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Assure Holdings establishes joint venture with Clever Claims to create exclusive in-house billing and collection vendor

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Under the terms of the agreement, Assure will own a majority stake in Velocity, which will be managed by a three-person management board, with two board members being appointed by Assure and one board member being appointed by Clever.

Additional Information:

Company: ., a provider of intraoperative neuromonitoring services, has entered into an agreement with Clever Claims
Website: http://www.AssureNeuromonitoring.com
Stock Symbol: TSXV: IOM
Date Published: Aug 29, 2019
Transcript: Available

Video Transcript:

I’m Nadika Viswakula for Investmentpitch Media

Assure Holdings Corp., a provider of intraoperative neuromonitoring services, has entered into an agreement with Clever Claims, LLC, a medical billing and revenue cycle management service, to establish a new billing and collection company called Velocity Revenue Cycle, LLC.

Under the terms of the agreement, Assure will own a majority stake in Velocity, which will be managed by a three-person management board, with two board members being appointed by Assure and one board member being appointed by Clever.

Velocity will serve as Assure’s exclusive, in-house billing and collection vendor, with Clever Claims, through its minority stake, handling all historical and future billing and collection processes.

Assure has terminated its relationship with all other third-party billing and collection vendors and will utilize Velocity’s services exclusively going forward.

John A. Farlinger, Executive Chairman and CEO, stated: “The Clever management team has nearly two decades of billing and collections experience with a reputable pedigree of generating consistent collection results for neuromonitoring claims. We are impressed with their industry knowledge, strong management team and automated workflow processes. So, entering into this joint venture is a significant step forward for Assure. Since we partnered with Clever in March, they have exceeded our expectations and have been instrumental in providing transparency around our billing and collection process. By entering into this partnership, we believe we will finally have better control over the collection process and greater certainty over a stable cash flow stream going forward.”

Surgical procedures that either directly or indirectly involve the nervous system, inherently place neural structures at risk.

The integrity of those structures at risk can be monitored using various techniques known as intraoperative neurophysiologic monitoring, or IONM.

Colorado-based Assure Holdings provides a turnkey suite of services that support IONM activities during invasive surgeries.

If a change in nerve activity is noticed during the procedure, the technologist reports this change to the surgeon, thereby decreasing the risk of permanent nerve damage.

Assure employs its own staff of technologists and uses its own state-of-the-art monitoring equipment.

It handles 100% of IONM scheduling and setup, and bills for all technical services provided, retaining 100% of all revenue generated.

The company has exclusive partnerships with surgeons in Colorado, Louisiana, Texas, Pennsylvania, Utah and Michigan and was recently approved to operate in Georgia, Nevada, Arizona and Oklahoma.

While Assure focuses primarily on supporting spinal and vascular surgeries, plans are in place to support other classes of medicine that rely on the standard of care that IONM provides.

The shares are currently trading at $2.16.
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For more information, please visit the company’s website at www.AssureNeuromonitoring.com, contact John Farlinger, Executive Chairman and CEO at 604-763-7565 or by email at john.farlinger@assureiom.com

Investor relations is handled by Cody Slach of Gateway Investor Relations, who can be reached at 949-574-3860 or IOM@gatewayIR.com.

I’m Nadika Viswakula for Investmentpitch Media