LAFAYETTE, LOUISIANA--(Marketwired - Dec. 10, 2015) - Patient Home Monitoring (PHM) (TSX VENTURE:PHM), a profitable company focused on the annuity-based healthcare services market in the US, announced that it released a calendar year end update on growth initiatives and operations.
PHM is offering an ever-larger suite of products and services to an increased geographic footprint in the US. While investing in enrollment growth for all of its existing products and services, PHM's mission in the market has always been to offer newly reimbursed and high demand services and products to patients. These cutting edge products often offer higher margins and limited competition.
PHM has made it a priority in time and resources, since the acquisition of Sleep Management, to establish improved procedures for launching respiratory services into existing markets as well as new geographical areas. The success is being seen clearly through a growth of respiratory services throughout the well-established markets that PHM has historically served with other product lines. The growth in respiratory services is primarily the result of integrating acquisitions made earlier in the year and better utilizing the infrastructure and scale that has been created by PHM.
In addition, PHM has launched initiatives throughout a number of new service and product lines that will continue to augment its existing lines. While none of these are at a point of significant revenue generation, PHM is very optimistic about its plan to significantly expand its patient database through participation in Accountable Care Organizations (ACOs) and Managed Service Organizations (MSOs). These prospects, as well as additional services lines, will continue to drive new opportunities and PHM will deliver more updates in the future.
While the fourth quarter was heavily focused on integration of new acquisitions and divisions, the first quarter has been focused on growth among these divisions. As a result, the fourth quarter is expected to have higher than usual expenses, but the first quarter is on track to be a record quarter for both revenues and EBITDA.
"We are enthusiastic about offering new products and services to our growing list of patients and referring professionals," said Casey Hoyt, CEO of PHM. "The MSO initiative is particularly exciting in that we can improve the financial impact for certain referring physician groups to improve patient care. This will give them an added incentive to enroll patients in money-saving home healthcare solutions with PHM."
"We continue to be focused on improving services offered to patients, increasing our geographic footprint and growing our business through a dual pronged approach of organic growth and accretive acquisitions," continued Mr. Hoyt. "I am optimistic that 2016 will be a record year in terms of revenues and profits."
As with every calendar year end, updates in coverage by Medicare have been made effective for 2016 for all of PHM's products and services. See www.cms.gov for details.
About PHM
The explosive growth in the number of elderly patients in the US healthcare market is creating pressure to provide more efficient delivery systems. Healthcare providers, such as hospitals, physicians and pharmacies, are seeking partners that can offer a range of products and services that improve outcomes, reduce hospital readmissions, and help control costs. PHM fills this need by delivering a growing number of specialized products and services to achieve these goals. PHM is a positive cash flow and profitable company that serves patients with heart disease and other chronic health conditions, this operation is a platform for acquisitions and organic growth. PHM is focused on a highly fragmented and developing market of small privately-held companies servicing chronically ill patients with multiple disease states caused mainly by age and obesity. Because of the new and highly fragmented nature of the market, PHM is actively working to identify and evaluate profitable, annuity-based companies to acquire their patient databases and technical expertise at favorable prices. PHM's post acquisition organic growth strategy is to increase annual revenue per patient by offering multiple services to the same patient, consolidating the patient's services and making life easier for the patient. The expected result is growing EPS with each acquisition and growing revenue and profits from the cross selling efforts.
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Forward-Looking Statements
Information in this news release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. Implicit in this information, particularly in respect of the future outlook of PHM and anticipated events or results, are assumptions based on beliefs of PHM's senior management as well as information currently available to it. While these assumptions were considered reasonable by PHM at the time of preparation, they may prove to be incorrect. Readers are cautioned that actual results are subject to a number of risks and uncertainties, including the availability of funds and resources to pursue operations, decline of reimbursement rates, dependence on few payors, possible new drug discoveries, a novel business model, dependence on key suppliers, granting of permits and licenses in a highly regulated business, competition, difficulty integrating newly acquired businesses, low profit market segments as well as general economic, market and business conditions, and could differ materially from what is currently expected. This press release refers non-GAAP and non-IFRS financial measures that do not have standardized meaning prescribed by GAAP or IFRS. PHM's presentation of these financial measures may not be comparable to similarly titled measures used by other companies. These financial measures are intended to provide additional information to investors concerning PHM's performance.