OPKO Health, Inc. (NASDAQ:OPK) (“OPKO” or “the
Company”), announces that BioReference Laboratories, an OPKO Health
company and one of the largest commercial laboratories in the U.S.,
has formed a national affiliation with The Garage, a dynamic,
healthcare technology change agent, to provide clinicians with
advanced tools to guide quality, value-based care.
BioReference Laboratories is led by pathologists and is
nationally respected for clinical collaboration in laboratory
medicine. Based in Elmwood Park, NJ, BioReference is the third
largest full service clinical diagnostic laboratory in the U.S.,
providing testing and related services to physician offices,
clinics, hospitals, long term care facilities, employers,
governmental units and correctional institutions. The Garage, based
in Orlando, FL, is a leading healthcare technology firm deeply
rooted in developing advanced population health management tools
for its 7,000+ physician base across the country. The Garage’s
tools allow clinicians to treat individual patients and support the
health and well-being of large groups of people in order to prevent
sickness – the definition of population health.
Vital patient information found in clinical histories,
laboratory tests, genetic profiles - and even in patients’
lifestyles and habits - can be as important to the healing process
as any medicine. But healthcare providers lacked a technology
platform that can integrate and access such information across all
care settings – until now.
Combining The Garage’s Bridge – an advanced technology platform
– with BioReference’s deep knowledge of diagnostics and test
results will provide physicians with unparalleled insight into
their patients’ health status. It will help manage their reporting
requirements on standard quality instruments such as HEDIS, PQRS,
and GPRO, to improve risk scores and provide better care for
individual patients.
Bridge provides comprehensive, 360-degree population health
management experience to providers and care teams. In addition to
all the standard care coordination tools, physicians can use the
intelligent lab ordering system within the platform while patients
will have the capability for live consultations using a rich
telemedicine application available on the Bridge platform. Also,
the platform ensures the physicians’ Electronic Health Records
(EHR) are updated with timely patient information.
“Part of what makes BioReference so successful is our focus on
patients and physicians,” said Gregory S. Henderson, MD, PHD,
President of BioReference Laboratories. “We are doctors first and
consider patients as our customers, not insurance companies. This
drives us to innovate and develop solutions beyond the most
advanced testing that we already provide. We also want to
include wise and secure use of patient data that leads to better
health, and for these purposes, The Garage’s platform is a perfect
fit for this affiliation.”
“We have been working with ACOs and other risk-bearing,
value-driven provider organizations since our inception in 2012.
Our ability to aggregate and analyze diverse data sets is key to
success in population health and our affiliation with BioReference
will not only help us broaden our market reach but will also help
us serve our customers with deeper insights,” said Pranam Ben,
Founder and CEO of The Garage.
The affiliation will be highlighted during the National
Association of ACO’s (NAACOS) Fall 2017 Conference, to be held
October 4-6, 2017, in Washington, D.C., during a special event
hosted by The Garage. The conference will bring together more than
650 leaders from accountable care organizations nationwide.
Visit www.naacos.com for more information or to view a full
schedule of events.
About BioReference Laboratories, Inc.
BioReference Laboratories is one of the largest and fastest
growing full service diagnostic laboratories in the world,
providing clinical testing services to physicians, clinics,
hospitals, long term care facilities and employers while also
advancing drug discovery and development with disease foundations,
academic and pharmaceutical partners. BioReference's comprehensive
testing capabilities and expertise spans molecular diagnostics,
anatomical pathology, women's health, oncology and rare disease
genetics. For more information, visit www.bioreference.com.
About The Garage
The Garage has deep roots in Accountable Care Organizations
(ACOs) and Independent Physicians Associations (IPAs), which has
established it as a market leader with its clients, composing 6% of
the total ACO market share. While the average savings across the
country per ACO was $972,000, The Garage’s average saving for their
ACO clients was more than three times that!
The Garage’s full suite Bridge platform for ACO management has a
best-in-class feature set to empower ACOs from all tracks to
effectively manage their operations and deliver outcomes as a high
performance ACO. For more information, visit
www.thegaragein.com.
About OPKO Health, Inc.
OPKO Health is a diversified healthcare company that seeks to
establish industry-leading positions in large, rapidly growing
markets. Our diagnostics business includes BioReference
Laboratories, the nation's third-largest clinical laboratory with a
core genetic testing business and a 400-person sales and marketing
team to drive growth and leverage new products, including the
4Kscore® prostate cancer test and the Claros® 1 in-office
immunoassay platform. Our pharmaceutical business features
RAYALDEE, an FDA-approved treatment for SHPT in stage 3-4 CKD
patients with vitamin D insufficiency (launched in November 2016),
VARUBI® for chemotherapy induced nausea and vomiting (oral
formulation launched by partner TESARO and IV formulation pending
FDA approval), OPK88003, a once weekly oxyntomodulin for type 2
diabetes and obesity which is a clinically advanced drug candidate
among the new class of GLP-1 glucagon receptor dual agonists, and
OPK88004, a selective androgen receptor modulator being developed
for benign prostatic hyperplasia and other urologic and metabolic
conditions. Our biologics business includes hGH-CTP, a once weekly
human growth hormone injection (in phase 3 and partnered with
Pfizer), and a long-acting Factor VIIa drug for hemophilia in phase
2a. We also have production and distribution assets worldwide,
multiple strategic investments and an active business development
strategy. More information available at www.opko.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains "forward-looking statements," as
that term is defined under the Private Securities Litigation Reform
Act of 1995 (PSLRA), which statements may be identified by words
such as "expects," "plans," "projects," "will," "may,"
"anticipates," "believes," "should," "intends," "estimates," and
other words of similar meaning, including statements regarding
expected benefits from our strategic affiliation with The Garage,
the system’s ability to provide physicians unparalleled insight
into patient health status, manage reporting requirements on
standard quality instruments, improve risk scores and provide
better care for individual patients, statements regarding our
product development efforts and the expected benefits of our
products, as well as other non-historical statements about our
expectations, beliefs or intentions regarding our business,
technologies and products, financial condition, strategies or
prospects. Many factors could cause our actual activities or
results to differ materially from the activities and results
anticipated in forward-looking statements. These factors include
those described in our Annual Reports on Form 10-K filed and to be
filed with the Securities and Exchange Commission and in our other
filings with the Securities and Exchange Commission. In addition,
forward-looking statements may also be adversely affected by
general market factors, competitive product development, product
availability, federal and state regulations and legislation, the
regulatory process for new products and indications, manufacturing
issues that may arise, patent positions and litigation, among other
factors. The forward-looking statements contained in this press
release speak only as of the date the statements were made, and we
do not undertake any obligation to update forward-looking
statements. We intend that all forward-looking statements be
subject to the safe-harbor provisions of the PSLRA.
CONTACTS:
The GarageKate RutherfordPhone: 407-730-2286Email:
krutherford@thegaragein.comWEB: www.thegaragein.com
Sid Dinsay / Jacqueline Zygadlo, MWWPR on behalf of BioReference
Laboratories
Phone: 646-381-9017
Email: sdinsay@mww.com / jzygadlo@mww.com
WEB: http://www.bioreference.com
OPKO Health, Inc. David Malina, 305-575-4100 Investor
Relationsdmalina@opko.com
LHA Investor Relations Anne Marie Fields, 212-838-3777
afields@lhai.com or Bruce Voss, 310-691-7100 bvoss@lhai.com
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