LOS ANGELES, Oct. 7, 2010 (GLOBE NEWSWIRE) -- CompuMed, Inc. (OTCBB:CMPD) (http://www.compumed.net), a telemedicine and medical informatics company, announced that The Wall Street Transcript (TWST) published an in-depth interview with CompuMed CEO Maurizio Vecchione. The interview, which was published in the October 4th issue of TWST, is available at TWST's web site (www.twst.com/" target="_top" rel="nofollow">www.twst.com).
Mr. Vecchione opened the interview by pointing out that CompuMed is one of the pioneers in telemedicine. "Telemedicine is a word that has become very popular with healthcare reform and a new set of healthcare delivery models, but telemedicine actually started about 30 years ago," Mr. Vecchione said. He added that nowadays telemedicine is often associated with video conferencing. Under that definition, it just means seeing the doctor through the computer, a small piece of telemedicine.
"Our definition of telemedicine is the ability to reach a patient and provide that patient with actual medical care through the computer and over the Internet. Procedures can be delivered electronically directly in the patient's home or at non-hospital point-of-care locations," Mr. Vecchione pointed out. He said that this means medical care costs a lot less to deliver, and there is higher patient satisfaction because it's not as disruptive to the patient's life. In his run for President, Barack Obama spoke often about lowering healthcare costs through electronic health information technology. He proposed investing $50 billion to "move the U.S. health care system to broad adoption of systems-based electronic health information, including electronic health records."
CompuMed built its remote cardio monitoring business with the CardioGram, which enables healthcare providers to monitor patients remotely and manage chronic disease using a patented technology. With the push of a button, electrocardiogram (ECG) data is digitally transmitted from the point of care to CompuMed's computer laboratory for immediate analysis and archival. Mr. Vecchione said, "We have pioneered telemedicine in the correctional facility market by holding contracts with many states across the U.S. Renewal of these contracts stands at about 90 percent - an incredible retention rate that demonstrates our proficiency in the field.
"The growing national focus on telemedicine is helping us parlay this success to open doors in new areas such as ambulatory surgery centers, occupational health clinics, physician offices, medical clinics, senior assisted living/nursing homes, police and fire departments and even private residences, where cardiac patients need constant monitoring. We are seeing a confluence of telemedicine and electronic medical records, as well as increasing medical access in remote and isolated sites," he said.
Last year, CompuMed announced its landmark CardioGramKids™ program to transform pediatric health screening services. The Company is providing electrocardiogram (ECG) screening services to children and teenagers before they are prescribed psychotropic medication. In this first-of-its-kind program, CompuMed remotely interprets ECGs on pediatric patients to detect heart abnormalities prior to therapy.
"CompuMed launched this program because the American Heart Association and other leading organizations have expressed concern about reports of sudden deaths of children and adolescents treated with psychotropic medications including Ritalin®, Adderall®, Prozac®, Paxil® and others," said Mr. Vecchione. He added that medical journals have long reported concerns regarding the appropriateness of such therapy in the absence of suitable safeguards.
In conclusion, Mr. Vecchione said, "There is a big difference between telemedicine companies that are selling a device and a telemedicine company that is actually a medical service provider. On a very superficial level, when you look at many of the telemedicine devices that are out there, you still ask the question, 'Do they actually do anything? Do they provide a medical service that can be done any other way?' I think that's what unique about what we do. We actually provide a medical service, and our business models are based on monetizing the patient and the care to the patient as opposed to the one-time sale of machines."
"By the way, it wasn't always that way. CompuMed in the early days did start as a medical device company, and I think we've almost completed the transition into being a service provider. Ultimately, for our shareholders, that's a much more profitable business model, and it's a business model that can scale and create a lot more shareholder value than a medical device company can," he said.
About CompuMed
CompuMed, Inc. (OTCBB:CMPD) develops and markets products and services that combine advanced imaging with medical informatics. Its focus is on analysis and remote monitoring for patients with cardiovascular and musculoskeletal diseases. The company has specialized expertise and intellectual property in telemonitoring imaging and analysis designed to improve healthcare provider workflow and patient care while reducing costs. CompuMed is headquartered in Los Angeles and distributes its products worldwide both directly and through OEM partners. Visit CompuMed at http://www.compumed.net and follow at Twitter @compumed.
Forward Looking Statements
Statements contained in this press release that are not historical facts, such as statements about prospective earnings, savings, revenue, operations, revenue and earnings growth, results of contracts and other financial results, are forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements including statements concerning the Company's plans, objectives, expectations and intentions are based largely on management's expectations and are subject to and qualified by risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These statements are subject to uncertainties and risks including, without limitation, competitive factors, outsourcing trends in the pharmaceutical industry, product and service demand and acceptance, changes in technology, ability to raise capital, the availability of appropriate acquisition candidates and/or business partnerships, economic conditions, the impact of competition and pricing, capacity and supply constraints or difficulties, government regulation and other risks identified in the Company's filings with the Securities and Exchange Commission including its Annual Report on Form 10-KSB and Quarterly Reports on Form 10-QSB. All such forward-looking statements are expressly qualified by these cautionary statements. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect events, conditions or circumstances on which any such statement is based after the date hereof, except as required by law.