Company Plans Participation in 2009 Medicare Advantage Open Enrollment in
Florida Upon Approval of Applications
MIAMI, March 12 /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 it has filed all required applications for the launch of its pilot HMO in the state of Florida. Applications were filed with 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. All submissions met the CMS imposed March 10th deadline and, upon approval, authorize Phyhealth to begin enrolling Medicare beneficiaries for the 2009 open enrollment period beginning November 15, 2008.
Mr. Robert Trinka, chairman and chief executive officer, stated, "Phyhealth continues to systematically proceed through the steps required for the launch of our pilot HMO, and our team's expertise in healthcare insurance regulations and compliance enabled us to meet the filing deadlines and continue our aggressive schedule in moving the HMO implementation process forward. We have received confirmation from The Centers for Medicare & Medicaid Services that the deadline for submitting our 2009 Medicare Advantage HMO -- Part C and Prescription Drug Benefit -- Part D application was met. The Federal and state regulatory approval process is the next phase, which is expected to take several months to complete. Once approved, we will be able to begin our marketing efforts for 2009 in the fourth quarter of 2008 as permitted by Medicare regulations."
Mr. Trinka continued, "With the initial capital surplus financing in place, our applications filed with the appropriate regulators and an expert team of industry professionals involved, we are well situated to launch our Medicare Advantage HMO in ten counties in the west central Florida market for January 2009 coverage. Florida is a particularly attractive market for our Medicare Advantage HMO because of its high proportion of Medicare beneficiaries. This is an exciting and important step toward realizing our vision of improving the cost and quality of healthcare in America. Our community-based HMOs reward physicians for providing proactive, preventive care to their patients to keep them healthy and detect and treat any disorders early on. This approach reinforces the physician patient relationship, lowers costs and drives quality outcomes. Phyhealth aligns the interests of the physician, the patient and the HMO, making for a more efficient and effective system for all concerned."
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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