HAUPPAUGE, N.Y., Dec. 9, 2009 (GLOBE NEWSWIRE) -- Patient Access Solutions, Inc. (Pink Sheets:PASO), an emerging provider of healthcare/financial processing technologies that provide the healthcare industry a graceful migration to Electronic Medical Records (EMR), today announced a letter to shareholders.
To our friends and shareholders:
2009 continues to be an exciting and productive year for Patient Access Solutions, Inc. During the year we followed through and made significant progress on several fronts at both the corporate and operational level. Through 2009, although we cannot guarantee similar results in 2010, we have increased sales by 100% and reduced operating expense by over 50%. We brought in a new CFO and outside auditor to streamline operational processes and work diligently on bringing us back to the OTCBB. This process has already begun.
Our new Electronic Medical Record (EMR) technology platform continues to improve, while innovative and brand new applications for our digital pen technology frequently present themselves to our management. In addition, despite the global economic crisis, our management believes that the entire market for our healthcare technology continues to expand with the U.S. Government pushing interoperability on healthcare records. Overall, we remain confident that our products and solutions have the capability to become an important part of the healthcare stimulus initiative.
During 2009 we moved forward on several new and exciting initiatives. While we have faced numerous challenges, I would like to share a few highlights with you, below. In each case I've chosen an example that, I believe, demonstrates how we've deliberately acted on our plan to validate, monetize, and expand the reach of our platform.
-- In July, we completed a successful installation of the D-PAS Digital Pen at Lifestar Response Corp., a network of locally and regionally branded emergency and non-emergency medical transport services. The D-PAS Digital Pen program is used to facilitate maintenance reporting of their emergency and non-emergency vehicles throughout the Lifestar network.
-- In September we announced that one of New York City's preeminent hospital groups, Continuum Health Partners, a major healthcare partnership in the state of New York, has exceeded 300 installations of the PASHealth processing system to electronically process its HIPAA compliant medical eligibilities and self-pay credit card transactions.
-- Also, in 2009, the Company has introduced the D-PAS Digital Pen technology to the Veterans Health Administration for use in its Point of Care pilot program at selected VA hospitals. Additionally, there has been introduction to the U.S. Military Health System and the U.S. Army Rapid Equipping Force.
-- In November, PAS introduced its new Dental Claims Web Portal Platform. Dentists and Oral Surgeons can now check eligibility, claim status, submit claims, and reconcile payments from insurers, all in real time. We intend, but can provide no assurances as to time frame and profitability, that Patient Access Solution's dental transaction solution suite will be packaged with clearinghouse services to streamline the registration and implementation process. Patient Access Solutions today can access over 700 Dental insurance plans including Aetna, Cigna, Humana, and the affiliates of Delta Dental and Blue Cross Blue Shield across the United States via its strategic partnership with Secure EDI Health Group.
-- And in December 2009, Patient Access Solutions entered into the profitable Electronic Medical Records (EMR) market by announcing the launch of our new Electronic Medical Records (EMR) platform, which is specifically designed to allow smaller-sized healthcare practices to cost-effectively and conveniently acquire a state-of-the-art EMR solution.
On the corporate level, we have engaged Michael Studer CPA, P.C., an independent registered public accounting firm. We believe this represents a significant step forward in our plan to have our securities listed for trading on the OTCBB. The firm will initially complete the review of our financial statement for the first 9 months ending July 2009 and we continue work on the financial statements needed to file under the Securities Act of 1933, as amended. While we cannot provide an absolute timetable, we believe that retaining the auditor will not only facilitate our efforts toward obtaining the listing, but will also provide us with an additional level of external credibility.
We anticipate, but cannot guarantee, the next several quarters to continue to be a flurry of additional activity as we continue to rapidly grow. We expect, but cannot provide assurances, Q1 and Q2 of 2010 to be filled with additional technological improvements, the development of more innovative strategic partnerships in the commercial and government space, and continued efforts to attract the best and the brightest talent to join our team as we emerge.
In closing, I want to ensure that every shareholder understands that my primary focus is on explosive yet sustainable earnings growth. Every decision and action that I take is driven by this simple objective. I look forward to sharing with you our progress.
We appreciate your attention and support.
Very truly yours,
Bruce Weitzberg President and CEO
About Patient Access Solutions, Inc.
Patient Access Solutions, Inc. (PAS) is a Healthcare Solutions Company which has created a formidable array of technology, resources and allies to enable it to become an agent of radical change in what has traditionally been a slowly evolving healthcare information technology environment. The Company's products are designed to allow health care providers an easy migration to the EMR environment. Among these products are D-PAS, which is a state-of-the-art digital pen and paper technology based on Anoto technology, used to capture hand written information into digital forms and EMR systems and PAS Data Center, which is a terminal solution that allows health care providers to quickly and easily determined benefit eligibility. More information on Patient Access Solutions, Inc. and its products can be viewed at www.pashealth.com.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the companies, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, the following: general economic and business conditions; competition; unexpected changes in technologies and technological advances; ability to commercialize and manufacture products; results of experimental studies; research and development activities; changes in, or failure to comply with, governmental regulations; and the ability to obtain adequate financing in the future. This information is qualified in its entirety by cautionary statements and risk factors disclosure contained in certain of Patient Access Solutions, Inc. Securities and Exchange Commission filings available at http://www.sec.gov.