LEWISVILLE, Texas--(BUSINESS WIRE)--CareView Communications, Inc. ("CareView" or the "Company") (OTCQB: CRVW), an information technology provider to the healthcare industry, today announced the execution of a products and services agreement with the William S. Middleton Memorial Veterans Hospital, Madison, Wisconsin, for installation of its CareView Patient Safety System including its latest Gen 5 hardware and software offering. The Middleton Memorial Veterans Hospital in Madison (the “Madison VA Hospital”) serves the approximately 130,000 veterans living in a 15-county radius in south-central Wisconsin and in five counties in northwestern Illinois. As a specialty care referral center for veterans, Madison VA Hospital provides tertiary medical, surgical, neurological, and psychiatric care, in addition to a full range of outpatient services.
The contract with Madison VA Hospital is one of the first contracts negotiated under the Company’s new revenue model following the expansion and modernization of its platform. The CareView Patient System incorporates a variety of camera solutions specifically designed to address clinical needs in general safety, as well as applications in the ICU and behavioral health settings. In addition, the new CareView Patient Safety System is fully enabled for two-way telemedicine. This launch also includes two new software products targeted at improving patient safety and clinical workflow, SitterView® and the CareView Analytics Dashboard.
With the introduction of its new technology, announced last week, CareView has also updated its contracting model to align with the preferred acquisition model in the hospital industry. Specifically, CareView now sells its proprietary hardware and licenses its software on an annualized basis. This shift in revenue model will have an immediate impact on the Company’s operations resulting in greater revenue recognition within 30 days of new contract signings while still providing reoccurring revenue via the annualized licensing, service and maintenance fee structure. Under all revenue models, CareView continues its dedication to provide its customers with service and support on a 24x7x365 basis.
Under CareView’s new revenue model, the value of the contract at time of execution, for seven (7) CareView Mobile units, is $142,624 with annual reoccurring revenue of $23,373.
Steven Johnson, CareView's President and Chief Executive Officer, stated, “We look forward to installing our new CareView Patient System at Madison VA Hospital. We are confident that the services provided by our Gen 5 system will assist their medical staff in their mission to provide excellent care for our veterans. As we continue to provide our products and services to our nation’s network of VA hospitals, we are humbled to be able to play a part in improving the health and safety of our veterans.”
About CareView Communications, Inc.
As a leader in turnkey patient video monitoring solutions, CareView is redefining the standard of patient safety in hospitals and healthcare facilities across the country. For over a decade, CareView has relentlessly pursued innovative ways to increase patient protection, providing next generation solutions that lower operational costs and foster a culture of safety among patient, staff and hospital leadership. With installations in more than 150 hospitals, CareView has proven that its innovative technology is creating a culture of patient safety where patient falls have decreased by 80% with sitter costs reduced by more than 65%. Anchored by the CareView Patient Safety System, this modular, scalable solution delivers flexible configurations to fit any facility while significantly increasing patient safety and operational savings. All configurations feature HD cameras, high-fidelity 2-way audio and LCD displays for the ultimate in capability, flexibility and affordability. Corporate offices are located at 405 State Highway 121 Bypass, Suite B-240, Lewisville, TX 75067. More information about the Company and its products and services is available on the Company’s website at www.care-view.com.
Forward Looking Statements
Statements made in this release that are not statements of historical or current facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance, or achievements could differ materially from those expressed or implied by the forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as required by law.