POMPANO BEACH, Fla., Jan. 28, 2014 /PRNewswire/ -- Solpower Corporation, Symbol (OTC Pink: SOCR) today announced that the company's flagship product, Medcare Collect, is projected to generate as much as $12 million by the end of 2014.
The low cost, user-friendly system makes it possible for healthcare professionals to care for patients without concern for their ability to pay up front. Under the new Affordable Healthcare Act, also known as Obama-care, high deductibles, co-payments, and weak coverage plagues providers and patients alike. Medcare Collect solves these problems and requires no credit check, so it applies to everyone. The solution is specifically designed to avoid overdrafts or default due to timing that does not match with a patient's lifestyle and finances.
Offices beta-testing this system have added, on average, more than $100,000 to their bottom line annually, and only 1.2% of patients defaulted on their payments. Compare this with the 40% to 70% default rate of traditional collections, not to mention the additional personnel needed, and the additional revenue doctors turn away each year due to the risk of non-payment.
"If you bring an injured child into the emergency room, the first question is not what happened to them, it's what insurance do they have, and will that be VISA or MasterCard?" Said the company's CEO, Charles Neinstedt, who went on to say," This is a major failure of our system. Medcare Collect removes that concern for the provider, and it is so inexpensive that they would have to be crazy not to use it."
Based on current growth and income, Solpower expects to generate as much as $12 million this year, which is mainly generated by fees paid by credit card companies and transaction fees passed on to the patient. This will depend on how quickly providers are added to the system, but Mr. Neinstedt is very optimistic. Since the provider keeps their existing merchant processor, it takes very little resources to add clients. Even then, Solpower does expect an initial delay in getting new clients signed up, but the company feels the additional income, and care that patients receive makes it worth the wait for any provider who wants to subscribe. The company feels this proprietary system will be the standard in healthcare billing, and change the way people pay for health care in the U.S.
Find out more by contacting Solpower at Investors@solpowerco.com, or subscribe to the company's twitter @solpowercorp.
Solpower Corporation owns and operates a software company that designs innovative solutions to problems that plague industries globally. Its flagship product is Medcare Collect, a healthcare billing system that allows patients to pay off medical bills over time with no credit check.
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SOURCE Solpower Corporation