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MELVILLE, NY -- (Marketwired) -- 07/17/15 -- Millennium Healthcare, Inc.
(OTCQB: MHCC), a developer and distributor of healthcare services and medical devices, today announced its scalable Annual Wellness Visit (AWV) marketing strategy.
"We are excited about the revenue opportunities that Healthpath's Annual Wellness Visit provides us in short order," said Noel Mijares, CEO of Millennium Healthcare.
The Annual Wellness Visit became effective January 1, 2011 under the Affordable Care Act. The purpose of this new Annual Wellness Visit is to create a personalized prevention plan for Medicare beneficiaries, with no cost to the patient. This means that unlike the vast majority of services Medicare offers its beneficiaries, which are reimbursed at 80% of the Medicare allowable, and the other 20% is billed to the beneficiary, the Annual Wellness Visit is classified under Common Procedure Terminology Code (CPTG 0438) and is paid at 100% of the Medicare allowable.
In 2014, only 7% of the 32 million Medicare recipients took advantage of the Annual Wellness Visit (AWV) benefit. This means that 29.7 million did not receive an AWV. Over $5 billion in wellness services could have realized in the AWV, allowed by Medicare.
Mijares added, "We believe that we are poised to take full advantage of this opportunity and expect to rapidly capture market share. Our marketing team has worked alongside our developers in creating a user friendly Web portal so physicians can enroll in just a few minutes. The training on the WellPath System will be conducted via a brief downloadable video. The physician's office can be conducting visits with the WellPath System immediately following the completion of this online training. This allows us to implement clients in a very scalable and efficient way, whereby a mass marketing model will allow us to expand this line of business very rapidly."
"We are currently in discussions with several large healthcare organizations and marketing firms that understand the revenue opportunities a physician can realize from AWV, especially given that WellPath allows physicians to increase this revenue stream 6x faster than attempting to conduct these visits manually."
"Our internal yearlong case study has conservatively demonstrated that managed by the WellPath System, a single physician could generate Millennium Healthcare $100,000 in revenue on an annualized basis. This leads us to believe that we may significantly exceed our recently released estimates of an annual 20 percent increase in overall revenue from this line of business," Mijares concluded.
About Millennium Healthcare Inc. (www.millenniumhcs.net)
Millennium Healthcare Inc., through its wholly owned operating subsidiaries, provides primary care physician practices, physician groups and healthcare facilities of all sizes with cutting-edge medical devices focused primarily on preventive care through early detection. The Company also provides advanced billing and coding services, and practice development and management services. For more information, please visit www.millenniumhcs.net.
About HealthPath, LLC
HealthPath LLC delivers cloud-based software for Medicare's Annual Wellness Visit. It offers the Well Path System that enables healthcare providers to establish a very substantial and recurring income stream; and Well Path Plus, a solution that facilitates the efficient delivery of annual wellness visits while collecting ICD-10/HCC codes for accurate risk adjusted payments. The company's solutions enable a physician or non-physician practitioner to conduct two-three wellness visits per hour, and identify preventive services and other clinically indicated tests. It serves primary care physicians, multi-specialty practices, hospitals and healthcare systems, accountable care-organizations, clinically integrated networks, MA Plans, nursing homes/ALFs, skilled nursing facilities, healthcare clinics, home healthcare companies, IPSs, and senior communities.
About the WellPath System
The WellPath System is designed to improve the quality of care, efficiency and profitability of MA Plans, ACOs and other risk entities. WellPath facilitates the efficient delivery of the Annual Wellness Visit while collecting ICD-10/HCC Codes for accurate risk adjusted payments.
WellPath System is the perfect solution to satisfy CMS concerns and to deliver more efficient care as it facilitates the simultaneous delivery of AWVs and the collection of ICD-10/HCC Codes for accurate risk adjusted payments.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains certain statements that may constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). Forward-looking statements are identified by such words and phrases as "we expect," "expected to," "estimates," "estimated," "current outlook," "we look forward to," "would equate to," "projects," "projections," "projected to be," "anticipates," "anticipated," "we believe," "could be," and other similar phrases. All statements addressing operating performance, events, or developments that we expect or anticipate will occur in the future, including statements relating to revenue growth, earnings, earnings-per-share growth, or similar projections, are forward-looking statements within the meaning of the Reform Act. Because they are forward-looking, they should be evaluated in light of important risk factors that could cause our actual results to differ materially from our anticipated results. The information provided in this document is based upon the facts and circumstances known at this time. We undertake no obligation to update these forward-looking statements after the date of this release.
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