BioTelemetry, Inc. and Wellbridge Health, Inc. Announce Strategic Alliance
January 06 2014 - 8:00AM
BioTelemetry, Inc. (Nasdaq:BEAT), the leading wireless medical
technology company focused on the delivery of health information to
improve quality of life and reduce cost of care, and Well Bridge
Health, Inc. ("Wellbridge Health"), a care management solutions
company aimed at reducing unnecessary hospital re-admissions and
emergency room visits resulting from congestive heart failure
("CHF"), announced the formation of a partnership to commercialize
a novel approach to the management and remote monitoring of CHF
patients. BioTelemetry has provided Wellbridge Health initial
funding in the form of a convertible note. Specific terms of the
agreement are not being disclosed at this time.
Joseph Capper, President and Chief Executive Officer of
BioTelemetry, commented: "Heart failure currently affects
approximately 5.8 million adults in the United States, costs the
nation an estimated $32 billion each year and accounts for the
highest hospital re-admission rate. Wellbridge Health has developed
a proprietary, innovative care management solution that combines
easy-to-use technology with human interaction, resulting in
improved patient outcomes and lower cost of care by minimizing
avoidable CHF hospital re-admissions. We are excited to partner
with Wellbridge in order to help create an expanded remote cardiac
monitoring offering, incorporating enhanced CHF patient care. We
believe this solution has the potential to dramatically decrease
the escalating costs associated with this chronic condition."
Mary Del Brady, Wellbridge Health Chief Executive Officer,
added, "BioTelemetry's industry leadership and strategic alignment
make them the ideal partner for Wellbridge Health. With their
support, we will help our clients reduce re-admission penalties and
eliminate other unnecessary costs by materially improving patient
outcomes while maintaining quality of life for their patients."
About CHF
Congestive heart failure ("CHF") is a serious medical condition
in which the heart cannot pump enough blood to meet the body's
needs. It is often caused by hypertension, diabetes or coronary
heart disease. Approximately 5.8 million people in the United
States suffer from CHF, and according to the CDC's National
Hospital Discharge Survey (NHDS) data from 2000 to 2010, CHF is one
of the most common reasons patients aged 65 and over are
hospitalized. The National Institutes of Health (NIH),
Centers for Medicare and Medicaid Services (CMS) and American Heart
Association all report that nearly 50% of CHF patients are
readmitted to the hospital within 6 months of discharge, and
according to the Robert Wood Johnson Foundation's Health Brief
(November 2013), data collected by the Medicare Payment Advisory
Commission (MedPAC) indicates that 75% of CHF re-admissions are
potentially avoidable. The associated hospital stays
typically cost more than $15,000, representing a total annual
burden of $10 billion.
About BioTelemetry
BioTelemetry, Inc., formerly known as CardioNet, Inc., is the
leading wireless medical technology company focused on the delivery
of health information to improve quality of life and reduce cost of
care. The company currently provides cardiac monitoring
services, original equipment manufacturing with a primary focus on
cardiac monitoring devices and centralized cardiac core laboratory
services. More information can be found at
www.biotelinc.com.
About Wellbridge Health
Wellbridge Health is a care management solutions company whose
goal is to reduce unnecessary hospitalizations. Combining highly
trained health coaches with the latest in health care technology,
Wellbridge strengthens the connection between insurance plan and
member to influence physical and behavior change, improve member
outcomes, and lower the cost of care. More information can be
found at www.wellbridgehealth.com.
BioTelemetry's Cautionary Statement Regarding
Forward-Looking Statements
This document includes certain forward-looking statements within
the meaning of the "Safe Harbor" provisions of the Private
Securities Litigation Reform Act of 1995 regarding, among other
things, our expectations regarding the success of the Well Bridge
Health, Inc. pilot and related effect on the Company's investment.
These statements may be identified by words such as "expect,"
"anticipate," "estimate," "intend," "plan," "believe," "promises"
and other words and terms of similar meaning. Such forward-looking
statements are based on current expectations and involve inherent
risks and uncertainties, including important factors that could
delay, divert, or change any of these expectations, and could cause
actual outcomes and results to differ materially from current
expectations. These factors include, among other things, effects of
changes in health care legislation, effectiveness of our cost
savings initiatives, relationships with our government and
commercial payors, changes to insurance coverage and reimbursement
levels for our products, the success of our sales and marketing
initiatives, our ability to attract and retain talented executive
management and sales personnel, our ability to identify acquisition
candidates, acquire them on attractive terms and integrate their
operations into our business, the commercialization of new
products, market factors, internal research and development
initiatives, partnered research and development initiatives,
competitive product development, changes in governmental
regulations and legislation, the continued consolidation of payors,
acceptance of our new products and services, patent protection,
adverse regulatory action, litigation success, our ability to
successfully create a new holding company structure and to
anticipate the benefits of such structure. For further details and
a discussion of these and other risks and uncertainties, please see
our public filings with the Securities and Exchange Commission,
including our latest periodic reports on Form 10-K and 10-Q. We
undertake no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events,
or otherwise.
CONTACT: Heather Getz
Investor Relations
800.908.7103
investorrelations@biotelinc.com
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