Printer Friendly

PMR CORP. TELLS ANNUAL MEETING OF NEW CONTRACTS, POTENTIAL BENEFITS FROM HEALTH CARE REFORM

 SAN DIEGO, Oct. 14 /PRNewswire/ -- Health care reform is well underway in the private sector, and proposed changes from Washington should benefit companies designed to deliver measurable results within a capitated system, according to Allen Tepper, chairman of the board and chief executive officer of PMR Corp. (NASDAQ: PMRP).
 Tepper, speaking to the annual meeting of shareholders of PMR Corp. here today, said the proposed reforms to the public system validate trends that have been underway in the private sector for some time. These trends include consolidation and development of new programs and systems to improve patient outcomes at lower cost. PMR provides psychiatric care to the seriously mentally ill patient through individualized programs.
 "PMR has developed proprietary models of care that deliver positive outcomes at lower cost in this very important segment of the market," Tepper said. "Treating one seriously mentally ill patient can cost $20,000 to $200,000 a year in services. Our focused courses of treatment and rehabilitation, done on a partial hospitalization or home- care basis, or both, help stabilize and improve the functioning level of each individual.
 "The Clinton Plan includes mandates for partial hospitalization and home health benefits. Its focus on outcomes is in line with our strengths, and others in the industry may find it difficult to compete in this new environment."
 PMR has developed an integrated approach to helping the seriously mentally ill through programs of partial hospitalization, home health, Collaborative Care(TM), and drug and alcohol rehabilitation on an out- patient basis. Its new collaborative care program allows PMR to care for persons under a fixed fee that is less than the cost previously paid by the federal, state, or local governments or managed care companies.
 "This opens up a huge new market for PMR, namely, public mental health departments," Tepper said. "Discussions are currently underway with agencies in several states."
 Tepper told the annual meeting that PMR has singed two new contracts in California: a two-year agreement with Sutter Health Care, for one site in Sacramento, Calif.; and a five-year agreement with St. Louise Hospital, a Daughters of Charity institution, for programs throughout Santa Clara County (San Jose), Calif. Each initial facility is scheduled to open in mid-December, he said.
 As previously announced, PMR has settled its dispute with a former hospital affiliate, Harbor View Medical Center. As part of the settlement, PMR will resume providing partial hospitalization psychiatric programs at two of the five facilities, which will be operated under Scripps Health. Tepper said the loss of the five facilities will negatively impact earnings during the first and second quarter of its April 30 fiscal year.
 "We anticipate resuming our previous growth trend by the third quarter of this fiscal year," Tepper told the meeting.
 PMR Corp. was founded in 1988 to develop and manage innovative out- patient and other programs for persons with serious and persistent mental illness. Its mission is to produce significant relief from symptoms and support recovery of its patients in a more cost-effective way than has been possible before. The company currently manages home health and partial hospitalization programs in California, Arizona, Colorado, and Indiana.
 -0- 10/14/93
 /CONTACT: Tom Gable or Jack Beresford of The Gable Group, 619-234-1300/
 (PMRP)


CO: PMR Corp. ST: California IN: HEA SU:

MF-LS -- SD001 -- 2311 10/14/93 14:01 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 14, 1993
Words:555
Previous Article:$94.5 MILLION TENDERED IN KAMAN DEBENTURE EXCHANGE OFFER
Next Article:CHURCHS CHICKEN LAUNCHES 'DAY OF DREAMS' FUNDRAISING PROGRAM FOR HABITAT FOR HUMANITY
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters