LOS ANGELES, CA--(Marketwire - Oct 2, 2012) - MMRGlobal, Inc. (OTCBB: MMRF) ("MMR") a leading provider of Personal Health Records (PHRs) through its MyMedicalRecords.com suite of products and services and professional document management and imaging systems through its MMRPro solution for healthcare professionals, today announced a new program to help hospitals mitigate administrative costs arising out of regulations under the Patient Protection and Affordable Care Act (PPACA) that will reimburse part of the administrative portion of costs arising out of patient readmissions. The program is similar to the Company's Million Dollar Cyber Liability Insurance Program which helps healthcare providers mitigate costs associated with a HITECH breach. The specific penalties for excess readmission rates went into effect on October 1st against hospitals that readmit patients within 30 days of discharge for the same condition. The penalties are part of a multifaceted effort by the Centers for Medicare and Medicaid Services to reward facilities based on how they meet certain care quality and patient satisfaction metrics.
According to Robert H. Lorsch, MMRGlobal CEO, "This program highlights the importance of providing patients with a Personal Health Record to help reduce the costs of readmissions. Patient Accountability, the Personal Health Records game, has begun well ahead of the anticipated 2014 start date. While investors in health IT have been on the sidelines waiting for the right time to invest in PHRs, patient readmissions represent tangible proof that, like it or not, we will all need a PHR to manage our family's health. MMR believes this program represents the first of many where deployment of Personal Health Records will be a prerequisite to reduce costs by helping control readmissions."
According to a study in the New England Journal of Medicine, 40% of hospital readmissions are avoidable by making sure patients understand how to care for themselves when they leave the hospital and providing follow-up care needed to keep a condition under control. The Company's MyMedicalRecords Personal Health Record is designed to help both hospitals and healthcare professionals help their patients through an easy-to-use PHR that features important health management tools such as built-in calendaring and prescription reminders to alert patients and their caretakers on adhering to treatment regimens and follow-ups.
Lorsch continued, "MMR is concerned about our professional customers, whether they are providers such as hospitals, ambulatory surgical centers or physicians, or our patients who utilize our services. We recognize the difficulties in being compliant in an ever-changing sea of regulation brought about by HITECH and Meaningful Use and the Affordable Care Act. Many of these organizations can find themselves inadvertently falling into in a very difficult situation, having to spend significant sums to avoid significant fines. Both programs were designed to mitigate administrative costs for our customers."
Under the program, MMR will reimburse hospitals that provision the Company's Personal Health Record to their patients up to the maximum amount of the highest retail per patient rate charged by MMR. This is provided the hospitals use an MMRPro document management and imaging system with MMRPatientView or offer the MyMedicalRecords PHR prior to or at the time of discharge.
The Company's Cyber Liability Insurance Program was originally designed to provide a customized form of cyber liability insurance to help protect its customers, including hospitals, healthcare professionals and affiliates, from actual loss or damage of up to one million dollars. The program responds to litigating civil monetary penalties expanded under the HITECH Act, which can range from $100 to $1,500,000, in connection with the offering of the Company's Personal Health Record products and services. Certain coverages for these programs are provided to MMR under a special cyber liability policy written by an insurance company that is A-rated by A.M. Best. The Company has been providing this program since 2009.
While the Department of Health and Human Services is pursuing efforts to improve quality, lower costs and save taxpayer dollars, the industry is also rewarding those who contribute to meaningful solutions. As an active participant in health IT, MMR believes this program sets an example for emerging growth organizations that want to make a difference in healthcare by supporting its customers who might get inadvertently caught up in sweeping CMS changes.
About MMRGlobal, Inc.
MMRGlobal, Inc., through its wholly-owned operating subsidiary, MyMedicalRecords, Inc., 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. The MyMedicalRecords PHR 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. MyMedicalRecords 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. Through its merger with Favrille, Inc. in January 2009, the Company acquired intellectual property biotech assets that include anti-CD20 antibodies and data and samples from its FavId™/Specifid™ vaccine clinical trials for the treatment of B-Cell Non-Hodgkin's lymphoma. To learn more about MMRGlobal, Inc. visit www.mmrglobal.com. View demos and video tutorials of the Company's products and services at www.mmrtheater.com.
Statements in this press release that are not strictly historical in nature, including statements about the Company's program for reimbursing hospitals and other providers that provision its health IT products to their patients, and future performance, 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 MMRGlobal, Inc.'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," "estimate," "expect," "project," "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 our products and services 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 and hospitals; timing and volume of sales and installations; length of sales cycles and the installation process; changes in government laws and regulations including the HITECH Act and the Patient Protection and Affordable Care Act and regulations thereunder, and future changes in tax legislation and initiatives in the healthcare industry; industry and market acceptance of new product and program introductions; ability to establish and maintain strategic relationships; ability to identify and integrate acquisitions; relationships with licensees; competitive product offerings and promotions; 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; litigation; maintaining, developing, exploiting and defending our intellectual property rights including those pertaining to our biotechnology assets; uncertainties associated with doing business internationally across borders and territories; and additional risks discussed in the Company's filings with the United States Securities and Exchange Commission. 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.