CONSHOHOCKEN, Pa. & SCOTTSDALE, Ariz.--()--CardioNet, Inc. (NASDAQ:BEAT) and MedApps, Inc. announced today that they formed a strategic alliance to advance their positions in the mobile wireless medical market, through the Companies’ respective wireless patient monitoring technologies. The terms of the agreement are not being disclosed at this time. The Companies expect to leverage their respective strengths to deploy new and innovative wireless monitoring solutions that benefit patients in a cost-effective, meaningful manner.
“When CardioNet’s MCOT™ is prescribed, physicians, patients and payors recognize the quality and reliability of our service. We are looking to MedApps to help accelerate our entry into additional areas of monitoring, and to extend our platform utilizing MedApps’ CloudCare™ technology.”
“CardioNet is the industry leader in the diagnosis and management of cardiac arrhythmias with Mobile Cardiac Outpatient Telemetry™ and we are now seeking to expand our service offerings,” said Joseph H. Capper, CardioNet’s President and CEO. “When CardioNet’s MCOT™ is prescribed, physicians, patients and payors recognize the quality and reliability of our service. We are looking to MedApps to help accelerate our entry into additional areas of monitoring, and to extend our platform utilizing MedApps’ CloudCare™ technology.”
MedApps’ CEO Kent Dicks said, “This is an opportunity to forge an exciting collaboration between our two companies and take wireless healthcare to the next level. Both of our companies are considered innovators and leaders in bringing wireless technology to patient monitoring, and our philosophies for improving the delivery of healthcare are a perfect fit.”
MedApps’ CloudCare™ technology platform will bring ease and simplicity to CardioNet’s business model. By fully utilizing an intelligent cloud-based environment, MedApps distinguishes itself from its hardware-based competitors by improving all aspects of the process that affect both the enterprise and end-user, from simplifying the placing and processing of orders, to remotely updating and servicing equipment in the field.
CardioNet is a leading provider of ambulatory, continuous, real-time outpatient management solutions for monitoring relevant and timely clinical information regarding an individual’s health. CardioNet’s initial efforts are focused on the diagnosis and monitoring of cardiac arrhythmias, or heart rhythm disorders, with a solution that it markets as Mobile Cardiac Outpatient Telemetry™ (MCOT™). More information can be found at http://www.cardionet.com.
CardioNet’s Forward-Looking Statements
This document includes certain forward-looking statements within the meaning of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995 regarding, among other things, our growth prospects, the prospects for our products and our confidence in the Company’s future. These statements may be identified by words such as “expect,” “anticipate,” “estimate,” “intend,” “plan,” “believe,” “promises” and other words and terms of similar meaning. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including important factors that could delay, divert, or change any of them, and could cause actual outcomes and results to differ materially from current expectations. These factors include, among other things, our ability to complete the acquisition of Biotel and integrate its operations into our business, the effect of the acquisition on our business operations and financial results, the effect of the implementation of CMS’ national price in 2011, effectiveness of our efforts to address operational initiatives, including cost savings initiatives that affect our business, changes to insurance coverage and reimbursement levels for our products, the success of our sales and marketing initiatives, our ability to attract and retain talented executive management and sales personnel, our ability to identify acquisition candidates, acquire them on attractive terms and integrate their operations into our business, the commercialization of new products, market factors, internal research and development initiatives, partnered research and development initiatives, competitive product development, changes in governmental regulations and legislation, the continued consolidation of payors, acceptance of our new products and services and patent protection and litigation. For further details and a discussion of these and other risks and uncertainties, please see our public filings with the Securities and Exchange Commission, including our latest periodic reports on Form 10-K and 10-Q. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
MedApps provides innovative eCare solutions for the collection, transmission and remote management of patient health data. MedApps utilizes wireless and m2m technologies, hardware, software, and cloud computing to efficiently connect patients with their care providers and electronic health records. The FDA-cleared MedApps System is producing notable results and demonstrating a strong ROI at leading healthcare facilities across the nation, including Cleveland Clinic, Meridian Health and Baptist Health. MedApps is a recognized telehealth innovator and member of Continua, an industry consortium setting Medical Device Interoperability Standards worldwide. MedApps is an ISO 13485, ISO 9001 and UL Certified Company with CE Mark and Health Canada license. Additional information about MedApps’ products and services is available at http://www.medapps.com.