Medivolve Reports 236% Increase in Weekly Gross Revenue; Releases New EHR System Optimizing COVID-19 Testing Services
Medivolve’s Electronic Health Record Portal Enhances End User Experience Improving Patient Access to Records, Lab Workflow, and Reporting
TORONTO, Aug. 17, 2021 – Medivolve, Inc. (“Medivolve” or the “Company“) (NEO: MEDV) (OTC: COPRF) (FRA: 4NC) is pleased to announce a 236% increase in gross weekly revenues, driven by an influx of COVID-19 testing sales, proceeding the beta launch of the Company’s new Electronic Health Record (EHR) platform on July 7, 2021.
The HIPAA-compliant portal is introducing new opportunities to support the Company’s change in testing operations in its network of retail collection site locations across the United States. Since adopting the new portal in early July:
- Record gross revenues of $1,005,050 based on the weekly average from July 4, 2021, to July 31, 2021, increased 236% compared to the $298,740 weekly average from the prior 4-week period June 6, 2021, to July 3, 2021.
- Record gross revenues per patient encounters increased 158%, based on the weekly average of $150.00 per patient from July 4, 2021, to July 31, 2021, compared to $58.00 per patient weekly average from June 6, 2021, to July 3, 2021.
- Record tests per week increased 231%, based on the weekly average of 16,794 tests performed from July 4, 2021, to July 31, 2021, compared to 5,077 tests based on the weekly average from June 6, 2021, to July 3, 2021.
“Medivolve’s new portal has simplified and streamlined our ability to provide testing at a rate we’ve never seen before,” says David Preiner, CEO of Medivolve. “Due to the new efficiencies the portal brings, patients can now receive all appropriate tests required to determine if they are COVID-19 positive, negative, or have developed antibodies.”
In addition to an easy-to-use simplified user interface, the software not only offers proficiencies in operational and financial workflows between the collection sites locations and its partnered labs but expedites lab results to its patients as well.
Noteworthy features and benefits of Medivolve’s EHR include:
- Computerized provider order entry (CPOE) improving data capture quality and aiding laboratory compliance
- Improvements from testing locations to CLIA certified laboratory workflow enabling quicker entry of patient information and certified results
- Access to real-time data providing patients the opportunity to make informed decisions about returning to school, work, or social gatherings
- Built-in quality control bringing uniformity, traceability, and accountability to testing services across all testing locations
- Upgraded security to meet healthcare regulations and compliance guidelines
“I am extremely pleased with the implementation of the new portal allowing us to test patients in the communities we serve quickly,” says Preiner. “In just the past five weeks, our testing centers are administering more tests than during our peak last December. That, combined with our new insurance reimbursement model, contribute immensely to our continued strong financial growth.”
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 plays 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 and testing growth; the use of the new software platform; plans to further grow the Company’s business; and plans to hire additional engineers and software developers. 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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