MALVERN, Pa., Jan. 6, 2014 (GLOBE NEWSWIRE) -- BioTelemetry, Inc. (Nasdaq:BEAT), the leading wireless medical technology company focused on the delivery of health information to improve quality of life and reduce cost of care, and Well Bridge Health, Inc. ("Wellbridge Health"), a care management solutions company aimed at reducing unnecessary hospital re-admissions and emergency room visits resulting from congestive heart failure ("CHF"), announced the formation of a partnership to commercialize a novel approach to the management and remote monitoring of CHF patients. BioTelemetry has provided Wellbridge Health initial funding in the form of a convertible note. Specific terms of the agreement are not being disclosed at this time.
Joseph Capper, President and Chief Executive Officer of BioTelemetry, commented: "Heart failure currently affects approximately 5.8 million adults in the United States, costs the nation an estimated $32 billion each year and accounts for the highest hospital re-admission rate. Wellbridge Health has developed a proprietary, innovative care management solution that combines easy-to-use technology with human interaction, resulting in improved patient outcomes and lower cost of care by minimizing avoidable CHF hospital re-admissions. We are excited to partner with Wellbridge in order to help create an expanded remote cardiac monitoring offering, incorporating enhanced CHF patient care. We believe this solution has the potential to dramatically decrease the escalating costs associated with this chronic condition."
Mary Del Brady, Wellbridge Health Chief Executive Officer, added, "BioTelemetry's industry leadership and strategic alignment make them the ideal partner for Wellbridge Health. With their support, we will help our clients reduce re-admission penalties and eliminate other unnecessary costs by materially improving patient outcomes while maintaining quality of life for their patients."
About CHF
Congestive heart failure ("CHF") is a serious medical condition in which the heart cannot pump enough blood to meet the body's needs. It is often caused by hypertension, diabetes or coronary heart disease. Approximately 5.8 million people in the United States suffer from CHF, and according to the CDC's National Hospital Discharge Survey (NHDS) data from 2000 to 2010, CHF is one of the most common reasons patients aged 65 and over are hospitalized. The National Institutes of Health (NIH), Centers for Medicare and Medicaid Services (CMS) and American Heart Association all report that nearly 50% of CHF patients are readmitted to the hospital within 6 months of discharge, and according to the Robert Wood Johnson Foundation's Health Brief (November 2013), data collected by the Medicare Payment Advisory Commission (MedPAC) indicates that 75% of CHF re-admissions are potentially avoidable. The associated hospital stays typically cost more than $15,000, representing a total annual burden of $10 billion.
About BioTelemetry
BioTelemetry, Inc., formerly known as CardioNet, Inc., is the leading wireless medical technology company focused on the delivery of health information to improve quality of life and reduce cost of care. The company currently provides cardiac monitoring services, original equipment manufacturing with a primary focus on cardiac monitoring devices and centralized cardiac core laboratory services. More information can be found at www.biotelinc.com.
About Wellbridge Health
Wellbridge Health is a care management solutions company whose goal is to reduce unnecessary hospitalizations. Combining highly trained health coaches with the latest in health care technology, Wellbridge strengthens the connection between insurance plan and member to influence physical and behavior change, improve member outcomes, and lower the cost of care. More information can be found at www.wellbridgehealth.com.
BioTelemetry's Cautionary Statement Regarding Forward-Looking Statements
This document includes certain forward-looking statements within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995 regarding, among other things, our expectations regarding the success of the Well Bridge Health, Inc. pilot and related effect on the Company's investment. These statements may be identified by words such as "expect," "anticipate," "estimate," "intend," "plan," "believe," "promises" and other words and terms of similar meaning. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including important factors that could delay, divert, or change any of these expectations, and could cause actual outcomes and results to differ materially from current expectations. These factors include, among other things, effects of changes in health care legislation, effectiveness of our cost savings initiatives, relationships with our government and commercial payors, changes to insurance coverage and reimbursement levels for our products, the success of our sales and marketing initiatives, our ability to attract and retain talented executive management and sales personnel, our ability to identify acquisition candidates, acquire them on attractive terms and integrate their operations into our business, the commercialization of new products, market factors, internal research and development initiatives, partnered research and development initiatives, competitive product development, changes in governmental regulations and legislation, the continued consolidation of payors, acceptance of our new products and services, patent protection, adverse regulatory action, litigation success, our ability to successfully create a new holding company structure and to anticipate the benefits of such structure. For further details and a discussion of these and other risks and uncertainties, please see our public filings with the Securities and Exchange Commission, including our latest periodic reports on Form 10-K and 10-Q. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.