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MELVILLE, NY -- (Marketwired) -- 07/22/15 -- Millennium Healthcare, Inc.
(OTCQB: MHCC), a developer and distributor of healthcare services and medical devices, today announced it has executed an Exclusive Letter of Intent (LOI) to acquire the MedX Group within 25 days.
"We are dedicated to growing and upgrading Millennium's lines of business, namely distribution of medical devices, revenue cycle management, and most importantly, technology platforms, and this acquisition is focused on just that," stated Noel Mijares, CEO of Millennium Healthcare.
Jorge A. Perez, CEO of MedX Group, stated, "We are very excited about this potential acquisition. As a Healthcare Information Technology (HIT) company, MedX Group has built a leading-edge software development company that offers an integrated suite of products and services to physicians, hospital practices and healthcare organizations, which allows providers to share information across their healthcare ecosystem. From turnkey Electronic Medical Records (EMR) and Practice Management solutions, to specific customized software services, MedX Group provides healthcare professionals a wide array of options to address their individual needs. MedX Group is a leader in clinical solutions, and our solutions extend the use of electronic health records beyond practice walls with the latest cloud-based technologies and create community-wide records."
Mijares added, "This addition to our technology oriented service portfolio would serve as the infrastructure for our new business technology platform. MedX Group has successfully deployed a wide array of cloud-based applications in hospitals and medical centers, whereby they have not only met, but set a new 'standard of excellence'. MedX Group's solutions reach vertically in both the hospital and ambulatory markets, meet the stringent multi-department hospital information technology needs, and provide specialty focused applications that support a high margin business plan. We are very optimistic that this acquisition will not only meet, but exceed shareholders expectations."
Mijares continued: "This potential acquisition would also support the Company's restructuring goals while also bringing multiple new lines of revenue to our current operations, such as Rural Hospital Management and Telemedicine Practice Systems. Additionally, this acquisition would provide our clients with the ability to reduce their back office expenses by implementing the Practice Management Software package with the ability to process high claims adjustment rate, and much more.
"As part of our ongoing shareholder communications, let me outline some plans to transform Millennium Healthcare into a stronger technology based medical device and services provider.
"Millennium would consist of distinct, wholly owned divisions managed by a central business office (CBO) located in South Florida, which would be responsible for existing sales revenues and new market opportunities.
"With a national presence, MedX Group would provide Millennium with the ability to further expand upon our internal medical device distribution, development, and marketing.
"MedX would add to our current lines of business a variety of new offerings, to include: Rural Hospital Management; Level 2 EMR platform, along with interoperability with hospitals, laboratories, pharmacies, diagnostic imaging centers, and physician specialists to securely exchange patient information which allows ePrescribing that automatically checks patient prescriptions for the last 12 months and against a patient's allergies and medications; Disease Management Templates to capture patient information at the point of care to meet clinical reporting guidelines and meaningful use; Full reporting of Patient Health Record (PHR), Healthcare Effectiveness Data and Information Set (HEDIS); Hierarchical Condition Coding (HCC) alerts, outcome analysis as well as practice business analysis; Multi-modality DICOM interface that acquires, processes, displays, stores and retrieves medical grade images; Powerful Diagnostic Workstation Software designed for hospitals, imaging centers and teleradiology practices; Best value in DICOM viewing and clinical functionality on the market today; Physician Management Services Coding and Billing; State-of-the-art billing system generating claims on a daily basis, which are accurately coded and electronically submitted; and Superbills that process payments that can be received in as little as ten days, not three months.
"Overall, we are very excited about the prospects of adding MedX Group to Millennium."
About Millennium Healthcare Inc. (www.millenniumhcs.net)
Millennium Healthcare Inc., through its wholly owned operating subsidiaries, provides hospitals, primary care physician practices, physician groups and healthcare facilities of all sizes with cutting-edge technology driven applications, systems and 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 the MedX Group (www.medxgroup.com)
As a Healthcare Information Technology (HIT) company, MedX Group built a leading-edge software development company that offers an integrated suite of products and services to physicians, hospital practices and healthcare organizations, which allows providers to share information across their healthcare ecosystem. The HITECH Act also has a similar mission. Currently less than 1% of hospitals are paperless. Current legislation mandates that health entities reduce healthcare costs through the use of technology, which includes certified Electronic Medical Records and end-to-end data continuity. The "meaningful use" adoption objective is to have 100% of hospitals and physicians by 2019. MedX Group's core mission focuses on the patient-centric approach to healthcare, providing cloud based software technology applications and services to meet the needs of our clients.
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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