Highmark Interactive Inc. Announces Update to Cease Trade Order and Reimbursement of Remote Patient Monitoring Services
TORONTO, May 26, 2023 (GLOBE NEWSWIRE) — Highmark Interactive Inc. (TSXV:HMRK) (“Highmark” or the “Company”), a provider of remote patient monitoring and other healthtech solutions, today announced that it has successfully been processed for remote patient monitoring and has been reimbursed by Medicare for those services. As an FDA cleared healthtech solution provider, this is a critical validation of the ability for Highmark’s technology not just to be used to monitor the health of patients by practitioners but join a very small select group of companies that have their technology reimbursed by Medicare or Medicaid for that solution.
“We are excited to offer our clients the ability to bill for remote patient monitoring services,” said Dr. Sanjeev Sharma, CEO of Highmark. “This confirms that our FDA cleared solution creates potential for improved preventive healthcare as well as an increase in revenue for our clinician customers, which range from single site clinics, to larger multi site health systems.” Furthermore, Sharma stated, “By demonstrating that our software is reimbursed by the largest payor globally of healthcare (i.e. US Medicare), Highmark has solidified its clear competitive advantage. Not only are there only a small number of companies that have been approved for reimbursement, Highmark’s proprietary algorithms provide a numeric score that can be used to identify patients whose balance is deteriorating, thus enabling proactive interventions to assist with preventing falls.” Dr. Sharma continues by saying, “This is an exciting milestone, as it opens up a number of strategic opportunities, as the innovation coupled with the software being reimbursed creates the elusive win/win dynamic with patients and practitioners. Our solution meets the demand, and focus being established by the large stakeholder from a health promotion perspective (i.e. CDC, American Association of Orthopedic Surgeons amongst others) have launched and promoted falls prevention, while payors, such as Medicare, have reviewed the economic literature where fall prevention is a significant driver of cost savings. Patients have embraced digital health solutions, especially if it helps them maintain their independence and sense of wellness.”
In regards to an update of the Cease Trade Order (“CTO”) applicable to the Company’s securities, the Company continues to work to secure additional funding that will allow the Company to satisfy outstanding payables due to its auditors and thus release the audit report necessary for the Company to file its audited financial statements for the year ended December 31, 2022, which the Company believes will result in the CTO being lifted. The Company believes that it has financing options and it continues to explore short and long term options for its financial viability but there can be no guarantee such funding will be secured. The Company will provide a further update in approximately two weeks.
About Highmark Interactive
Highmark Interactive was created to change the paradigm of testing and management for brain and mental health. Highmark’s approach is focused on providing real-time data to health providers to support proactive, preventative interventions and targeted care planning to improve health outcomes.
In addition to a growing network of virtual, in-person and hybrid clinics. Highmark Interactive offers the world’s first gamified, FDA cleared patient-led assessments as well as digital clinician-led assessments of neurofunction and balance. Together. The technology is used in more than 350 health organizations globally. By unlocking insights, Highmark’s platform enables precision medicine and creates a more contemporary model for delivering better outcomes in medical
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Learn more: https://www.highmark.tech/
For further information:
Highmark Interactive Inc.
Sanjeev Sharma, President & CEO.
[email protected] or 1-855-969-5079 Investor Relations
SOURCE: Highmark Interactive Inc
Cautionary Note Regarding Forward-Looking Information
This News Release contains forward-looking statements that relate to the current expectations and views of future events of the Company. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”,
or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, predictions, indications, projections or other characterizations of future events or circumstances contain forward-looking information.
Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events. Forward-looking statements in this news release include, among other things, statements and expectations relating to the validation of the Company’s technology and the continued reimbursement by Medicare for remote patient monitoring services, remedying defaults with respect to filing of the 2022 annual consolidated financial statements and the timing therefore, potential avenues for additional external financing, and the nature of discussions with secured creditors and the outcomes of such discussions.
These statements and other forward-looking information are based on opinions, assumptions and estimates made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that Highmark believes are appropriate and reasonable in the circumstances as of the date of this news release, including discussions with potential financing parties and secured creditors.
There can be no assurance that such estimates and assumptions will prove to be correct. In addition, if any of the assumptions or estimates made by management prove to be incorrect, actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking information contained herein. Accordingly, prospective investors are cautioned not to place undue reliance on such information. Although the Company believes the assumptions underlying the statements related to the Company are reasonable, they may prove to be incorrect. Given these risks, uncertainties and assumptions, and the risks identified in the filing statement, investors should not place undue reliance on these forward-looking statements.
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