United Medicorp, Announces Loss of Business From Largest Customer.DALLAS -- United Medicorp, Inc. ("UMC UMC United Methodist Church UMC United Microelectronics Corporation UMC University Medical Center UMC United Microelectronics Corp (Republic of China) UMC University of Missouri-Columbia ") (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :UMCI) announced today that it has received notice from Marshall Regional Medical Center ("MRMC MRMC Medical Research and Materiel Command (US Army) MRMC Medical Research Modernization Committee MRMC Munroe Regional Medical Center (Florida) MRMC McLaren Regional Medical Center ") of the termination of its contract to provide Claims Billing Services. UMC has provided Claims Billing Services for MRMC during the past two years. Pete Seaman SEAMAN. A sailor; a mariner; one whose business is navigation. 2 Boulay Paty, Dr. Com. 232; Code de Commerce art. 262; Laws of Oleron, art. 7; Laws of Wishuy, art. 19. The term seamen, in it most enlarged sense, includes the captain a well as other persons of the crew; in a more confined , CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated, "UMC management appreciates having had the opportunity to assist MRMC to improve its claims collections and internal business processes to the point where MRMC management feels comfortable in bringing its billing back in-house. We look forward to continuing our longstanding relationship with MRMC as an ongoing customer for UMC's customer service, early stage collections, and bad debt collections services. "The Claims Billing Services which have been terminated by MRMC generated fees of $1,119,633 and $653,088 in 2005 and 2004, which represented about 40% and 16% of UMC's total revenues for 2005 and 2004, respectively. "UMC was informed that MRMC will continue to transmit placements of claims to be billed through the end of February 2006. UMC management expects revenue from MRMC to ramp down rapidly following the discontinuation dis·con·tin·u·a·tion n. A cessation; a discontinuance. Noun 1. discontinuation - the act of discontinuing or breaking off; an interruption (temporary or permanent) discontinuance of claims placements. In light of this decision by MRMC, UMC management will need to reevaluate the Company's business plan for 2006, and focus on reducing expense while continuing to aggressively pursue new business." United Medicorp, Inc. provides extended business office services to healthcare providers nationwide. |
|
||||||||||||||||||||

Printer friendly
Cite/link
Email
Feedback
Reader Opinion