Assure Reports its Highest Number of Monthly Procedures in 2020 with Strong September Results
October 08 2020 - 6:00PM
Assure Holdings Corp. (the “
Company” or
“
Assure”) (TSXV: IOM; OTCQB: ARHH), a provider of
intraoperative neuromonitoring services, announced its highest
number of monthly procedures in 2020 during September.
“The Company reported our highest number of monthly procedures
so far this year in September, managing more than 900 cases, and
extending our resurgence in demand to five months following the
sharply negative impact of COVID-19 on elective procedures in March
and April,” said John A. Farlinger, Assure’s executive chairman and
CEO. ”Although we are continuing to carefully monitor the impact of
COVID-19 in all states within our operational footprint, the
Company forecasts a record performance over the final three months
of the year aided by the seasonal strength we typically experience
in the fourth quarter.”
Progress in Billing and CollectionsFarlinger
continued, “Since bringing revenue cycle management in-house, our
revamped collections process has greatly strengthened and improved
the Company’s financial position. We took control of this process
from the legacy 3rd party vendor that was terminated in the autumn
of 2019 because of poor performance. Assure has substantially
improved cash collection in 2020 and we expect results to continue
accelerating in 2021.”
The Company collected more than US$10.1 million in the first
nine months of 2020. This compares to full-year 2019 cash
collections of US$8.0 million. These cash receipt figures
referenced relate to technologist services and Professional Network
Entities (“PNEs”) that the Company owns 100%, but does not include
collections from PNEs owned less than 100% by Assure, which are
recorded separately.
Farlinger added, “As we look to finish the year strong, we are
focused on driving a significant portion of our commercial
insurance-related revenue into in-network agreements to accelerate
payments and reduce volatility. Approximately 20% of the Company’s
commercial insurance volume is currently supported by in-network
agreements on a run-rate basis, either through direct agreements
with the payors or through indirect agreements with aggregators,
and we expect this to increase to approximately 30% by end of year
2020, with a goal of reaching approximately 50% by end of year
2021.”
About Assure HoldingsAssure 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.
Non-IFRS MeasuresThis press release includes
certain measures which have not been prepared in accordance with
International Financial Reporting Standards
(“IFRS”) such as commercial insurance volume and
cases. The non-IFRS measures presented are unlikely to be
comparable to similar measures presented by other issuers.
References to commercial insurance volume and cases are monitored
by the Company. None of the foregoing non-IFRS measures is an
earnings measure recognized by IFRS and do not have a standardized
meaning prescribed by IFRS. Management believes that commercial
insurance volume and cases are appropriate measures in evaluating
the Company’s performance. Readers are cautioned that commercial
insurance volume and cases should not be construed as alternatives
to net income (as determined under IFRS), as indicators of
financial performance or to cash flow from operating activities (as
determined under IFRS) or as measures of liquidity and cash
flow.
Forward-Looking StatementsThis 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; the
number of procedures monitored by the Company; the Company’s number
of monthly procedures performed by the Company; the demand for the
Company’s IONM services; the Company’s revamped collections process
and its effect on the financial position of the Company; the
Company’s commercial insurance revenues generated by its in-network
agreements; the Company’s collection of reimbursement from
hospitals at it performs cases for patients with public insurance;
the Company’s continuing increase in the proportion of its hospital
contracts that cover government cases; future actions of the
Company and other expected effects of the Company’s practices
related to its billing and collections procedures; the success of
the revenue cycle management process and the Company’s ability to
collect on future and outstanding claims.. 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: the uncertainty
surrounding the spread of COVID-19 and the impact it will have on
the Company’s operations and economic activity in general; that the
Company’s actions taken during the COVID-19 health crisis will be
effective; the Company’s number of monthly procedures may not
continue to rise an achieve record breaking numbers in the final
three months of 2020; the demand for the Company’s IONM services
will continue increase over the final three months of 2020; the
Company’s ability to remain cashflow positive; the Company’s
financial position may not continue to improve as a result of its
revamped collections process; the Company’s cash collections and
billings may not continue to increase in 2021; the Company’s
commercial insurance revenues generated by its in-network
agreements may not increase to: (i) 30% by the end of 2020 and (ii)
50% by the end of 2021; the Company’s collection of reimbursement
from hospitals at it performs cases for patients with public
insurance may not continue to improve; the Company may not continue
to increase the proportion of hospital contracts that cover
government cases ; and the 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.
ContactScott Kozak, Investor and Media
RelationsAssure Holdings
Corp.1-720-287-3093Scott.Kozak@assureiom.com
John Farlinger, Chief Executive OfficerAssure Holdings
Corp.1-604-763-7565John.Farlinger@assureiom.com
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