Birman Managed Care Signs Two New Hospital Contracts.COOKEVILLE, Tenn.--(BUSINESS WIRE)--March 24, 1999--Birman Managed Care Inc. (Nasdaq:BMAN BMAN - Broadband Metropolitan Area Network ), a physician-driven health-care consulting and management company, Wednesday announced that its operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , Birman & Associates Inc., has signed two contracts with new hospital clients, one in New Jersey and the other in Texas. One of the agreements is for two years, and the other is structured as a one-year contract with a renewal provision for an additional year. In the first year, the contracts have an aggregate value in excess of $500,000 which, with renewal, will amount to more than $1 million over two years. Under these agreements, Birman & Associates will be implementing its Quality Management Program (QMP QMP Quality Medical Publishing QMP Quality Management Plan (USACE) QMP Quality Management Program (Canada) QmP Qualitätswein Mit Prädikat (German wine certification) ). Based on Birman's unique physician-to-physician approach to delivering consulting services, the QMP seeks to enhance patient care at hospitals and health-care facilities. The program is directed at increasing the efficiency of the delivery of health care and more accurately documenting the services rendered, thereby satisfying regulatory compliance. As a result, clients receive appropriate reimbursement for the value and services they provide. David N. Birman, M.D., chairman, president and chief executive officer, said: "With our new consulting contracts in New Jersey and Texas, and others anticipated to close shortly, we are well on our way to replacing the revenue generated by the Health Alliance contract. We will continue to aggressively market the QMP and related services to individual hospitals and hospital groups in order to expand and broaden the company's base of recurring revenues." Birman will end its services to the Health Alliance of Greater Cincinnati on May 6, 1999, as provided in the contract. This engagement represented revenues to Birman of approximately $118,000 per month. The termination results from the Health Alliance's decision to end all outside consulting services in light of its 1998 operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of more than $30 million. Birman Managed Care is a health-care consulting company Noun 1. consulting company - a firm of experts providing professional advice to an organization for a fee consulting firm business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a with a physician-focused core competency A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
The company also operates Hughes & Associates, a provider of licensed pre-certification and utilization review u·til·i·za·tion review n. A process for monitoring the use, delivery, and cost-effectiveness of services, especially those provided by medical professionals. services to self-insured employer groups employer group Association of employers Managed care An entity with a current group benefits agreement in effect with a health plan to provide covered health care services to its employee-subscribers and eligible dependents. and insurers. The information contained herein includes "forward-looking statements" as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The statements by Dr. Birman addressing future operations are considered to be "forward looking" for purposes of the Act. Investors are cautioned that forward-looking statements involve risks and uncertainties, including general economic conditions, delays and risks associated with the performance of contracts, consumer and regulatory acceptance and regulatory risks. |
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