CHULA VISTA, Calif., Dec. 17, 2012 /PRNewswire/ -- Medex Inc. (OTC Pinksheets: MDXX) is pleased to announce that it has entered into a joint venture with Senior Mobility Vista Aids headed by Mr. Allen Newsome and based in Vista, CA.
The agreement between the companies is being established in order to form an integrated partnership to greatly extend Medex's scope of services further within the wheel chair DME, and repair and service market. This exciting partnership will enable Medex to gain access to more extensive sites allowing greater expansion and providing the company with more qualified technicians and additional office space.
As a result, Medex will be better able to provide for its existing clients and better positioned for future new contracts currently under negotiation in order to continue to grow its business. By establishing a joint venture with Senior Mobility Aids, Medex will also be able to appoint a VP of compliance to ensure that the highest quality of service and repairs of its clients' equipment is provided, which will meet or exceed current industry standards.
Medicare has entered into a bidding process for San Diego, CA and the surrounding region in partnership with Senior Mobility Aids. If successful Medex will be granted the exclusive rights to work with Medicare recipients that require all sales products and services included in the bid such as power wheelchairs.
By combining Senior Mobility Aids customer product sales focus with Medex's ability to provide exceptional service, the joint venture has the potential to generate significant revenue in the San Diego regional market. Although the winning bid providers has yet to be announced the two companies are moving forward with plans to expand in the area. With a population base of in excess of 3 million people, San Diego County provides an opportunity for Medex to service and repair equipment vacated by the unsuccessful bidders.
Based on quantifiable statistics from other areas of the county over the past 3 years, over 60% of the existing providers of Home Medical Equipment go out of business leaving several hundred thousand home medical equipment patients without a servicing dealer. Medex and Senior Mobility Aids are focused on providing service to those individuals. Nationwide just the maintenance and repair segment of Medicare recipients represents over $600,000,000 in revenue annually.
Additionally, because both Senior Mobility Aids' Allen Newsome and Medex CEO, Paul Protzman are Assistive Technology Specialists, Medicare allows individuals with these specific credentials access to the provision of "high end" medical equipment outside of the bid. Medicare depends on these individuals to provide equipment for the most seriously mobility challenged individuals with disabilities such as spinal cord injuries, Parkinson's Disease, ALS (Lou Gehrig's Disease). Less than 20% of the nation's Home Medical Equipment Dealers have such certified individuals.
About Medex Inc.
MedEx, Inc. is a publicly traded; California based medical support and services Company. It distributes quality Medicare – Accredited medical equipment and supplies to consumers, medical professionals and insurance carriers. The company's vision is to be a pre-eminent medical and equipment supply Company by providing products for people with disabilities, recovering from surgery, in rehabilitation facilities, nursing homes, assisted living centers and the elderly. For additional information please visit the company's website at http://www.21stsynergymedical.com/
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SOURCE Medex Inc.