LOS ANGELES, CA--(Marketwire - December 2, 2010) - MMRGlobal, Inc. (
The Manage My ASC system was specifically designed to increase productivity and profitability in surgery centers which should help drive sales of MMRPro. As part of the transaction, MMRGlobal became a minority equity holder of MMX Holdings and MMX acquired 750,000 warrants in MMRF at terms and conditions that include purchase prices up to 18 cents per share.
"This transaction demonstrates how MMR can use its equity to create relationships that will allow us to expand our Electronic Medical Record product and service offerings in a coordinated effort to deliver meaningful use to healthcare professionals," said Robert H. Lorsch, MMRGlobal Chairman and CEO. "It is the most recent example of the Company's plan to deliver a suite of health information products and services through strategic alliances, partnerships and acquisitions. In addition to MMRPro and the MyMedicalRecords Personal Health Record, these could include one or more Electronic Medical Record products that run on different platforms including the iPad."
"The opportunity for MMR to sell its services to a targeted market such as surgery centers offers a unique revenue opportunity for the Company," Lorsch added. "We will continue to explore similar relationships in radiology, hospital systems, veterinary medicine and other specialties." Lorsch is already a major shareholder and board member of Dancing Paws, a manufacturer of veterinary vitamins, supplements and treats including green bones.
According to John R. Seitz, CEO of Manage My ASC, "The relationship with MMR is one example of how our Manage My ASC Dashboard can streamline the operations of a surgery center and make it operate more effectively and profitably. Surgery centers receive a lot of different types of documents from referring physicians and MMRPro integrated with the dashboard can help manage and consolidate all patient records from any EMR or plain paper-based system employed by the center."
The relationship with MMX evolved as a result of MMR's installation of MMRPro at the Spalding Surgical Center of Beverly Hills. Installing MMRPro at Spalding exposed the system to more than 20 physician groups operating at the center at any given time. The Company quickly realized that selling through surgery centers represented a cost-effective way to market MMRPro to physicians. The Manage My ASC Dashboard creates the opportunity to provide a hands-on experience to tens of thousands of physicians referring to or operating at surgery centers when compared to the cost of selling offices of individual healthcare professionals one by one.
"With over 6,000 in the U.S., ambulatory surgery centers are one of the fastest-growing elements of medical care across the country. Surgery centers will generally support 20 to 30 doctors, each with a patient list of 2,000 or more. The surgery center environment presents a distinctive market for MMR to offer its MMRPro solutions to significant physician populations. We are pleased that MMR is joining other well-known entities, including Kerlan-Jobe, one of the world's foremost sports medicine destinations," Seitz added.
MMRPro allows physicians working out of a surgery center to have electronic access to patient documentation, regardless of the system currently used in their offices, and enables the ASC to receive medical records securely from all their treating physicians. The system also cost-effectively digitizes and securely uploads medical records and makes them available to patients in real time while generating stimulus money to referring physicians.
The MMRPro solution is supported by Kodak's Scan Station 520MDP. Surgery centers may also participate in the MMRPro Stimulus Program. As a result, a surgery center can participate in potentially hundreds of thousands of dollars of recurring upgrade revenue annually coming from the thousands of patients treated at the surgery centers at any given time when contrasted to the number of patients in a typical MMRPro group practice installation. The MMRPro Stimulus Program provides funds to physicians, hospitals and alternative care facilities for patient upgrades to a full-featured MyMedicalRecords Personal Health Record in addition to stimulus monies that may be provided by the federal government.
About MMRGlobal, Inc.
MMRGlobal, Inc., through its wholly-owned operating subsidiary, MyMedicalRecords, Inc. ("MMR"), 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, and professional organizations and affinity groups. MyMedicalRecords 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. The MyMedicalRecords Personal Health Record 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. MMR is an Independent Software Vendor Partner with Kodak to deliver an integrated turnkey EMR solution for healthcare professionals. MMR is also an integrated service provider on Google Health. To learn more about MMRGlobal, Inc. and its products, visit www.mmrglobal.com.
About Manage My ASC
Manage My ASC combines timely and focused management reporting, backed-up by our team of industry experts, to deliver management solutions to ASC owners and operators. Our easy to understand on-line dashboard is a powerful management tool and serves as a central reference point for you to view and track your ASC's activities. Plus, your dashboard is the main meeting point for you and our experts who are there to help you interpret results and take action.
The Manage My ASC solution works for any ASC, regardless of size or geographic location. Manage My ASC customers receive periodic reviews of operation performance, including assessments based on our comprehensive benchmarking database, that lead to specific recommendations to capture improvement opportunities. www.managemyasc.com
Forward-Looking Statements
Statements in this press release that are not strictly historical in nature, including 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," "offer," "development," "if," "negotiate," "when," "begun," "believe," "achieve," "will," "help," "estimate," "expect," "maintain," "plan," and "continue," or the negative of these words. . Factors that could cause or contribute to such differences include, but are not limited to, the risk the Company's products are not adopted or viewed favorably by the healthcare community; risks related to the current uncertainty and instability in financial and lending markets, including global economic uncertainties; product integration in physician practices, surgery centers and hospitals; timing and volume of sales and installations; length of sales cycles and the installation process; market acceptance of new product introductions; ability to establish and maintain strategic relationships; ability to identify and integrate acquisitions; relationships with licensees; competitive product offerings and promotions; changes in government laws and regulations and future changes in tax legislation and initiatives in the healthcare industry; undetected errors in our products; possibility of interruption at our data centers; risks related to third party vendors; risks related to obtaining and integrating third-party licensed technology; acceptance of the Company's marketing and promotional campaigns; risks related to a security breach by third parties; maintaining, developing and defending our intellectual property rights including those pertaining to our biotechnology assets; risks associated with recruitment and retention of key personnel; 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. Additionally, we are a developing early-stage company and many variables can affect revenues and/or projections, including factors out of our control. MMRGlobal, Inc. is providing this information as of the date of this release and, except as required by 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.
Contact Information:
CONTACT:
Michael Selsman
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(310) 553-5732
ms@publiccommunications.biz