OTI and SMART Launch MediSmart(TM) Medical Card Solution in Kenya
April 23 2007 - 3:00AM
PR Newswire (US)
Initial Order is for 100,000 Cards as well as Readers and Related
Software FORT LEE, N.J., April 23 /PRNewswire-FirstCall/ -- On
Track Innovations Ltd, (OTI) (NASDAQ:OTIV), a global leader in
contactless microprocessor-based smart card solutions for homeland
security, payments, petroleum payments and other applications,
today announced that Smart Applications International Ltd. (SMART),
a Kenyan company committed to delivering technology driven secure
healthcare solutions, has placed an order for 100,000 cards, which
are to be issued by multiple medical scheme managers. SMART has
commissioned close to 200 SMART device points of service at
hospitals, pharmacies and general practitioner sites across Kenya,
enabling patient authentication, verification of benefits and
claims processing in a seamless process. Contactless smart cards
have already been issued by a number of medical scheme managers as
part of the program. With OTI's MediSmart, SMART is providing a
complete healthcare solution, including cards, readers and related
software that are seamlessly integrated with hospital management
systems, where up to 75% of patients in Kenya, receive their
primary healthcare services. OTI receives a monthly license fee per
issued card, over and above the hardware revenues. The OTI
MediSmart solution offers secure and fast front-end patient
authentication and benefit verification at the service provider
level, allows for electronic clinical data capture and electronic
claim and/or report generation, within benefit rules in respect of
services provided and benefit utilization by members and their
dependents, and simultaneously switches such relevant data to the
corporate and insurer levels whilst also recording it on each
patient's own MediSmart card (or mobile data repository). With
MediSmart, statements and invoices are generated faster,
administration time and cost is reduced and since claims are
authenticated electronically it further guarantees payment and
reduce payment cycles at provider levels. MediSmart, developed by a
team of healthcare industry experts at OTI, provides complete
medical history, biometric identification and co-payment options.
In initial trials, MediSmart reduced client medical expenses by up
to 25% to 40%. Moreover, MediSmart enables the introduction and
effective management of joint state and private sector funding and
service delivery models. The OTI MediSmart offers the following
benefits: -- Authentic member identification - biometrically -- No
Over expenditure - member uses only benefit balance in their cards
-- Faster member scheme rules verification -- Remote communication
with card for benefits renewal or update -- Remote member
cancellation -- An improvement in clinical decision making by
facilitating the communication of client-option/plan specific
guidelines, protocols, rules and warnings amongst all role players
in the health care sector; -- Reduction of human error, medical
risk, service errors or Rx, and -- Easy and rapid access to
essential patient medical information in case of emergencies. In
addition, the solution helps eliminate: -- Payments for fraudulent
services not rendered -- Over expenditure in line with benefit
balances -- Over servicing such as procedures that are carried out
when they are not necessary -- Over prescribing, such as seen in
excessive pharmacy prescriptions -- Ethical drug substitution and
over pricing with generics bought in bulk -- Non-compliance with
Price guidelines. During a recent visit to Kenya, Oded Bashan,
Chairman, President and CEO of OTI said, "The MediSmart solution is
relevant to all markets where the need exists to positively
identify a patient and verify their benefit entitlement. Electronic
Patient Health Records are becoming necessary globally. The
MediSmart solution is well suited to meet this and any other
healthcare management requirements." After visiting the major
hospitals in Nairobi, Oded Bashan said, "I am encouraged by the
excellent work undertaken by SMART, in conjunction with our
subsidiary OTI Africa, to adapt the MediSmart solution to meet the
needs of the Kenyan market. The support of the management for these
prominent hospitals has demonstrated to me that the solution caters
for the needs of all role-players in this market. "We are delighted
to have partnered with OTI, a company that I strongly feel will
help Kenya and many other developing countries find solutions to
address the high cost of medical management. The solution will
assist service providers to deliver the best possible service
efficiently and cost effectively by streamlining a number of
administrative processes," says Chris Kirubi, a Director of SMART.
Chris Kirubi continues: "This solution will enable the Kenyan
government to realize their ambition of providing medical services
to every Kenyan. In our view the potential market for this solution
is 15 million users." "MediSmart has provided a sure way of
eliminating medical scheme abuse. A unique feature of the solution,
enabled by OTI's technology platform, supports the management of
shared family benefits eliminating a major financial risk to
medical schemes. MediSmart will ensure quality health care
delivery," says Pauline Muriuki the Managing Director of SMART.
About OTI Established in 1990, OTI (NASDAQ:OTIV) designs, develops
and markets secure contactless microprocessor-based smart card
technology to address the needs of a wide variety of markets.
Applications developed by OTI include product solutions for
petroleum payment systems, homeland security solutions, electronic
passports and IDs, payments, mass transit ticketing, parking,
loyalty programs and secure campuses. OTI has a global network of
regional offices to market and support its products. The company
was awarded the Frost & Sullivan 2005 and 2006 Company of the
Year Award in the field of smart cards. For more information on
OTI, visit http://www.otiglobal.com/. About Smart Applications
International Limited (SMART) SMART is a privately owned limited
liability company incorporated in Kenya. The majority ownership is
by Kenyan investors. We have licensed the MediSmart solution from
our partners and technology developers; OTI Africa based in Cape
Town, South Africa and we are very privileged to be the pioneers
and drivers of this new world-class technology in Kenya and the
regional market at large. The company's strategic intent is to make
a Smart Card the card of choice in the entire Healthcare industry.
For more information on SMART, visit http://www.smart.co.ke/ Safe
Harbor for Forward-Looking Statements: This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 and other Federal
securities laws. Whenever we use words such as "believe," "expect,"
"anticipate," "intend," "plan," "estimate" or similar expressions,
we are making forward-looking statements. Because such statements
deal with future events and are based on OTI's current
expectations, they are subject to various risks and uncertainties
and actual results, performance or achievements of OTI could differ
materially from those described in or implied by the statements in
this press release. For example, forward-looking statements include
statements regarding our goals, beliefs, future growth strategies,
objectives, plans or current expectations, as well as statements
regarding the potential size of the market of OTI's MediSmart
solution. Forward-looking statements could be impacted by failure
of market acceptance of new and existing products and our ability
to execute production on orders, as well as the other risk factors
discussed in OTI's Annual Report on Form 20- F for the year ended
December 31, 2005, which is on file with the Securities and
Exchange Commission. Although OTI believes that the expectations
reflected in such forward-looking statements are based on
reasonable assumptions, it can give no assurance that its
expectations will be achieved. OTI disclaims any intention or
obligation to update or revise any forward- looking statements,
which speak only as of the date hereof, whether as a result of new
information, future events or circumstances or otherwise. OTI
Contact: Galit Mendelson Director of Corporate Communications 201
944 5200 ext. 111 DATASOURCE: On Track Innovations LTD. CONTACT:
Galit Mendelson, Director of Corporate Communications of OTI,
+1-201-944-5200, ext. 111, Web site: http://www.otiglobal.com/
http://www.smart.co.ke/
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