CARESPAN REACHES KEY MILESTONE – CROSSES THE 100-CLINICIAN MARK
VANCOUVER, BC, April 25, 2022 /CNW/ – CareSpan Health, Inc. (TSXV: CSPN) (“Company” or “CareSpan”), the provider of the “Clinic-in-the-Cloud” platform addressing the primary care shortage in the U.S., and improving the delivery of chronic, urgent and mental health care, is pleased to announce that the number of clinicians signed to its provider networks has crossed 100. This marks an important milestone in the Company’s growth as it pursues solutions to solve the shortage in primary care in the United States.
According to the United States Health Resources and Services Administration (HRSA), as of April 2022, ninety-two million Americans – or over a quarter of the U.S. population – live in primary care shortage areas. The average wait time for a primary care appointment in the United States is 29 days, according to a 2017 study by Merritt Hawkins. The impact falls disproportionately on historically underserved communities. The wait time for an appointment is longer in rural areas as well as in many large cities. The main driver for this is the shortage of primary care physicians. In a June 2021 report, the Association of American Medical Colleges stated that the shortage of primary care physicians is expected to range between 35,500 to 50,500 by 2034.
To address this shortfall, 26 states in the United States have passed legislation that allows Nurse Practitioners (“NPs”) to provide primary care independently, thus allowing NPs to have the same rights and privileges as a family doctor. According to the Kaiser Family Foundation, there are 80,000 licensed and practicing NPs in these states – the addressable market for the Company’s “Clinic-in-the-Cloud” solution. California is set to join this group in early 2023, adding close to 25,000 NPs to the addressable market.
“Reaching the 100-clinician milestone is important for three reasons” notes Rembert de Villa, CEO of the Company. “First, it illustrates the Company’s commitment to address the underserved population and empower independent NPs by providing a fully integrated solution that helps them drive better health outcomes for their patients. Our solution is the backbone of a NP’s clinic and practice. Second, this milestone signals our ability to scale and drive growth in our high-margin services, such as Remote Patient Monitoring (“RPM”). To date, we have identified over 2,000 patients of our current NPs for the initial roll-out of RPM services and we expect this number to grow as we add NPs to our networks. Third, as we continue to expand the reach of our network, we expect to address the needs of organizations such as self-insured employers, payors/health insurance companies, and government agencies who are looking to acquire health services for their employees or members. We have already announced two such contracts earlier in the year. This new business is another value-add we provide to our NPs along with the ability to offer value-add services such as RPM to their patients. We are excited to build on this momentum and enter the next stage of growth for the company and our shareholders.”
Melissa Magstadt, CEO of American Advanced Practice Network (“American-APN”) says, “This is a very important marker in our growth as a primary care network. The NP driven model of care that underpins American-APN focuses on the whole person, including their social circle and support system. The emphasis is on how symptoms and conditions affect the individual as a whole, not just medically. In addition, we focus on health promotion and disease prevention. We all take better care of our patients by using CareSpan’s advanced, low-cost and easy to use integrated digital platform. This technology supports our evidence-based practice, integrating patient-focused and family-centered care. We are proud of what we have achieved thus far, and excited about the amazing growth potential for NPs ahead of us.”
About CareSpan Health, Inc.
CareSpan is a healthcare technology and services company that has developed and deployed a unique, proprietary integrated digital care platform, the CareSpan Clinic-in-the Cloud™, that creates easy access to care for the underserved. With a patient-centric approach focused on improving health outcomes, CareSpan uses sophisticated digital tools and capabilities to improve patient outcomes in primary care, chronic care, urgent care, and mental health. In addition to the integrated digital care platform, CareSpan has built and deployed a business support infrastructure for its professional networks, American-Advanced Practice Network and American-MedPsych Network.
Clinic-in-the-Cloud is a trademark of CareSpan USA Inc., a subsidiary of CareSpan Health, Inc.
For more information, visit: www.carespanhealth.com
About American-Advanced Practice Network and American-MedPsych Network
American-APN is one of the first professional “group practice without walls” that brings highly-qualified Nurse Practitioners to those in need of health care under a collaborative care system that uses digital technologies. American-APN was created for and by advanced practice nurses and NPs. It is operated exclusively by its nurse practitioner membership with its own executive leadership and board of directors.
American-MedPsych brings together behavioral health specialists in their own “practice without walls,” allowing them to collaborate with American-APN and other primary care providers to address the growing behavioral health shortage in the United States.
American-MedPsych is a growing national group practice of behavioral specialists delivering care using the CareSpan Clinic and supported by CareSpan Integrated Network’s management services organization. American-MedPsych specialists uses sophisticated digital care tools in collaboration with primary care counterparts to manage reinforcing conditions such as depression and diabetes, substance abuse and pain, stress and job performance, to alleviate suffering and improve outcomes.
Members of both networks benefit from the suite of technology and business services and solutions offered by CareSpan Integrated Networks.
ON BEHALF OF THE BOARD OF DIRECTORS:
Rembert de Villa
Chief Executive Officer
For further information please visit:
http://www.carespanhealth.com, http://www.americanapn.com and http://www.americanmedpsych.com.
Forward-Looking Statements Disclaimer
This news contains “forward-looking statements” within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”) which reflect the current expectations of management of the company’s future growth, results of operations, performance, and business prospects and opportunities, including the statements made above with respect to: (i) CareSpan pursuing solutions to solve primary care shortages in the United States; (ii) California’s anticipated adoption of pro-NP legislation; (iii) the Company’s expectations to growing high margin business segments, including RPM; (iv) growing number of NPs the Company expects to identify for its RPM program; and (v) anticipated momentum growth of the Company and NPs. Forward-looking statements are frequently, but not always, identified by words such as “may”, “would”, “could”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential for”, “intend” and similar expressions or the negative of these terms or other comparable terminology, although these words may not be present in all forward-looking statements.
Forward-looking statements are based on management’s assumptions as at the date of the forward-looking statements are provided, including but not limited to the following: the ability of the Company to execute its growth plans and business strategies; the ability of the Company to secure new contracts and assignments; the growth of the NPs within CareSpan’s network; and the ability of the Company to generate meaningful revenue from such assignments and future engagements. Though management believes that its assumptions are reasonable in the circumstances, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to differ materially from all or any of the future results, performance or achievements expressed or implied by forward-looking statements. Risk factors that could cause the Company’s actual results, performance, or achievements to differ from the forward-looking statements in this news release include, but may not be limited to: general market and economic risk; any necessary regulatory approvals required (if applicable) for the Company to deliver the services under its previous engagements; the ability of the Company’s management to execute its strategy; unexpected or adverse regulatory changes in the healthcare space; and the ability of the Company to attract and retain new NPs. These factors should be considered carefully, and prospective investors should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in the news release are based upon what management currently believes to be reasonable assumptions, the Company cannot assure prospective investors that actual results, performance or achievements will be consistent with these forward-looking statements. Except as required by law, the Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities.
The TSX-V and its Regulation Services Provider have not approved the contents of, nor taken responsibility for the adequacy or accuracy of, this press release.
SOURCE CareSpan Health, Inc.