FOR: CARDIOCOMM SOLUTIONS, INC.
TSX VENTURE SYMBOL: EKG
December 14, 2018
TORONTO, ONTARIO - CardioComm Solutions, Inc. (TSX VENTURE: EKG) ("CardioComm" or the "Company" or "CCS"), a global medical provider of consumer heart monitoring and electrocardiogram ("ECG") acquisition and management software solutions, and Virginia-based connected health provider Creo Wellness, LLC (“CREO”) confirm the companies have committed to integrate CardioComm’s ECG monitoring service technologies and ECG devices to support the CREO physician network’s management of patients and enhance the services offered through the CREO patient engagement platform.
CREO developed and supports its home-based, physician-directed patient care software platform to improve the health outcomes of its patients. CREO selected CardioComm as a preferred ECG services solutions provider to enhance its patient care software platform, specifically CardioComm’s over-the-counter (“OTC”) HeartCheck™ handheld ECG devices, and its traditional ECG monitoring services, such as Holter, resting 12 lead and 14 day event monitoring.
CREO’s platform is currently used by many employers, hospital and physician groups who collectively manage up to 300,000 patients each month. CREO estimates that the number of managed patients per month using its platform will triple to 900,000 by 2020.
CardioComm will integrate its GEMS™ Mobile Smartphone app into CREO’s existing mobile application and workflow to support the option to record an ECG at any time. All ECG’s will be managed through CardioComm’s cloud-based GEMS™ Flex software. All ECGs will be ready by the Company's SMART Monitoring ECG reading service. CREO will be notified of any reviewed ECGs with abnormalities. The ECGs will also be flagged for remote review by the patient’s physician based on the severity of the abnormality found.
The partnership between CREO and CCS will bring new product offerings to the USA market in early 2019. For CardioComm Solutions, this will generate multiple new revenue streams resulting from the licensing of CardioComm’s GEMS™ cloud and Smart phone app ECG management tools, the purchase of GEMS™ compatible OTC and Rx ECG devices and a fee-for-use based on CardioComm’s SMART Monitoring ECG reading service. CREO will place the devices into their patient care software platform, which will be prescribed through CREO member physicians. Use of these devices will generate revenue through the provision of ECG readings under established USA Current Procedural Terminology ("CPT") codes. CREO will manage all CPT code billings for the ECG services performed. CPT codes are maintained by the American Medical Association to provide information about medical services and procedures among physicians, coders, patients, accreditation organizations and payers.
All ECGs will be managed by CardioComm’s cloud-based GEMS™ Flex software where all ECGs will be interpreted by the Company's SMART Monitoring ECG reading service. CREO will be notified of any reviewed ECGs with abnormalities which will be flagged for remote review by the patient’s physician in accordance with the severity of the abnormality found.
Both companies expect that at least 30% of CREO patients will require ECG monitoring ranging from routine baseline recordings to regular daily monitoring for prolonged periods of time. The first phase of technology integration is expected to be completed in Q1 2019, followed by the full launch of the ECG services across the CREO platform.
To learn more about CardioComm’s products and for further updates regarding HeartCheck™ ECG device integrations please visit the Company’s websites at www.cardiocommsolutions.com and www.theheartcheck.com.
Founded in 2015, Creo Wellness, LLC is a private digital health solutions company that offers healthcare providers a truly connected population health platform that is integrated with their electronic medical record. Creo’s solutions offer a hyper-personalized patient centric approach to improved health outcomes, cost reduction and patient engagement. See how we create change at www.creochange.com. On Facebook, Creo Wellness, LLC. On Twitter @creowellness.
CardioComm Solutions' patented and proprietary technology is used in products for recording, viewing, analyzing and storing electrocardiograms for diagnosis and management of cardiac patients. Products are sold worldwide through a combination of an external distribution network and a North American-based sales team. CardioComm Solutions has earned the ISO 13485 certification, is HIPAA compliant and holds clearances from the European Union (CE Mark), the USA (FDA) and Canada (Health Canada). CardioComm Solutions, Inc. is headquartered in Toronto, Canada.
INFORMATION PLEASE CONTACT:
Etienne Grima, Chief Executive Officer
This release may contain certain forward-looking statements and forward looking information with respect to the financial condition, results of operations and business of CardioComm Solutions and certain of the plans and objectives of CardioComm Solutions with respect to these items. Such statements and information reflect management's current beliefs and are based on information currently available to management. By their nature, forward-looking statements and forward-looking information involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements and forward-looking information.
In evaluating these statements, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not assume any obligation to update the forward-looking statements and forward-looking information contained in this release other than as required by applicable laws, including without limitation, Section 5.8(2) of National Instrument 51-102 (Continuous Disclosure Obligations).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.