Proposed U.S. telehealth bill may provide reimbursement for the Company's healthcare monitoring
SANTA MONICA, CA / ACCESSWIRE / November 21, 2018 / Parallax Health Sciences, Inc. (PRLX) ("Parallax" or the "Company"), an outcome-driven connected healthcare company, is pleased to report that its common shares are now trading on the OTCQB ® Venture Market.
"Up-listing to the OTCQB® Venture Market is a milestone in our Company's development," stated Paul Arena, Chief Executive Officer of Parallax Health Sciences, Inc. "It raises our profile, provides increased transparency to a broader audience, and represents a major step in our goal to be listed on the NYSE or Nasdaq in the first half of 2019."
Mr. Arena continued, "The U.S. Congress is now considering the Reducing Unnecessary Senior Hospitalization (RUSH) Act, which aims to reduce rehospitalizations using telemedicine and telehealth to improve patient care and reduce costs. If the bill passes, we are well positioned for this growth market with telehealth solutions that address chronic disease management in a way that no other company can, based on a proven behavioral and outcome-based architecture. Parallax's wholly-owned subsidiary, Parallax Health Management, Inc., offers a remote patient monitoring platform featuring proprietary outcomes-based optimization technology. Our patented technology provides a unique barrier to entry and industry-first applied behavioral analytics technology, with outcome optimization management through a platform known as the Intrinsic Code."
Passage of the bill under consideration would make it easier for providers to receive reimbursement for delivering remote patient monitoring and position the Company for rapid adoption of its healthcare platform solutions. The proposed changes would remove current mandates restricting the use of telemedicine and increase reimbursement to doctors and providers.
Roughly 60 million Americans are covered by Medicare and the new rules would mandate that telehealth and monitoring services be available to all patients. Under the new plan doctors would be paid approximately $90 per patient for providing initial telehealth and monitoring services and would also be paid $42 per patient per month for reviewing the patient data.
About Parallax Health Sciences
Parallax Health Sciences is an advanced technology, outcome-driven telehealth company that allows for cost-effective remote diagnosis, treatment and monitoring of patients through proprietary platforms of integrated products and services. The Company's interoperable novel applications provide patients point-of-care testing and monitoring with information communicated via internet-based mobile phone applications that are agnostic as to operating system and are built on highly sophisticated data analytics. Information is retrieved real-time by physicians who are monitoring patients with chronic diseases or through biometric feedback for health-related behavior modification, and is automated for integration into electronic health records. The Company's products and offerings capitalize on the digital transformation in healthcare for improved patient compliance, diagnosis and treatment, and support healthcare system cost savings and efficiencies. For more information, please visit www.parallaxcare.com
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in our Form 10-K and other reports filed with the SEC. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.