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DENVER, July 6, 2021 (GLOBE NEWSWIRE) – Assure Holdings Corp. (the “Company” or “Ensure“) (TSXV: IOM; OTCQB: ARHH), a provider of intraoperative neuromonitoring services (“IONM“), announced a monthly record of collection and number of procedures during the month of June 2021.
John A. Farlinger, Executive Chairman and Chief Executive Officer, said: “Assure has invested heavily in revenue cycle management, including recently hiring a main information manager who will help accelerate our digital transformation and analytics capabilities, staffing an in-house billing and collections team of 28 people, and migrating to a platform with an automated and integrated process, moving on of what was historically a fully manual system.
Billing and collection results and expectations include:
- The company raised a monthly record of $ 2.7 million in June 2021. That includes raising $ 1.6 million for IONM’s revenue which it retains at 100%.
- Assure has raised more than $ 0.8 million in pre-acquisition receivables owed to Sentry Neuromonitoring, LLC, a Texas-based IONM service provider, the company acquired April 30, 2021.
- Based on recent discussions with various insurers, Assure expects to continue the strong trend in collections in 2021.
Farlinger continued, “Assure continues to partner with insurance companies through network agreements, helping the company achieve better, more predictable results with less volatility. Turning to the second half of 2021, we do not anticipate any significant volatility in our revenue accumulation per procedure as our existing network contracts and those we are currently negotiating are comparable to our current accrual rates. . This will continue to be a priority for Assure as we attempt to migrate more revenue to deals with insurance companies. “
Company reports Record number of proceduresFarlinger concluded, “The company reported more than 1,600 cases in June 2021, our highest number of monthly procedures on record. We continue to show special strength in Texas and benefit from the company’s professional neurology services for IONM launched earlier this year, increasing the total number of cases handled. Ensures continues to expect our case volume to increase by at least 70% in 2021. ”
Ensures continues to scale up professional neurology services in telehealthAssure joined its second remote supervision professional supporting the neurology services of the company’s telehealth professionals in June 2021. Dr. Diego Tovar is a certified neurologist and epileptologist specializing in the comprehensive care of epileptic patients, interpretation of all electroencephalograms (“EEG”) modalities including extended video EEG, quantitative EEG and intracranial EEG, planning of epilepsy surgery with intracranial electrode implantation, stereo EEG and the use of neuromodulation treatments.
Prior to joining Assure, Dr. Tovar was a neurologist and epileptologist in the St. David Health System and an Assistant Clinical Professor in the Medical Branch at the University of Texas at Galveston. Dr Tovar was also a researcher in epilepsy and clinical neurophysiology at the Mayo Clinic. Previously, he was resident neurologist at Mount Sinai Beth Israel and internal medicine resident at Montefiore Medical Center.
The Company plans to gradually increase the staffing for its telehealth professional neurology services function during 2021 and beyond.
About Assure HoldingsAssure Holdings Corp. is a Colorado-based company that works with neurosurgeons and orthopedic spine surgeons to provide a suite of turnkey services supporting intraoperative neurosurveillance activities during invasive surgeries. Assure employs its own staff of technologists and uses its own state-of-the-art monitoring equipment, manages 100% of the planning and configuration of intraoperative neuromonitoring, and invoices all technical services provided. Assure Neuromonitoring is recognized as providing the highest level of patient care in the industry and has won the Joint Commission Gold Seal of Approval®. For more information, visit the Company’s website at www.assureneuromonitoring.com.
Forward-looking statements This press release may contain “forward-looking statements” within the meaning of applicable securities laws, including, but not limited to: advancement of digital transformation and analytical capabilities; the Company’s expectations for revenues, cash flows and revenues in 2021; the Company’s expectations regarding partnerships with insurance companies and volatility regarding the accumulation of revenue by procedure; the expected growth in the Company’s case volume in 2021; and the ramp-up of the Company’s professional telehealth neurology services. Forward-looking statements can generally be identified by the use of the words “anticipates”, “expects”, “intends to”, “plans”, “should”, “could”, “could”, “could”. , “Could”, “believes”, “believes”, “potential”, “target” or “continue” and variations or similar expressions. These statements are based on the current expectations and beliefs of management and are subject to certain risks and uncertainties which could cause actual results to differ materially from those described in forward-looking statements. These risks and uncertainties include, but are not limited to: the Company may not continue to advance its technological infrastructure and analytical capabilities; the Company may not meet its sales, cash flow and income expectations for 2021; the Company may not be successful in negotiating partnerships with insurance companies and network contracts; the Company may not experience case volume growth in 2021; the Company may not be successful in increasing its professional neurology services in telehealth; the uncertainty surrounding the spread of COVID-19 and the impact it will have on the Company’s operations and economic activity in general; and the risks and uncertainties discussed in our most recent annual and quarterly reports filed with Canadian securities regulators and available on the Company’s profile on SEDAR at www.sedar.com, the risks and uncertainties of which are incorporated here by reference. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by law, Assure does not intend and assumes no obligation to update forward-looking statements to reflect, in particular, new information or future events.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
ContactScott Kozak, Investor and Media Relations Assure Holdings Corp. 1-720-287-3093[email protected]
John Farlinger, Chief Executive Officer, Assure Holdings Corp. 1-604-763-7565[email protected]
Source: Assure Holdings Corp.