LOS ANGELES, CA -- (Marketwire) -- 03/19/13 -- MMRGlobal, Inc. (OTCQB: MMRF) ("MMR") and Healthcare Merchant Solutions ("HMS") today jointly announced that they have entered into an agreement to begin offering MMR's patented MyMedicalRecords Personal Health Record ("PHR") to HMS clients currently not doing business with MMR, including physician offices, surgery centers and other healthcare professionals, starting immediately. Healthcare Merchant Solutions is a provider of low cost payment processing solutions to more than 1,000 group medical practices and other providers throughout the United States. HMS will also offer a Personal Health Record to healthcare professionals who are not currently part of the HMS payment network.
Physicians who participate in the joint program will no longer find it necessary to charge patients for the controversial costs associated with providing patients copies of their personal health information. Instead, when patients sign up for a secure MyMedicalRecords Personal Health Record account, which covers up to 10 family members including pets, providers receive ongoing residual payments from MMR to cover those costs for the life of the account. According to Robert H. Lorsch, MMRGlobal CEO, "As a result of this program, healthcare professionals nationwide can offer a PHR and receive ongoing residual income to help offset the high cost of HIPAA compliance and requirements of Stage 2 Meaningful Use under HITECH starting in January 2014."
The two companies began working on this relationship in November 2012. HMS' disruptive approach to the market reduces physician processing costs by 50% or more than banks and other payment processing gateways. Using its embedded base of more than 1,000 physician clients, HMS will seamlessly integrate Personal Health Records in addition to the payment processing services they already provide. Philip Posen, Co-Founder of HMS, said, "We are very excited about this opportunity with MMR. More and more patients every day are asking for copies of their medical records and health information. If each physician we currently support provides an MMR Personal Health Record to only two patients per week, MMR and HMS will end up generating more than $10 million in combined revenue in the first stage of our rollout. From that amount, MMR will pay in excess of $2.5 million a year to physicians to offset costs of processing patient requests for their medical records under HIPAA for the life of a patient's account."
MMRGlobal is a leading provider of Personal Health Records (PHRs) including its MyMedicalRecords.com PHR and MMRPro document management and imaging systems for healthcare professionals. The Company was featured in a Special Report dated January 22, 2013 (http://michaelbass.com/PDF/Patent_Valuation.pdf), published by the Michael Bass Research Group on the Personal Health Records market, with particular emphasis on MMRGlobal's MyMedicalRecords health information technology global patent portfolio which at that time did not include issuances in Japan or Canada. According to the analysis, the report included a valuation of the Company's U.S. patents of between $600 million to $1.1 billion based on what is described as conservative estimates and that the market will reach a projected GDP value of $19 billion.
MMRGlobal, Inc., through its wholly-owned operating subsidiary, MyMedicalRecords, Inc., provides secure and easy-to-use online Personal Health Records ("PHRs") and electronic safe deposit box storage solutions, serving consumers, healthcare professionals, employers, insurance companies, financial institutions, retail pharmacies, and professional organizations and affinity groups. The MyMedicalRecords PHR enables individuals and families to access their medical records and other important documents, such as birth certificates, passports, insurance policies and wills, anytime from anywhere using the Internet. MyMedicalRecords is built on proprietary, patented technologies to allow documents, images and voicemail messages to be transmitted and stored in the system using a variety of methods, including fax, phone, or file upload without relying on any specific electronic medical record platform to populate a user's account. The Company's professional offering, MMRPro, is designed to give physicians' offices an easy and cost-effective solution to digitizing paper-based medical records and sharing them with patients in real time through an integrated patient portal. Through its merger with Favrille, Inc. in January 2009, the Company acquired intellectual property biotech assets that include anti-CD20 antibodies and data and samples from its FavId/Specifid vaccine clinical trials for the treatment of B-Cell Non-Hodgkin's lymphoma. To learn more about MMRGlobal, Inc. visit www.mmrglobal.com. View demos and video tutorials of the Company's products and services at www.mmrtheater.com.
About Healthcare Merchant Solutions
Healthcare Merchant Solutions (HMS) is a joint venture between a leading provider in the healthcare payment industry and leading healthcare industry experts. Together, we guide organizations in establishing, managing and expanding payment processing as well as other programs that positively affect their business. With over 24 years of experience in healthcare, payment processing and sales, we know the business of health. We understand the unique nature of healthcare businesses, and the impact payment processing costs have on practices. This understanding, together with our company's commitment to maintaining a standard of elite customer service, allows us to consistently meet the needs of our clients. With dedicated account managers individually assigned to each business, we deliver on our company's fundamental mission: to provide cutting-edge solutions, competitive pricing, and the support of a reliable and trusted partner that helps you add greater value to your business. For more information, visit www.healthcaremerchantsolutions.com.
All statements in this press release that are not strictly historical in nature, whether or not such statement relates directly to the agreement with Healthcare Merchant Solutions, and including, without limitation, intellectual property licenses, potential intellectual property enforcement actions, infringement claims or litigation, and future performance, management's expectations, beliefs, intentions, estimates or projections, constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results to be materially different from historical results or from any results expressed or implied by such forward-looking statements. Some can be identified by the use of words (and their derivations) such as "need," "possibility," "potential," "intend," "offer," "development," "if," "negotiate," "when," "begun," "believe," "achieve," "will," "estimate," "expect," "maintain," "plan," and "continue," or the negative of these words. Actual outcomes and results of operations and the timing of selected events may differ materially from the results predicted, and any reported results should not be considered as an indication of future performance. Such statements are necessarily based on assumptions and estimates and are subject to various risks and uncertainties, including those relating to the possible invalidity of the underlying assumptions and estimates and possible changes or developments in economic, business, industry, market, legal and regulatory circumstances and conditions and actions taken or omitted to be taken by third parties, including customers, suppliers, business partners, advisors, potential licensees, competitors and legislative, judicial and other governmental authorities and officials. Factors that could cause or contribute to such differences include, but are not limited to: unexpected outcomes with respect to intellectual property enforcement actions, claims of intellectual property infringement and general intellectual property litigation; our ability to maintain, develop, monetize and protect our patent portfolio for both the Company's health IT and biotechnology intellectual property assets in the U.S. and internationally; the timing of milestone payments in connection with licensing our intellectual property; our ability to establish and maintain strategic relationships; changes in our relationships with our licensees; the risk the Company's products are not adopted or viewed favorably by the healthcare community and consumer retail market; business prospects, results of operations or financial condition; risks related to the current uncertainty and instability in financial and lending markets, including global economic uncertainties; the timing and volume of sales and installations; the length of sales cycles and the installation process; the market's acceptance of new product and service introductions; competitive product offerings and promotions; changes in government laws and regulations including the 2009 HITECH Act and changes in Meaningful Use and the 2010 Affordable Care Act; future changes in tax legislation and initiatives in the healthcare industry; undetected errors in our products; the possibility of interruption at our data centers; risks related to third party vendors; risks related to obtaining and integrating third-party licensed technology; risks related to a security breach by third parties; risks associated with recruitment and retention of key personnel; other litigation matters; uncertainties associated with doing business internationally across borders and territories; and additional risks discussed in the Company's filings with the Securities and Exchange Commission, including disclosures about the Company's relationship with the Michael Bass Group since 2009. The Company is providing this information as of the date of this release and, except as required by applicable law, does not undertake any obligation to update any forward-looking statements contained in this release as a result of new information, future events or otherwise.
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