POMPANO BEACH, Fla.,
Jan. 28, 2014 /PRNewswire/ --
Solpower Corporation, Symbol (OTC Pink: SOCR) today announced that
the company's flagship product, Medcare Collect, is projected to
generate as much as $12 million by
the end of 2014.
The low cost, user-friendly system makes it possible for
healthcare professionals to care for patients without concern for
their ability to pay up front. Under the new Affordable Healthcare
Act, also known as Obama-care, high deductibles, co-payments, and
weak coverage plagues providers and patients alike. Medcare Collect
solves these problems and requires no credit check, so it applies
to everyone. The solution is specifically designed to avoid
overdrafts or default due to timing that does not match with a
patient's lifestyle and finances.
Offices beta-testing this system have added, on average, more
than $100,000 to their bottom line
annually, and only 1.2% of patients defaulted on their payments.
Compare this with the 40% to 70% default rate of traditional
collections, not to mention the additional personnel needed, and
the additional revenue doctors turn away each year due to the risk
of non-payment.
"If you bring an injured child into the emergency room, the
first question is not what happened to them, it's what insurance do
they have, and will that be VISA or MasterCard?" Said the company's
CEO, Charles Neinstedt, who went on
to say," This is a major failure of our system. Medcare Collect
removes that concern for the provider, and it is so inexpensive
that they would have to be crazy not to use it."
Based on current growth and income, Solpower expects to generate
as much as $12 million this year,
which is mainly generated by fees paid by credit card companies and
transaction fees passed on to the patient. This will depend on how
quickly providers are added to the system, but Mr. Neinstedt is
very optimistic. Since the provider keeps their existing merchant
processor, it takes very little resources to add clients. Even
then, Solpower does expect an initial delay in getting new clients
signed up, but the company feels the additional income, and care
that patients receive makes it worth the wait for any provider who
wants to subscribe. The company feels this proprietary system will
be the standard in healthcare billing, and change the way people
pay for health care in the U.S.
Find out more by contacting Solpower at
Investors@solpowerco.com, or subscribe to the company's twitter
@solpowercorp.
About Solpower
Solpower Corporation owns and operates a software company that
designs innovative solutions to problems that plague industries
globally. Its flagship product is Medcare Collect, a healthcare
billing system that allows patients to pay off medical bills over
time with no credit check.
DISCLAIMER
This Press Release may contain certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. The Company has tried,
whenever possible, to identify these forward-looking statements
using words such as "anticipates," "believes," "estimates,"
"expects," "plans," "intends," "potential" and similar expressions.
These statements reflect the Company's current beliefs and are
based upon information currently available to it. Accordingly, such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which could cause the Company's
actual results, performance or achievements to differ materially
from those expressed in or implied by such statements. The Company
undertakes no obligation to update or advise in the event of any
change, addition or alteration to the information catered in this
Press Release including such forward-looking statements.
SOURCE Solpower Corporation