HAUPPAUGE, N.Y.--(BUSINESS WIRE)-- Patient Access Solutions, Inc. (Pink Sheets:PASO.pk - News), a leading provider of information technology solutions for the healthcare industry is pleased to announce its EMR management & support solution has been engaged and is being deployed with a Florida based hospital group.
The client is the largest faith based, non profit health care organization in Florida to participate in the EHR (Electronic Health Record) program and has a long standing pedigree as a national leader in the adoption of healthcare IT across its network of 6 hospitals comprising of more than 1,500 beds. This engagement serves as part of its continuing commitment to enable excellent quality care and services, will assist its more than 2,000 physicians in the adoption of Electronic Health Records in their private practices through an EHR Donation Program. The initial implementation expects to generate approximately $3 million in gross revenue over the next year for Patient Access Solutions.
The EHR will be made available to qualified client affiliated physicians in a program that will subsidize the cost of up to 85% of implementing and operating the product. The subsidizing over the next three years will be a substantial investment; however, a fully connected client health system would provide immediate returns with just greater efficiencies in the delivery of care alone. The program may also help client affiliated physicians satisfy the government's requirements for achieving 'meaningful use' by implementing EHR's in their practices, which may enable those physicians to qualify for additional incentive dollars over the next 5 years based on their collection and reporting of quality data, and ultimately improving the quality of care and improved patient outcomes
Bruce Weitzberg, President of Patient Access Solutions stated, "The partnership will deliver affordable health information technology solutions to participants while providing financial benefits to support the adoption of Electronic Health Records. Additionally, the added value proposition offered by the combined services will lower administrative costs, expedite reimbursement, and increase cash flow for healthcare provider office. The agreement is a significant milestone for Patient Access Solutions; client affiliated healthcare practices are expected to generate revenue of approxiamtely $3 million over the next year with additional annual recurring revenues expected.”
About Patient Access Solutions, Inc.
Patient Access Solutions, Inc. (PAS) is a Healthcare Solutions Company which has created a formidable array of technology, resources and allies to enable it to become an agent of radical change in what has traditionally been a slowly evolving healthcare information technology environment. The Company's products are designed to allow health care providers an easy migration to the EMR environment. Among these products are D-PAS, which is a state-of-the-art digital pen and paper technology based on Anoto technology, used to capture hand written information into digital forms and EMR systems and PAS Data Center, which is a terminal solution that allows health care providers to quickly and easily determine benefit eligibility. More information on Patient Access Solutions, Inc. and its products can be viewed at www.pashealth.com.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the companies, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, the following: general economic and business conditions; competition; unexpected changes in technologies and technological advances; ability to commercialize and manufacture products; results of experimental studies; research and development activities; changes in, or failure to comply with, governmental regulations; and the ability to obtain adequate financing in the future. This information is qualified in its entirety by cautionary statements and risk factors disclosure contained in certain of Patient Access Solutions Inc. Securities and Exchange Commission filings available at http://www.sec.gov.
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