LOS ANGELES, CA -- (Marketwired) -- 04/08/13 -- MMRGlobal, Inc. (OTCQB: MMRF) ("MMR"), a leading provider of Personal Health Records ("PHRs"), MyEsafeDepositBox storage solutions and electronic document management and imaging systems for healthcare professionals, today announced a delivery system designed to bill for telemedicine services to patients through the Company's MyMedicalRecords Personal Health Record by charging additional fees on a per patient per month basis to employers, affinity group and membership organization clients as well as physicians, hospitals, ambulatory surgical centers, laboratory systems, pharmacies, mass merchandisers and other healthcare professionals, vendors and providers. According to Robert H. Lorsch, MMRGlobal, CEO, "Until now, it has been difficult to cost effectively treat patients through a telemedicine portal due to the fixed cost of maintaining 7x24 labor and technology and infrastructure. MMR meets the challenge by offering everything a provider will need to provision telemedicine services including telemedicine carts and portable telemedicine cases as part of the recurring monthly fees."
Also being launched with the telemedicine service will be a password-protected file entitled MyGenomics. MMR Advisory Board member Dr. Ivor Royston collaborated with the Company to create the MyGenomics file which can help physicians who are seeing a patient for the first time through a telemedicine portal or in person. Using genomics, physicians can evaluate a patient's risk to specific diseases or disorders, and other dominant and recessive variants, which can indicate if a patient could be susceptible to or carry specific diseases or disorders including certain drug sensitivities. An increasing number of patients are getting genomic testing to predict future disease trends in their body. MMR will be the first Company to integrate genomics to display disease trends side by side with Personal Health Records. Both the telemedicine billing and the Genomic folder capability will be launched to as many as 2,000 patients this quarter in connection with the April 15, 2013 release of the Company's two-way seamless communication between the MyMedicalRecords PHR and the 4medica Certified for Meaningful Use Integrated Electronic Health Record (4medica iEHR®) which MMR announced last month.
Continued Lorsch, "Just as we launched the PHR far in advance of the market, we are now striving to provision tools that will display the most comprehensive picture of a patient based on the latest in technology through their PHR to a physician online. Through the art and science of predictive medicine, MMR's PHR can help tell patients what's ahead and what's going on now with their health. By adding a genomics file to MMR's MyMedicalRecords Personal Health Record, doctors will have access to a patient's genomic test data in a password-protected MyGenomics folder, helping streamline patient diagnoses and reduce costs of care using predictive medicine."
The Company will sell and/or license MyGenomics and telemedicine services as part of its suite of patented MyMedicalRecords Personal Health Record products and services and other IP. While genomic testing today costs as little as $200 for specific screenings, and $5,000 for complete sequencing, predictions are that by 2015 complete sequencing test costs will be reduced to as little as $500 available as a standard of preventive care.
As the healthcare system moves closer to Stage 2 Meaningful Use implementation, the growth of Personal Health Records is projected to parallel the adoption of Electronic Medical Record (EMR) systems by primary care physicians, which is significant. Currently, 42% of the U.S. population is keeping health records for themselves and their family while only 7% of Americans use online PHRs. MMR is positioned to benefit from the projected growth in PHR revenues as the Company currently has seven U.S. health IT patents: U.S. Patent Nos. 8,301,466; 8,352,287; 8,352,288; 8,121,855; 8,117,646; 8,117,045; and 8,321,240, as well as additional applications and continuation applications with nearly 400 claims. The patents involve inventions pertaining to Personal Health Records, Patient Portals and other Electronic Health Record systems. With MMR's patented technologies, the Company is positioned to benefit from the fact that many believe PHRs have the potential to change provider relationships, enhance patient-physician shared decision making, and enable the healthcare system to evolve toward a more personalized medical model. Medical information on the Web has made patients more aware of symptoms, diagnostic tests, diseases, and treatment options.
MMR also has Personal Health Record patents and pending applications in other countries of commercial interest including Australia, Singapore, New Zealand, Mexico, Japan, Canada, Hong Kong, South Korea, Israel, and European nations. Since the founding of MyMedicalRecords in 2005, the Company's patented products and services have grown in value and were the subject of a special report published on January 22, 2013, which concluded that the value of the MMRGlobal's U.S. HIT patent portfolio could reach between $600 million to $1.1 billion in revenue (http://michaelbass.com/PDF/Patent_Valuation.pdf).
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 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.
All statements in this press release that are not strictly historical in nature, including, without limitation, intellectual property enforcement actions, infringement claims or litigation, intellectual property licenses, 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, 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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