New Program Creates Patient-Friendly Pricing and Monthly Recurring Revenue Stream for Company
VeriChip Corporation, a provider of radio frequency identification (RFID) systems for healthcare and patient-related needs, announced today the launch of its new "PATIENT FIRST" program. Under this new program, patients receive the VeriMed(TM) microchip with no up-front cost with a subscription to the VeriMed Patient Registry at a fee of $9.95 per month. The Company will initially launch PATIENT FIRST in the geographies it has an established presence of protocol-adopted hospitals, including South Florida, northern New Jersey, Boston, Baltimore, Washington, D.C., Philadelphia and Atlanta. Protocol-adopted hospitals are trained on using the VeriMed reader and database and have adopted the VeriMed Patient Identification System as standard protocol in their emergency rooms in the event a patient presents unconscious or non-communicative.
The PATIENT FIRST model enables all patients to access the VeriMed Patient Identification System for no cost up-front and a nominal monthly subscription. The VeriMed Patient Identification System, which utilizes an implantable RFID microchip in combination with a handheld RFID scanner and a secure patient database, provides immediate access to important health information for patients who arrive at an emergency department unable to communicate. This program will enhance the marketability of the System by reducing patient's up-front costs. The new program will also create a recurring revenue model for the Company sooner than expected. The Company's prior program required at least a $200 direct payment by the patient at the physician's office.
Scott R. Silverman, Chairman and Chief Executive Officer of VeriChip Corporation, said, "Our new PATIENT FIRST marketing program will enable us to significantly ramp up our business as we increase our focus on the patient. This fundamental change will eliminate what we believe presents an obstacle to patients and physicians. Many physicians are uncomfortable asking their patients to pay anything more than their co-pay. Similarly, many patients are not used to writing a check to their physician for a medical procedure.
"As we continue our process of pursuing third-party insurance and CMS (Centers for Medicare and Medicaid) reimbursement, we believe that PATIENT FIRST enables patients and physicians to participate in a more patient-friendly payment model while providing the Company with increased revenue opportunities from the VeriMed Patient Identification System over the next 18 months."
About VeriChip Corporation
VeriChip Corporation, headquartered in Delray Beach, Florida, develops, markets and sells radio frequency identification, or RFID, systems used to identify, locate and protect people and assets. VeriChip's goal is to become the leading provider of RFID systems for people in the healthcare industry. The Company recently began marketing its VeriMed Patient Identification System for rapidly and accurately identifying people who arrive in an emergency room and are unable to communicate. This system uses the first human-implantable passive RFID microchip, the implantable VeriChip(TM), cleared for medical use in October 2004 by the United States Food and Drug Administration.
VeriChip Corporation is majority-owned by Applied Digital Inc. (NASDAQ:ADSX - News), which also owns a majority position in Digital Angel Corporation (AMEX:DOC - News). For more information on VeriChip, please call 1-800-970-2447, or email info@verichipcorp.com. Additional information can be found online at http://www.verichipcorp.com.
Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and the Company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances.
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