For those of us that have witnessed the evolution of the World Wide Web, the developments can be called nothing less than amazing. People that use the web daily find it difficult to even remember there was no such thing as emails or Google. For the younger generation, they probably can’t even imagine there not being a Twitter, FaceBook or MySpace. Indeed we have seen a massive progression with internet usage at 1.5 billion users and over 100 billion live web pages.
The web has literally changed how we operate in life. No longer do you have to drive to a store to purchase a shirt and, for many, rush hour traffic is avoided through telecommuting. A high-speed cable modem has taken the place of the automobile and getting up an extra hour and a half early to make the commute. Even more impressively, the development of the usages for the web is still growing daily. Many businesses are now completely web-based with the majority of expenses being focused on operating and maintaining their websites.
While the tech bubble may have burst in 2000, there are still plenty of emerging opportunities for companies that are targeting up-and-coming aspects of web resources. The age of finding a search engine giant like Google may have passed, but forward thinkers are searching for other industries that are still relatively new, but present genuine opportunities.
The world of electronic medical records is still new, but expanding quickly. Spurred by government incentives and the desire to operate more efficiently, the medical world is becoming increasingly dependent on the digital world through Electronic Health Records (EHRs), also called Electronic Medical Records (EMRs). In April 2004, President Bush issued Executive Order 13335, which established a new executive position charged with developing a strategic plan and incentives to promote the adoption of EHRs. The accompanying press release stated that “the President announced an ambitious goal of assuring that most Americans have electronic health records [EHRs] within the next 10 years.” A basic EMR includes patient demographics, clinical notes with patient problem lists, medication lists, prescription ordering, and the ability to view lab and imaging results.
In 2005, less than 10% of all doctor’s offices in the United States used electronic health systems in any fashion. Estimates that year by the Department of Health stated over $100 billion could be saved annually by improving care and reducing costs. This data has driven the government to offer significant incentives through the American Recovery and Reinvestment Act of 2009 for the medical industry to make changes and incorporate electronic health records into their everyday practice. In fact, $20 billion was earmarked to be allocated to companies that responded and made the change.
While the number of overall practices still not using electronic medical records is still greater than 70%, the stimulus money and progression with modern technology is apparently having an impact as many health care offices are transferring records from paper versions to electronic files.
The list of companies offering services to capitalize on the wave of practitioners switching to electronic health records is small with only a limited number of companies having the infrastructure and products completed for marketing.
MMRGlobal, Inc. (MMRF.OB), through its wholly-owned subsidiary, MyMedicalRecords, Inc., provides secure and easy-to-use online Personal Health Records (“PHRs”). Their proprietary technologies serve consumers, healthcare professionals, employers, insurance companies, unions and professional organizations. MMRGlobal’s latest product, MyMedicalRecords Pro, is a service designed to give physician’s offices a cost-effective solution to the costly and time-consuming problem of digitizing paper-based medical records.
This is accomplished through the system’s Kodak 520MDPro scanners and Capture Pro software which automatically deposits scanned patient records into organized online file folders to the specific tabs or formats that are used in the subscribing doctor’s office. The uploaded files are transferred in a matter of seconds through a secure ftp client and filed appropriately through a bar code system unique to each office. The files are then available through a secure portal using any internet connection in the world at any time. Part of the package, which costs the practitioner $600/month (for up to three doctors), includes an integrated e-prescribe function with allows doctors to automate prescriptions. This function is necessary to be eligible for up to $44,000 in stimulus funds granted by the government to convert to electronic records.
MMRGlobal not only has MMRPro in their portfolio to provide products related to the electronic medical industry, but to also offer consumers the ability to have greater control of their records and documents through its MyMedicalRecords PHR service. This proprietary technology enables users to transmit important documents, images and voicemail messages in and out of the MyMedicalRecords PHR system using a variety of methods, including fax, e-mail, phone, and file upload without relying on any specific electronic medical record platform to populate a user’s account. Users and medical providers can fax paper records (such as laboratory tests, radiology reports and physician’s notes), or scanned images can be uploaded, into a secured personal account which the user can access and organize as necessary, including filing particularly sensitive documents in virtual lockboxes protected by secondary passwords and designating certain records as only accessible to medical personnel and first responders. This product also coincides with MMRGlobal’s product, “MyEsafeDepositBox,” which is used to securely store important documents using the same patent-pending technologies.
Indeed, the world is changing with regards to storage and access of medical records and important documents on both a personal and corporate level. MMRGlobal issued corporate guidance and estimates at the end of June that “gave guidance in the form of projected sales, portions of which may be recognized as deferred revenue (“Sales”). For the 12 months ending December 31, 2010 the Company expects Sales of $2.7 million or 350 percent over 2009. Based on the knowledge of management today, the Company also projects Sales of $28 million for the 12 months ending December 31, 2011 or an increase of over 800 percent.” This shift in direction of the medical community perhaps is deserving of a closer look at the opportunities available.
More information on MMRF is available on the Company’s website at www.mymedicalrecords.com.