Medivolve Increases Daily Revenue 76% Since Transitioning from a Cash Pay Business Model to Insurance Reimbursements
- 31 Million Americans Gain Access to Medivolve's Services Through Newly Offered Government Programs for Uninsured and Undocumented Patients
- Medivolve Boosts Testing Services Revenue by Automating Claim Submissions to Over 8,700 Insurance Carriers
- No-Patient-Cost Testing Has Increased Medivolve's Gross Revenues by 76%
TORONTO, Aug. 5, 2021 - Medivolve Inc. ("Medivolve" or the "Company") (NEO: MEDV) (OTC: COPRF) (FRA: 4NC) is a healthcare technology company that seeks to reinvent the US healthcare system by leveraging a bespoke telehealth platform, clinical diagnostic network, and data driven AI to improve patient care.
The Company today announced positive financial results after switching from a cash pay business model to primarily insurance claims and reimbursements from various government programs. Medivolve's top-line numbers for the start of the second quarter shattered prior records for the Company. Since transitioning to an insurance receivables business model in mid-May 2021, Medivolve has seen a gross revenue increase of 76% based on daily averages compared to the legacy cash-based business model used since the Company's inception.
In addition to delivering strong financial results, transitioning to an insurance receivables business model has enabled Medivolve to improve access to COVID-19 testing in communities that need it most. According to the U.S. Congressional Budget Office, the number of American citizens who are uninsured is around 31 million individuals and is expected to increase significantly.
"The COVID-19 pandemic has shed light on the financial challenges for Americans seeking necessary testing, from unemployment to not having adequate health insurance," says David Preiner, CEO of Medivolve, Inc. "Given the increasing demand for clinical testing, we quickly discovered the need to shift our business model in a way that would allow the services people deserve regardless of their financial or documentation status."
Medivolve's new financial model is powered by an automated insurance billing platform that connects with over 8,700 different carriers across the nation. This, combined with access to respective government programs for the uninsured and undocumented, the Company estimates a population coverage of over 99.7% of individuals could be eligible for COVID-19 testing at no cost to patients.
About Medivolve, Inc.
Medivolve, Inc. (NEO:MEDV; OTC: COPRF; FRA:4NC) is a healthcare technology company that seeks to reinvent the US healthcare system by leveraging a bespoke telehealth platform, a clinical diagnostic network, and a data-driven AI framework to improve patient care.
The company was born out of the healthcare crisis; to rethink, relearn and ultimately, reimagine a better way for the healthcare system to operate. Our network of retail collection sites play an important role in recovery by giving all Americans access to fast, accurate, and inexpensive clinical services when and where they need it. These centers will also play a pivotal role in diagnostic testing, vaccinations, and other point-of-care services. We are building disruptive technologies to make it easier and faster to identify, treat, and prevent medical issues. In doing so, we are working to give patients a holistic and empowered view of their personal health.
Our long-term mission is to permanently fix systemic issues in the nation's fragmented, overly complex, and expensive healthcare system. Medivolve's next phase of growth is about pivoting the model and putting the pieces together to build a profitable, SaaS-based health-tech company. We are bringing data-driven clinical diagnostics, physician recommendations, and prescription medications directly to people, all powered by a singular, streamlined technology network. Our team is united by a powerful, singular purpose: harnessing the transformative power of technology to create healthier lives.
Underpinned by a bespoke, AI-driven platform, we're developing a stealth system that constantly gets smarter, takes the guesswork out of diagnostics, and flags critical health issues immediately to deliver an unparalleled level of personalization for each patient. We are determined to push the boundaries of what's possible—not just for our business and our shareholders, but for physicians and patients, and for the future of healthcare. We are striving to achieve a continuity of care never seen before, a game changer for our business and for patients in the communities we serve.
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to revenue projections; testing services; insurance coverage; COVID testing access; or financial results. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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