REDWOOD CITY, Calif., July 18, 2017 (GLOBE NEWSWIRE) — Biotricity Inc. (OTCQB:BTCY), a medical diagnostic and consumer healthcare technology company dedicated to delivering innovative, biometric remote monitoring solutions, acknowledges the importance of telemedicine by announcing its support of the proposed changes in healthcare policy and its expansion into healthcare practices. Biotricity believes that the rise of telemedicine at the federal and state levels points to a healthcare shift that promotes remote care delivery. This direction could create opportunities for remote patient monitoring solutions that can be integrated within telemedicine.
The nationwide telehealth coverage bill called the Medicare Telehealth Parity Act of 2017 is one of several new federal bills currently under consideration. Designed to introduce an incremental, though significant, expansion of coverage for telehealth services under the Medicare program, the bipartisan Act is sponsored by Representative Mike Thompson (D-CA), with seven co-sponsors to date. If enacted in its current form, it could modernize the way Medicare reimburses telehealth services by expanding the number of qualifying geographic locations, and expanding coverage of telehealth services. This would all take place in a series of three phases. This bill joins a growing list of telemedicine-friendly legislation on Capitol Hill, including the CONNECT for Health Act of 2017, the CHRONIC Care Act of 2017, the Hallways to Health Act, the Furthering Access to Stroke Telemedicine (FAST) Act, and the Telehealth Innovation and Improvement Act. At the state level, in May 2017, Texas was the final state to abolish the requirement that patient-physician relationships be established with an in-person visit before implementing telemedicine.
Biotricity’s remote patient monitoring device platform aligns with telemedicine and can be integrated with telehealth solutions. The company’s flagship product, the Bioflux solution, is a remote patient monitoring (RPM) device for physicians to diagnose individuals with cardiovascular disease. The solution could be leveraged through telemedicine to support virtual healthcare delivery for cardiac patients with medically relevant, real-time, data collection and feedback. Biotricity has already begun working with Dr. Nayyar Razvi, an advisor to the Company with substantial experience in telemedicine who has seen over 26,000 patients using this approach. “Remote patient monitoring solutions will help to substantially expand telemedicine use cases. Today, telemedicine is limited in scope because physicians lack complete insight into the patient’s condition. Devices that can transmit medically relevant patient information, such as biometrics, will help provide a more clinically accurate view of the patient,” states Dr. Razvi. “Delivering virtual care so the quality of care remains equivalent or better than a physical visit will be the holy grail of telemedicine, something that will likely be delivered by integrating remote monitoring devices.”
Dr. Razvi has helped drive progress in telemedicine through his work at Sheridan College, where he has put together a degree program for individuals to become a Certified Telemedicine Assistant and at Bayshore, where he helped introduce remote telemedicine for wound care. “Training environments like Sheridan and innovative healthcare organizations like Bayshore are perfect places for testing and integrating solutions like Biotricity’s Bioflux for use in telemedicine,” he explains. “I look forward to working with Biotricity to see how we can leverage their technology in our existing work.”
“The legislative progress towards telemedicine is an excellent driver of health technology innovation and, more importantly, improves patient care for all individuals,” explains Biotricity CEO and Founder Waqaas Al-Siddiq. “With more freedom, integrating telemedicine technologies into healthcare delivery is simplified, driving down costs and facilitating widespread access to care—especially remote care.”
About Biotricity Inc.
Biotricity is a modern medical technology company focused on delivering innovative, remote biometric monitoring solutions to the medical and consumer markets, including diagnostic and post-diagnostic solutions for chronic conditions and lifestyle improvement. Biotricity’s R&D continues to focus on the preventative healthcare market, with a vision of putting health management into the hands of the individual. The company aims to support the self-management of critical and chronic conditions with the use of innovative solutions to ease the growing burden on the healthcare system. To learn more, visit www.biotricity.com or follow on Twitter: @biotricity_inc Facebook: facebook.com/biotricity/ or LinkedIn: linkedin.com/company/biotricity-measuring-vitals
Important Cautions Regarding Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words “may,” “should,” “would,” “will,” “could,” “scheduled,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “seek,” or “project” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements may include, without limitation, statements regarding (i) the plans and objectives of management for future operations, including plans or objectives relating to the design, development, regulatory approvals and commercialization of Bioflux or any of the Company’s other proposed products or services, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) the Company’s future financial performance, (iv) the regulatory regime in which the Company operates or intends to operate and (v) the assumptions underlying or relating to any statement described in points (i), (ii), (iii) or (iv) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company’s current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company’s inability to obtain additional financing, the significant length of time and resources associated with the development of its products and related insufficient cash flows and resulting illiquidity, the Company’s inability to expand the Company’s business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company’s failure to implement the Company’s business plans or strategies. These and other factors are identified and described in more detail in the Company’s filings with the SEC. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.
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