06:29:18 EDT Fri 29 Mar 2024
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Medivolve Inc
Symbol MEDV
Shares Issued 405,288,865
Close 2022-11-14 C$ 0.025
Market Cap C$ 10,132,222
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Medivolve transitions away from COVID-19 testing

2022-11-14 20:23 ET - News Release

Mr. David Preiner reports

MEDIVOLVE PIVOTING TOWARDS EXPANSION OF SERVICE OFFERINGS AND OTHER UPDATES

Medivolve Inc. has begun its transition toward other service offerings outside of COVID-19 testing.

As the pandemic has progressed with the rollout of vaccines and boosters and increasing natural immunity, the demand for COVID-19 testing services has waned. With this current decreasing patient demand, combined with the cessation of the U.S. government's Health Resources and Services Administration (HRSA) COVID funding program in March of 2022, the company is pivoting to the expansion of other service offerings and focusing on the collection of its existing receivables. As part of this pivot, management has identified and closed five of its testing locations, all located outside of the state of California, to minimize losses, maintain cash reserves and keep open key testing locations. If there were to be a surge in demand, the company still holds the leases and owns the infrastructure to quickly reopen the closed locations.

The company is now focusing on expanding other service offerings outside of COVID-19, with an initial rollout of remote patient monitoring planned for late fourth quarter 2022 or early first quarter 2023. The company has identified a supplier for monitoring devices and is in active discussions to procure retail space to offer these devices to qualified patients. In addition, the company is working on credentialing with key payers as quickly as possible, in parallel with exploring options to purchase entities with existing credentialing. Credentialing refers to the process of applying to health insurance networks for inclusion in their panels. This service expansion will leverage the existing progress made with the management service organization (MSO) and telehealth platform. The company's planned health care MSO will manage a telehealth platform that connects patients with physicians, and facilitates and manages the provision of virtual consultations, diagnosis and treatment services. Management envisions those clinical services will be provided to patients by physicians through their independent medical practices.

The company is also designing a platform to help physicians who provide care through the platform understand why different patients with the same clinical diagnosis require treatments with different medications, in turn helping them to prescribe the most effective medications and treatments for each patient the first time. Expanding its initial scope of development, the company is also developing a framework to support physicians in providing remote patient monitoring services as part of its overall telehealth platform. Medivolve believes this approach will lead to improvements in patient care, making it a compelling alternative to telehealth service offerings currently in the market.

The company has made progress toward the rollout of the telehealth platform in the third quarter:

  • A partner has been identified, and final terms of the arrangement have been agreed for the MSO. The company is completing its diligence and exploring optimal tax structuring strategies.
  • Additional modules have been created and developed for the telehealth platform technology stack. These modules are now being put together to do a beta test for the platform.
  • The company has a team that is actively working on the credentialing process. The credentialing process is complex and time-consuming, and varies by the payer, and thus, in parallel with the billing team, the company is exploring options to purchase entities with an existing credentialing and has retained a third party expert in credentialing to assist the company to roll out new services as quickly as possible.

Other updates

To prevent exorbitant legal fees and ensure full attention is put toward the expanded service offerings, the company agreed to settle a class action claim on Sept. 19, 2022, in the amount of $1.7-million (U.S.) plus legal costs estimated at $50,000 (U.S.). This covers the period from June 17, 2017, to Nov. 18, 2022, and related to claims arising prior to David Preiner's appointment as chief executive officer of the company. The company was able to negotiate payment terms rather than settling for a lump sum payment to maintain cash reserves to roll out the expanded service offerings.

About Medivolve Inc.

Medivolve (NEO Exchange: MEDV, OTC: COPRF and Frankfurt Stock Exchange: 4NC) is a health care technology company that seeks to reinvent the U.S. health care system by leveraging a bespoke telehealth platform, a clinical diagnostic network and a data-driven artificial intelligence framework to improve patient care. The company was born out of the health care crisis to rethink, relearn and, ultimately, reimagine a better way for the health care system to operate. Its network of retail collection sites play an important role in recovery by giving Americans access to fast, accurate and inexpensive clinical services when and where they need it. These centres will also play a pivotal role in diagnostic testing, vaccinations and other point-of-care services. The company is building disruptive technologies to make it easier and faster to identify, treat and prevent medical issues. In doing so, it is working to give patients a holistic and empowered view of their personal health. Its long-term mission is to address systemic issues in the nation's fragmented, overly complex and expensive health care system. Medivolve's next phase of growth is about pivoting the model and putting the pieces together to build a profitable health technology company. The company is developing a singular, streamlined technology network to provide data-driven physician consultations, clinical diagnostics and prescription services. Its team is united by a powerful, singular purpose: harnessing the transformative power of technology to create healthier lives. Underpinned by a bespoke, artificial-intelligence-driven platform, it is developing a system that constantly gets smarter, takes the guesswork out of diagnostics and flags critical health issues to help physicians, delivering a high level of personalization for each patient.

We seek Safe Harbor.

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