KING OF PRUSSIA, Penn., May 18, 2015 /PRNewswire/ -- Medical Alarm Concepts Holding, Inc. (OTC: MDHI), provides information about the ongoing contract with Coventry, an Aetna Healthcare Company.
Aetna, Inc. is an American managed health care company which sells traditional and consumer directed health care insurance plans and related services, such as medical, pharmaceutical, dental, behavioral health, long-term care, and disability plans. Under the terms of the agreement, the diversified national insurer will continue to offer the Company's MediPendant® product and monthly monitoring services to subscribers of selected healthcare programs. Additionally, the Company's medical alarm products have been, and will continue to be, included in their Medicare and/or Medicaid related contracts on which they may bid.
The original contract was signed in March 2013. Ronnie Adams, President of MDHI commented, "We are very pleased that this contract with Aetna Healthcare is still in place. We value our strategic alliances and are proud to be a part of this company's product offering."
The market for these types of products and services continues to grow at impressive rates. According to the CBO (Congressional Budget Office), "by 2050, one-fifth of the total U.S. population will be elderly (that is, 65 or older), up from 12 percent in 2000 and 8 percent in 1950. The number of people age 85 or older will grow the fastest over the next few decades, constituting 4 percent of the population by 2050, or 10 times its share in 1950."
MDHI continues to look at synergistic opportunities for expansion through acquisition by diversifying the company's business model to take advantage of untapped opportunities. The Company is also developing new programs and products for the mHealth (mobile health) and telehealth industry, which they plan to launch sometime this year.
For additional information about MDHI's groundbreaking products and services, and to receive our exclusive Investor Alerts, please visit us at www.MedicalAlarmConcepts.com.
About Medical Alarm Concepts (MDHI)
Medical Alarm Concepts Holding, Inc., publicly traded under the symbol MDHI, is the creator of the MediPendant® and the iHelp™ patented personal medical alarm devices for both the national and international market. Our products have been featured by nationally renowned retailer's such as Costco Wholesale Corporation and Amazon since 2011. The MediPendant® boasts a product rating of "4.5 out of 5 Stars" with Costco's customers, and is currently in use by thousands of satisfied customers.
Safe Harbor Statement
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's filings with Securities and Exchange Commission.
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