Advanzeon Solutions, Inc.'s Wholly-Owned Subsidiary Pharmacy Value Management Solutions, Inc. Signs Agreement With Southern California Teamsters
TAMPA, Fla., June 3, 2015 /PRNewswire/ -- Advanzeon Solutions, Inc.'s (OTC-BB: CHCR), ("Advanzeon") wholly-owned subsidiary, Pharmacy Value Management Solutions, Inc. ("PVMS"), announced today that it has entered into an agreement with the Trustees of a large Teamsters Health and Welfare Fund in Southern California (the "Teamsters Trust Fund"). The Agreement provides, among other things, for PVMS to provide sleep apnea testing and treatment through its SleepMaster Solutions™ Program to the Teamsters Trust Fund members operating commercial vehicles in California. The Program becomes effective July 1, 2015 and has an initial three-year term.
The Federal Motor Carrier Safety Administration (FMCSA) has identified sleep apnea as one of the leading causes of motor vehicle accidents involving commercial motor vehicles. These accidents often lead to injuries and/or deaths, as well as millions of dollars in fines, legal fees, restitution and lost revenue to companies responsible for the drivers operating those commercial vehicles. Accordingly, the FMCSA has mandated that, effective May 21, 2014, as a condition of each driver's maintenance of his or her commercial driver's license (CDL), he or she must be screened by a Department of Transportation (DOT) approved Certified Medical Examiner for sleep apnea. If sleep apnea is suspected, further testing is required; and if a sleep apnea condition is determined to exist, the driver must undergo treatment with reports being periodically submitted to the DOT. It is estimated that 46% of all commercial drivers suffer from a sleep disorder. The Teamsters Trust Fund has selected PVMS as its vendor to provide its membership with PVMS' SleepMaster Solutions™ Program.
PVMS' SleepMaster Solutions™ Program, developed over the past approximate two years, works in tandem with the DOT-approved Certified Medical Examiners, providing the mandated treatment, monitoring and requisite reporting designed to ensure that the driver safely operates his or her motor vehicle without concern for inattention or sleepiness that can be caused by sleep apnea. The SleepMaster Solutions™ Program is a non-clinic based, cost-effective method of providing treatment for sleep apnea. Treatment of sleep apnea has been shown to not only reduce the costs of healthcare, in general, but, more importantly, it has shown positive results in reducing the number of heart attacks and strokes; reducing high blood pressure; and improving diabetic conditions and other costly disabilities common to truckers.
Jerry Smith, Chief Operating Officer of PVMS, stated, "We are extremely pleased at being selected as the sleep apnea benefits vendor to the Teamsters Trust Fund and providing its members with this important benefit. Sleep apnea is a seriously under-diagnosed condition in our society, not only affecting the commercial driving industry, but the general public as well. We are confident that our Program will bring an immense benefit to the Teamsters participating in the Teamsters Trust Fund and will be a model treatment program for all Teamsters nationally. We also have had advanced discussions with other Teamsters and non-teamsters organizations about our SleepMaster Solutions™ Program, and the response has been excellent. We are confident that we have a very effective and cost-efficient Program that can be easily rolled out nationally."
About Advanzeon Solutions, Inc.
Established in 1969, Advanzeon provides behavioral health, substance abuse and pharmacy management services, as well as sleep apnea programs, for employers, Taft-Hartley health and welfare Funds, and managed care companies throughout the United States. Headquartered in Tampa, Florida, the Company focuses on personalized attention, flexibility, a commitment to high-quality services and innovative approaches that address both the specific needs of clients and changing healthcare industry demands. For more information, please call 813-367-9080 or visit our website at www.advanzeon.com.
Forward-Looking Statements
Except for statements of historical fact, the matters discussed in this press release are forward looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the current beliefs and expectations of the Company's management, reflect numerous assumptions, and are subject to significant risks and uncertainties, many of which are beyond the Company's control. If any of these underlying beliefs, expectations or assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.
These risk factors include, among others, the ability of the Company to maximize its market share with new pharmacy initiatives, the ability of the Company's new pharmacy cost-savings program to guarantee a 10% or more reduction in pharmacy costs, our ability to achieve expected results from new business and to revolutionize the pharmacy sector of the healthcare industry, the ability to obtain a performance bond on satisfactory terms, the ability of the Company's pharmacy program to promote greater medication adherence without restricting access to needed medications, technological advances, challenges in development of new products and services, new products and services developed by competitors, the Company's ability to provide superior patient care while increasing its business and margins as a result of implementing its pharmacy cost-savings program, general industry conditions and competition, general economic factors, global trends toward health care cost containment, the effect of governmental regulation, including pharmaceutical industry regulation, insurance regulation and health care legislation, varying trends in member pharmacy utilization, increases or variations in cost of care, seasonality, our ability to manage healthcare operating expenses, the profitability (if any) from capitated pharmacy contracts or other products, and the Company's ability to obtain additional financing.
Advanzeon undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Additional risk factors that could cause results to differ materially from those described in the forward-looking statements can be found in the Company's most recent Annual Report on Form 10-K and the Company's other filings with the Securities and Exchange Commission (SEC), which are available at the SEC's website at www.sec.gov.
SOURCE Advanzeon Solutions, Inc.
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article