Medivolve Inc. (NEO:MEDV.AQN, OTC:COPRF) has announced the establishment of Medivolve Management Services LLC in Puerto Rico, which will serve as a management services organization (MSO), adhering to the applicable regulations governing medical practice in the US.
Through the MSO, Medivolve said it aims to facilitate physician/patient interactions, provide medical billing and practice management services, and enhance access to diagnostic testing and pharmacy services by leveraging its telehealth platform, which is currently under development.
The company will collaborate with qualified health practitioners and rely on the services offered by its wholly-owned subsidiaries, Collection Sites and Medivolve Pharmacy.
To support this initiative, the MSO has recently entered into a management service and licensing agreement with a California medical corporation authorized to practice medicine in the state.
Furthermore, the Physician Network, overseen by the MSO, has acquired another California professional medical corporation based in Brea. This healthcare provider is fully licensed and possesses the necessary credentials from multiple insurance payors, enabling seamless reimbursement for services rendered via the telehealth platform and the Physician Network.
The acquisition of the California professional medical corporation by the Physician Network was financed through a US$400,000 purchase price. The payment structure consists of an initial cash payment of US$200,000, followed by two additional tranches of US$100,000 each, payable on the 6 and 12-month anniversaries of the acquisition's closing. Collection Sites provided a loan to the Physician Network to fund the transaction.
In a strategic move, Medivolve also said it has decided to close all of its remaining COVID-19 testing locations. This decision allows the company to allocate its resources towards the successful rollout of the telehealth platform, reinforcing its commitment to delivering innovative technology and improving patient care.
Medivolve, headquartered in Toronto, Canada, operates a distributed network of six retail patient-care locations across the United States through its subsidiaries, Collection Sites and Marbella Pharmacy.
Contact the author at jon.hopkins@proactiveinvestors.com