Contract Extensions With GEO Group, Iowa Department of Corrections and Nebraska Department of Correctional Services Approved
LOS ANGELES, July 27, 2009 (GLOBE NEWSWIRE) -- CompuMed, Inc. (OTCBB:CMPD) (www.compumed.net) -- a medical informatics company serving the healthcare community with diagnostic software solutions -- today announced it has been awarded a new contract with the New York Department of Correctional Services (NYDOCS). In addition, the Company has extended its agreements to provide electrocardiogram (ECG) remote interpretation systems and over-read services for the GEO Group (NYSE:GEO), the Iowa Department of Corrections (IADOC) and the Nebraska Department of Correctional Services (NDCS).
NYDOCS awarded CompuMed a new multi-year contract to provide interpretative ECG services and cardiologist over-reads for approximately 60,000 detainees at 65 correctional facilities statewide. CompuMed has installed 94 state-of-the-art CardioGram(tm) 707 ECG systems at the NYDOCS facilities.
"NYDOCS is a great fit for us, and we have close to a 100 percent renewal rate with our large correctional clients, which shows both the need for our ECG services and client satisfaction with our service as a whole," said Maurizio Vecchione, CompuMed's CEO. "This high renewal rate will allow us to focus on additional markets going forward."
Under the terms of the GEO Group extension, CompuMed will continue to provide remote cardiac screening and over-reads for detainees at 16 select GEO Group facilities. Based in Boca Raton, GEO Group is a world leader in privatized correctional and detention services management.
CompuMed will continue to provide ECG services for IADOC's nine facilities, providing remote cardiac screening on an as-needed basis for more than 8,400 detainees. IADOC owns 10 of CompuMed's CardioGram systems.
CompuMed will continue to provide ECG services and over-reads for detainees at five of the NDCS correctional facilities.
CompuMed's traditional core business is providing remote ECG interpretation terminals and related services to medical facilities that may not have access to physicians trained and qualified to interpret ECG results. Customers for the Company's CardioGram system are typically correctional facilities, ambulatory surgery centers, occupational health clinics and physician offices. The system reduces healthcare costs significantly by providing remote cardiac screening at the point-of-care. Another advantage is an optional feature that automatically sends ECG results to a trained cardiologist for an over-read.
"We are seeing a confluence of telemedicine and electronic medical records, as well as an increase in providing medical access to remote or isolated sites," said Mr. Vecchione.
