Assure Holdings Enters into In-Network Agreement with Largest Health Insurer in Michigan
The Agreement Incorporates Approximately 4% of Assure’s 2019 Commercial Insurance Volume
DENVER, Aug. 12, 2020 (GLOBE NEWSWIRE) -- Assure Holdings Corp. (the “Company” or “Assure”) (TSXV: IOM; OTCQB: ARHH), a provider of intraoperative neuromonitoring services (IONM), is pleased to announce that it has signed an agreement (the “Agreement”) with the largest commercial health insurer in the state of Michigan (the “Insurer”)1. The Agreement, effective retroactively as of January 1, 2020, allows the Company to provide its neuromonitoring services as an in-network healthcare provider in Michigan. In 2019, the Insurer represented approximately 4% of Assure’s overall commercial insurance volume.
Provisions in the Agreement will streamline the billing and collections process, including contracted rates, payment of claims within 45 days, medical necessity conditions and dispute resolution steps.
“Executing this Agreement on favorable terms is an important achievement for Assure as we continue to develop an in-network revenue stream,” said John A. Farlinger, executive chairman and CEO. “Few of our IONM peers have the scale or experience to strike similar deals. This Agreement reduces Assure’s risk, minimizes complexity and accelerates payment on cases associated with the Insurer.”
Farlinger added, “Given the size and scale of the Insurer in Michigan, the deal also represents a competitive advantage for Assure in the state. We intend to expand our presence in this market and are currently in discussions regarding adding surgeons to our platform in Michigan.”
Farlinger concluded, “We will leverage the Agreement as a framework to negotiate contracts with the payors’ entities in additional states as well as other commercial insurers.”
The Agreement includes a right for both parties to terminate the Agreement within 60 days upon written notice.
About Assure Holdings
Assure Holdings Corp. is a Colorado-based company that works with neurosurgeons and orthopedic spine surgeons to provide a turnkey suite of services that support intraoperative neuromonitoring activities during invasive surgeries. Assure employs its own staff of technologists and uses its own state-of-the-art monitoring equipment, handles 100% of intraoperative neuromonitoring scheduling and setup, and bills for all technical services provided. Assure Neuromonitoring is recognized as providing the highest level of patient care in the industry and has earned The Joint Commission’s Gold Seal of Approval®. For more information, visit the Company’s website at www.assureneuromonitoring.com.
This news release may contain “forward-looking statements” within the meaning of applicable securities laws, including but not limited to: comments with respect to strategies; expectations; planned operations; future actions of the Company and the expected effects of the Agreement. Forward-looking statements may generally be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," "target," or "continue" and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, whether the Agreement will reduce Assure’s risk, minimizes complexity and accelerates payment on cases associated with the Insurer; whether the Agreement will allow the Company to gain a competitive advantage in the state of Michigan; the expansion of the Company into Michigan; whether the Agreement will allow the Company to leverage contracts with payor entities in other states; the uncertainty surrounding the spread of COVID-19 and the impact it will have on the Company’s operations and economic activity in general; and risks and uncertainties discussed in our most recent annual and quarterly reports filed with the Canadian securities regulators and available on the Company’s profile on SEDAR at www.sedar.com, which risks and uncertainties are incorporated herein by reference. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by law, Assure does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Scott Kozak, Investor and Media Relations
Assure Holdings Corp.
1 Kaiser Family Foundation (2018).
Released August 12, 2020