Comprehensive Subsidiary is Only Certified Chiropractic Provider for New Texas Workman's Compensation Reform.YONKERS, N.Y. -- Comprehensive Network Solutions, Inc. (CNS See Continuous net settlement. CNS See continuous net settlement (CNS). ), a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Comprehensive Healthcare Solutions, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :BB CMHS CMHS Center for Mental Health Services CMHS Community Mental Health Services CMHS Cabell Midland High School (West Virginia) CMHS Costa Mesa High School CMHS Cheyenne Mountain High School (Colorado Springs, CO) .OB) based in Austin, Texas, has restructured itself to operate as a workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. health care network under the newly enacted Workers' Compensation Reform - House Bill 7. CNS is the only healthcare provider thus far, under HB 7, to receive certification from the Commissioner of Workers' Compensation. Under the HB 7 reform, employers must direct their injured workers to seek care from certified network providers. Texas HB 7 establishes that Workers' Compensation insurers and employers may contract with state licensed provider networks for the care of injured workers. CNS is currently the only specialty health occupational injury network and fully licensed 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. agent operating under the new Texas guidelines. CNS has developed a specialty network specialty network Single specialty network Managed care A loosely cohesive group of physicians specialized in one area of medicine–eg, cardiology, oncology, Ob/Gyn, ophthalmology, radiology, etc, who form a network to attempt to capture a segment of a Pt of chiropractic chiropractic (kīrəprăk`tĭk) [Gr.,=doing by hand], medical practice based on the theory that all disease results from a disruption of the functions of the nerves. providers focused on occupational injuries of the spine and neck. The State of Texas has the highest workers compensation costs in the country. The chiropractic medical cost component of the Texas workers' compensation system is just over $165 million annually. As a directed network provider, CNS anticipates capturing a significant portion of that segment of the market, estimated to be at 35% by the end of 2006. To meet the projected demand for its network services, effective August 1, 2005, the management team of CNS has added Dr. Bill Defoyd. Dr. Defoyd will serve as the company's President and Chief Medical Officer. Over the course of his career, Dr. Defoyd has consulted with several of the largest workers' compensation insurers in Texas and he has served on several Texas Workers' Compensation Commission committees. His extensive knowledge of the Texas compensation system, as a provider, committee member and consultant, brings significant stature to CNS. Dr. Defoyd is also a frequent presenter at many workers' compensation forums. The company's unique position as the only fully licensed utilization review agent operating in Texas enables it to either contract directly with insurers and employers to carve out to make or get by cutting, or as if by cutting; to cut out. - Shak. See also: Carve chiropractic services for spinal and neck injuries, or subcontract sub·con·tract n. A contract that assigns some of the obligations of a prior contract to another party. intr. & tr.v. sub·con·tract·ed, sub·con·tract·ing, sub·con·tracts to broad networks to provide managed chiropractic care under umbrella service agreements. CNS is committed to being the premier specialty health occupational network available to the Texas market. High quality care with integrated information exchange is a high priority objective for the next two years. This will enable the company to provide the right care from the right providers under the current guidelines to the right patients at the right price, while achieving the workers' compensation systems goal of helping injured employees get back to productive employment as quickly and safely as possible. CNS's parent, Comprehensive Healthcare Solutions, Inc. believes this arrangement should provide a strong base for its growth. Forward-Looking Statements 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 provides a "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " for forward-looking statements. This press release contains forward-looking statements regarding the intent, belief or current expectations of the Company and members of its senior management team. While the Company believes that its expectations are based on reasonable assumptions within the bounds of its knowledge of its business and operations, prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that would cause actual results to differ materially from those contemplated within this press release include but are not limited to, those associated with general business conditions; client concentration; dependence on network providers; the timely and efficient implementation of customer contracts; developments in health care reform and other regulatory issues and changes in laws and regulations in key states where the Company operates; future capitol needs; control by directors and officers; and the loss of key management personnel. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this release. The Company disclaims any obligation to publicly update or revise any forward-looking statements contained herein to reflect events or circumstances occurring after the date of this release or to reflect the occurrence of unanticipated events. |
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