HAUPPAUGE, N.Y., Dec. 20, 2010 /PRNewswire-FirstCall/ -- Patient Access Solutions, Inc. ("PASO") (Pink Sheets: PASO) Chief Executive Officer, Bruce Weitzberg, issues open letter to shareholders.
As 2010 draws to a close, I am pleased to report that our company and its technologies have been recognized and continue to generate significant interest in the traditional healthcare technology industry. 2010 has been a transformational year as our business development and sales pipelines have grown exponentially. We attribute this opportunity growth to our focused sales and marketing efforts, strategic alliances with vendor partners, and the support of key investors who have helped us expand into other verticals outside of healthcare technology with our Mobipen Enterprise solutions.
PAS Health's core business remains to be Healthcare Information Technology which is estimated to grow to $53 billion by 2014 in the United States; growing at a compounded annual rate of 14%. A large part of the impetus is coming from the American Recovery and Reinvestment Act of 2009 (ARRA 2009) which includes the Health Information Technology for Economic and Clinical Health Act, also known as HITECH. HITECH has allotted $19 billion to hospitals and physicians who demonstrate meaningful use of Electronic Medical Records. This law also requires the use of Electronic Healthcare Records (EHR) Systems by 2015. Considering only 4% of the 788,000 physicians in the United States currently have fully functional EHR/EMR systems and only 13% have limited access, this represents a tremendous opportunity for companies providing those systems and related services.
On December 1st, 2010, the company announced that it had been engaged by New Jersey - Health Information Technology Extension Center (NJ-HITEC), a federally recognized Regional Extension Center. The sole purpose of NJ-HITEC is to assist New Jersey primary care providers in the successful adoption, implementation and use of electronic health records systems and to become meaningful users of those healthcare technologies, in order to deliver quality care improvements to New Jersey residents throughout the state. As part of this agreement, PAS Health will introduce technology that complies with meaningful use standards; Join in clinical and administrative workflow examination to ensure each organization leverages the technology to its full potential.
The aforementioned opportunity, in conjunction with our other developing business positions the company to enter 2011 conservatively projecting increased sales to where we expect to show a net profit. We are expecting to grow our 1st Quarter Revenue by over 115% year over year. The three business units that will contribute to this increase are:
- PAS Health's SECURE EMR (NJ-HITEC): Federally Funded Contract; Approximately 5,000 healthcare providers ($7.5MM maximum over the next 24 months)
- Mobipen Healthcare: Agreement with home healthcare industry leader Sandata and other developing sales channels ($3-5 million in sales over the next 12 months)
- Mobipen Enterprise: Developing channels in Environmental Services, Government, and Aviation ( $2.5- 5 million over the next 18 months)
We will continue to execute our plan and achieving profitability in 2011 will certainly increase shareholder value. On behalf, of the company, its employees, and the Board of Directors, we at PAS Health want to thank all of you for your continued support and wish you a safe and happy holiday season.
Forward Looking Statements
Statements made in this press release that are not historical facts constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21 of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such statements rely on a number of assumptions concerning future events, many of which are outside of the Company's control, and involve risks and uncertainties that could cause actual results to differ materially from opinions and expectations. All information in this release is as of the date hereof. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.
Media Contact: Bruce Weitzberg, 1-631-233-3707
SOURCE Patient Access Solutions, Inc.