Richmond, VA – February 1, 2012 - ALR Technologies Inc. (OTCBB: ALRT) (the "Company"), a healthcare technology company, is pleased to provide shareholders with an update on corporate developments since receiving 510(k) clearance from the U.S. Food and Drug Administration for its Health-e-Connect (HeC) System for remote monitoring of patients in support of effective diabetes management programs.
As President Obama prepares to submit his 2013 budget proposal, ALR Technologies executives have been regularly meeting with business leaders and policymakers nationwide to discuss how its innovative technology platform can both improve patient outcomes and curb spending. The Company’s senior leadership team is demonstrating how the company’s Internet-based diabetes management platform, HeC, uniquely supports mutual priorities around improved patient care, healthcare cost-containment, accountability, and job creation.
ALR Technologies President and Chief Operating Officer Lawrence Weinstein, stated, “Health-e-Connect has enormous potential to impact the fight against diabetes, one of the most common – and expensive – chronic diseases facing the nation today. One in ten Americans is diagnosed with diabetes and the cost to the U.S. is estimated at $174 billion annually, according to the American Diabetes Association. Since receiving our 510(k) clearance, we have made great progress in conveying the benefits of the HeC system to elected officials and industry leaders. In late 2011, we relocated our headquarters to Richmond, Virginia, keeping us centrally located for the ongoing meetings and presentations. The relationships that we have been building is putting us closer to what we believe will be a very successful product launch in 2012.”
“There are many reasons that diabetes is so costly, including disease prevalence, poor patient adherence, and lack of accountability around blood glucose self-testing supplies covered by both public and private payers,” added Sidney S. Chan, Chairman and Chief Executive Officer at ALR Technologies. “Recent reports from the U.S. Department of Health and Human Services, Office of Inspector General (available to the public at http://oig.hhs.gov), indicate the loss of nearly $218 million annually from the Medicare program attributed to poor documentation around self-testing supplies. These statistics do not account for losses incurred by Medicaid or private payers. Improving accountability around diabetes self-glucose testing supplies alone could save the U.S. healthcare delivery system billions of dollars over the next five years.”
Mr. Chan continued, “A recent study from the Temple University School of Pharmacy indicates that the U.S. could save up to $8.1 billion annually by improving patient adherence to diabetes treatment plans. Currently, there is very little oversight around the buying, selling and appropriate use of diabetes self-glucose testing supplies. Attempts at oversight are fragmented, primarily paper-based, and rely on unverifiable patient reporting. Our HeC system provides solutions to overcome these obstacles and potentially save the country billions of dollars while providing better healthcare for its citizens. We feel that the timing could not be better for our company and shareholders as we are emerging as a leader in the chronic disease management space.”
While the Health-e-Connect platform has been initially configured to support diabetes management initiatives, the technology has vast potential to assist in the management of a variety of chronic disease therapies.
As President Obama prepares to submit his 2013 budget proposal, ALR Technologies executives have been regularly meeting with business leaders and policymakers nationwide to discuss how its innovative technology platform can both improve patient outcomes and curb spending. The Company’s senior leadership team is demonstrating how the company’s Internet-based diabetes management platform, HeC, uniquely supports mutual priorities around improved patient care, healthcare cost-containment, accountability, and job creation.
ALR Technologies President and Chief Operating Officer Lawrence Weinstein, stated, “Health-e-Connect has enormous potential to impact the fight against diabetes, one of the most common – and expensive – chronic diseases facing the nation today. One in ten Americans is diagnosed with diabetes and the cost to the U.S. is estimated at $174 billion annually, according to the American Diabetes Association. Since receiving our 510(k) clearance, we have made great progress in conveying the benefits of the HeC system to elected officials and industry leaders. In late 2011, we relocated our headquarters to Richmond, Virginia, keeping us centrally located for the ongoing meetings and presentations. The relationships that we have been building is putting us closer to what we believe will be a very successful product launch in 2012.”
“There are many reasons that diabetes is so costly, including disease prevalence, poor patient adherence, and lack of accountability around blood glucose self-testing supplies covered by both public and private payers,” added Sidney S. Chan, Chairman and Chief Executive Officer at ALR Technologies. “Recent reports from the U.S. Department of Health and Human Services, Office of Inspector General (available to the public at http://oig.hhs.gov), indicate the loss of nearly $218 million annually from the Medicare program attributed to poor documentation around self-testing supplies. These statistics do not account for losses incurred by Medicaid or private payers. Improving accountability around diabetes self-glucose testing supplies alone could save the U.S. healthcare delivery system billions of dollars over the next five years.”
Mr. Chan continued, “A recent study from the Temple University School of Pharmacy indicates that the U.S. could save up to $8.1 billion annually by improving patient adherence to diabetes treatment plans. Currently, there is very little oversight around the buying, selling and appropriate use of diabetes self-glucose testing supplies. Attempts at oversight are fragmented, primarily paper-based, and rely on unverifiable patient reporting. Our HeC system provides solutions to overcome these obstacles and potentially save the country billions of dollars while providing better healthcare for its citizens. We feel that the timing could not be better for our company and shareholders as we are emerging as a leader in the chronic disease management space.”
While the Health-e-Connect platform has been initially configured to support diabetes management initiatives, the technology has vast potential to assist in the management of a variety of chronic disease therapies.