PHOENIX, Ariz., July 13, 2023 (GLOBE NEWSWIRE) -- MedAvail Holdings, Inc. (Nasdaq: MDVL) ("MedAvail"), an innovative pharmacy technology company, announced today it has successfully achieved integration between MedAvail's Remote Dispensing System® and its largest partner, Texas Health Resources.
"The value proposition of the MedCenter extends to both clinics and patients alike, and the streamlined integration with Texas Health Resources via this new interface has been shown to reduce prescription dispense times by up to 36%, leading to higher patient satisfaction, while increasing prescription throughput by greater than 10%, which helps address current and worsening pharmacy staffing challenges," stated Mark Doerr, Chief Executive Officer of MedAvail. "In parallel, we continue to work on additional integration interfaces, assisted by our new development partner, Encora, that will make future MedCenter deployments fast and seamless for our current and prospective hospital and clinic partners."
"This enhanced integration between the MedCenter and our network of urgent care clinics has decreased overall patient dispensing wait times," stated Bianca Randall, MHA, Director of Pharmacy Operations at Texas Health Resources, MedAvail's largest customer. "This has improved our patient experience at the MedCenter pharmacy kiosks as well as our staff experience at both our urgent care clinics as well as in the pharmacy."
The enhanced integration with THR was made possible by MedAvail's integration application, which is available on Epic's Connection Hub. For other prospective partners who utilize the Epic Willow Ambulatory PMS, the MedAvail Remote Dispensing System integration is available for download through the open.epic download page here. Approximately 25% of MedAvail's current sales pipeline utilizes the Epic PMS.
Epic and Willow are registered trademarks of Epic Systems Corporation.
About MedAvail
MedAvail Holdings, Inc. (NASDAQ: MDVL) is a pharmacy technology company, providing turnkey, in-clinic pharmacy services through its proprietary robotic dispensing technology, the MedAvail MedCenter®. The MedCenter is currently in use in both the primary care and urgent care settings, as well as Federally Qualified Health Centers (FQHCs).
MedAvail promotes patient drug adherence, resulting in better health outcomes. Learn more at www.medavail.com.
Forward Looking Statements
Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," "project," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding MedAvail's business strategy and market opportunity; preliminary estimates of selected financial results, potential future revenue and cost savings projections and expectations for growth and profitability; restructuring and reorganization targets, customer demand and expansion plans; margin, utilization and cost reduction improvements; the closing of, and expected proceeds from, the CVS Transaction, customer partnerships and potential financing transactions. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of MedAvail's management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to our ability to successfully achieve the benefits of a pharmacy technology only business and the efficiencies related to a restructuring and reorganization, and risks relating to our ability to successfully consummate potential strategic, financing and restructuring transactions, as well as other risks discussed under the heading "Risk Factors" in MedAvail's Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission ("SEC") on March 29, 2022, MedAvail's Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, filed with the SEC on November 10, 2022, and other filings MedAvail makes with the SEC in the future. Additional information is also set forth in MedAvail's Annual Report on Form 10-K for the year ended December 31, 2021, MedAvail's Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, and other filings MedAvail makes with the SEC in the future. Any preliminary estimates regarding selected 2022 financial results are further subject to the completion of management's and the audit committee's final reviews and MedAvail's other financial closing procedures and are therefore subject to change. You should not place undue reliance on such preliminary information and estimates because they may prove to be materially inaccurate. While we believe that such preliminary information and estimates are based on reasonable assumptions, actual results may vary, and such variations may be material. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and MedAvail specifically disclaims any obligation to update these forward-looking statements.
Contacts:
Investor Relations
Steven Halper/Caroline Paul
Managing Directors, LifeSci Advisors
ir@medavail.com
SOURCE MedAvail Holdings, Inc.
