competitive
pressures and risks affecting the Company's industry, such as increased regulatory compliance, changes in payor reimbursement
levels and technological changes.
In addition, the Company's business, operations and financial condition are subject to the risks, uncertainties and assumptions
which are described in the Company's reports and statements filed from time to time with the Securities and Exchange
Commission.
Should one or more of those risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results
may vary materially from those described herein.
SOURCE: HealthCare Imaging Services, Inc.
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