- CareSpan Health (CSPN) has announced the expansion of its U.S. military medical assessment contract
- CareSpan professional corporation, American-APN Nurse Practitioners will deliver annual medical exams for the U.S. military
- Eighty one NPs are now using CareSpan’s “Clinic-in-the-Cloud” platform
- CareSpan is in the process of initiating enrollment in its remote patient monitoring (RPM) service
- RPM reimbursement is about US$115 per patient per month, with gross margins of about 60 per cent
- CareSpan has deployed an integrated digital care platform, the CareSpan Clinic-in-the Cloud™
- CareSpan Health Inc. (CSPN) opened trading at C$0.30 per share
CareSpan Health (CSPN) has announced the expansion of its U.S. military medical assessment contract and provided a business update.
American Advanced Practice Network, a CareSpan professional corporation, has been awarded an additional contract to conduct medical examinations for U.S. military reservists in multiple states and locations across the United States.
CareSpan professional corporation, American-APN Nurse Practitioners (NPs) will deliver examinations as they help address the large volume of annual medical exams for the U.S. military.
Melissa Magstadt, CEO of American-APN commented on the contract.
“This new contract to conduct annual medical exams for U.S. military reservists expands the scope of CareSpan’s and American-APN’s support for the care of U.S. military personnel and provides another example of how CareSpan enables NPs to address care delivery gaps across the United States. With more than 80 practitioners in our network, and growing, we are focused on continuing to deliver contracts like this to our NPs to allow them to grow their practices and, in turn, help CareSpan and American-APN grow and attract more NPs to join the network.”
CareSpan experienced strong operational growth from 2020 to 2021.
Highlights:
- Eighty one NPs are now using CareSpan’s “Clinic-in-the-Cloud” platform compared to 50 providers as at December 31, 2020 (increase of 62 per cent)
- Patient visits across the provider network were 40,600 in 2021 compared to 24,600 in 2020 – an increase of 65 per cent
- CareSpan expects to realize annualized savings of approximately US$1.0 million as a result of its recently completed restructuring
- CareSPan signed its first NPs in Florida to join the network
- CareSpan is in the process of initiating enrollment in its remote patient monitoring service
With the infrastructure now in place, CareSpan is excited to focus on building out its RPM capabilities across its provider network. RPM is the use of digital devices that allow clinicians and care providers to capture health and medical data on a continuous basis from their patients remotely and electronically through CareSpan’s platform.
Effective use of RPM, as part of a patient’s care plan, allows CareSpan’s NPs and clinicians to provide a higher quality of care to their patients and improve health outcomes while generating additional revenue for their practice.
RPM reimbursement is about US$115 per patient per month, with gross margins of about 60 per cent. RPM deployment within individual care plans will be a focus for the company going forward and CareSpan will focus on building out this revenue channel over the upcoming quarters.
CareSpan has hired Bob Whitfield to support the development of the company’s provider network and practitioner recruitment, particularly in the state of Florida.
CEO Rembert De Villa commented,
“In 2020 and 2021, we focused on laying the foundation and validating our business model. We are now witnessing growth in our performance metrics from these efforts. In 2022, our focus is to aggressively grow our provider network and scale our business with high-quality revenue, continued innovation of our digital platform, and constant improvement in client satisfaction. With additions like Bob Whitfield, and a team of experienced network developers, we will be able to grow our network of NPs that will continue to expand our scope and reach into servicing contracts like that of the U.S. military reservists and enabling them to implement patient care plans that can benefit from the Company’s remote patient monitoring services. These patient care initiatives serve as another pillar for growth and demonstrate CareSpan’s ability to draw the attention of private and public payors and health plans requiring high-quality, affordable, and accessible healthcare services for their members.”
CareSpan is a healthcare technology company that has developed and deployed an integrated digital care platform, the CareSpan Clinic-in-the Cloud™, that creates unfettered access to care for the underserved.
CareSpan Health Inc. (CSPN) opened trading at C$0.30 per share.
