GMV executes two Provider Participation Agreements with United States-based companies

  • May 16, 2019 AEST
  • Team Kalkine
GMV executes two Provider Participation Agreements with United States-based companies

G Medical Innovations Holdings Limited (ASX: GMV) is a healthcare company focused on digital health solutions.

On 16 May 2019, GMV reported that its wholly owned subsidiary G Medical Diagnostic Services Inc (GMEDx) had executed two Provider Participation Agreements (PPAs) with Ancillary Care Services (ACS) and Prime Health Services, Inc (PHS). Two Independent Diagnostic Testing Facility (IDTF) and a Mobile Cardiac Telemetry (MCT) are the facilities currently owned by GMEDx with operation being, ‘Telerhythmics’ and ‘Cardiostaff’.

Image:  G Medical Patch (Source: Company’s Website)

GMEDx has secured two new contracts. It has also improved the brand image of G medical in the health care delivery system within Cardiac monitoring, which will provide more exposure to future patients and third-party payer populations. Applicable programs associated under PPAs with PHS and ACS interprets revenue opportunity for GMEDx as services rendered by a covered person will result in accessing medical reimbursement for covered services. However, the expected revenue is subject to the partner’s individual patient requirements. It is reported that there are no immediate impacts on revenues from freshly executed PPAs.

Prime Health Services –

PHS has a network of more than 700,000 providers and services in 50 states. It’s one of the fastest growing PPOs and serving the insurance industry since 1996. Prime Health Services understand the needs of both patient and provider and intends to maintain a long-lasting relationship between both parties. PHS is economical for the patients because of the wide network of physicians and facilities readily available to meet needs without enduring the expense of going out of network for their care. The company is benefitting from the growing base of customers and timely payment of claims is resulting in decreased administrative costs.

Ancillary Care Services –

ACS is a healthcare company which provides ancillary benefit and claim management services. ACS has a comprehensive network of more than 45,300 ancillary care providers nationwide in 32 specialty categories which provide healthcare services to the patients. It also contracts with parties like preferred provider organisations (PPOs), self-funded employer groups, insurance companies, third party administrators (TPAs) to access patients. The primary healthcare network of the company has over 600 TPAs and employers’ groups within the nation. Such scale of operations helps to build partnerships with payers and providers, consequential to high-quality service; it also supports operating in a cost-effective manner to enable savings.

Dr Yacov Geva, CEO of GMV, expressed his satisfaction by updating the shareholders on continued expansion in the US market with long-standing and multi-faceted health service providers of the highest quality in the region. He further mentioned that the company is focused on improving its US footprint and dual listing at NASDAQ.

At the time of writing, 20 May 2019 (3:13 PM AEST), GMV is trading at A$0.187, down 4.10%. Over the past three months, the stock has gone down by 35%. The 52-week high and low of the stock are A$0.450 and A$0.180, respectively. The market capitalisation of the stock is approximately A$71.1 million.


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