Review Process Commences for Issuance of Certification to Operate HMO
MIAMI, April 8, 2008 /PRNewswire-FirstCall/ -- Physicians Healthcare Management Group, Inc. (Phyhealth) (Pink Sheets: PHYH), a developer of health maintenance organizations (HMOs) in partnership with physicians, today announced that all applications for the launch of its pilot HMO in the state of Florida have been filed and accepted for review by the three regulatory agencies requiring them. Applications were accepted by the Centers for Medicare & Medicaid Services (CMS) on the federal level and the Florida Office of Insurance Regulation (OIR) and the Florida Agency for Healthcare Administration (AHCA) on the state level.
Acceptance of the documentation sets into motion a review process, which will include site visits by the Florida Agency for Healthcare Administration (AHCA) and the Centers for Medicare & Medicaid Services (CMS). Once the review is completed and all requirements are met, the state of Florida can proceed with issuing the Certificate of Authority for Phyhealth Plan Corporation to operate the HMO and, in turn, CMS will issue its certification for operation of Phyhealth's Medicare Advantage Plan. The certification will authorize Phyhealth Plan to begin enrolling Medicare beneficiaries for the 2009 open enrollment period beginning November 15, 2008. The review should be completed prior to the end of the second quarter.
About Physicians Healthcare Management Group, Inc.
Physicians Healthcare Management Group, Inc. (Phyhealth) is a developer of community-based health maintenance organizations (HMOs) that are owned and operated in partnership with the participating physicians. Phyhealth Plans are designed to deliver high-quality affordable healthcare by enabling physicians to assume end-to-end management of healthcare for their patients. The Phyhealth model empowers physicians to provide preventive healthcare and proactively manage their patient's general health by aligning incentives amongst the HMO, physician and the patient. Phyhealth intends to offer additional value-added products and services in cooperation with physicians, including medical malpractice insurance, local care facilities and wellness programs, as well as information technologies such as secure electronic medical records.
This press release contains statements, which may constitute "forward- looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Physicians Healthcare Management Group, Inc, and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results. Additional information is available at: http://www.phyhealth.com.
|SOURCE Physicians Healthcare Management Group, Inc.|
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