MMRGlobal reported that on March 31, the Company filed its Annual Report on Form 10-K for the year ended December 31, 2014 with the U.S. Securities and Exchange Commission. In the filing, the Company reported record earnings.
In a release on April 1, the Company noted that exactly one year ago to the day, the Company said, “This Is Our Year,” and it was. The Company reported total revenues of $2,579,569 for the year ended December 31, 2014, as compared to $587,305 for the same period last year; a 339 percent increase year over year. While revenues increased, operating expenses decreased by $1,768,654, or 24 percent to $5,620,468 for the year ended December 31, 2014, down from $7,389,122 for the year ended December 31, 2013. For a complete description of MMRGlobal’s 2014 results, investors are referred to the most recent 10-K on file with the SEC, which is also available on the Company’s Investor Relations site.
MMR is a provider of secure and easy-to-use Personal Health Records (PHRs) through its MyMedicalRecords Personal Health Record. MMR also offers its MMRPro document management and imaging systems for healthcare professionals, and MyEsafeDepositBox to securely store important legal, financial, insurance and other important documents.
In the Company’s April 1, 2014 Letter to Shareholders entitled, “This Is Our Year,” MMR cited how government mandates legislated through the HITECH Act and the Affordable Care Act are driving increasing numbers of patients to access their personal health information online; and, as a result, how MMR’s products and services including the Company’s health IT intellectual property portfolio stand to benefit. Within seven days of publishing that letter, a final rule issued by the Department of Health and Human Services amending the Clinical Laboratory Improvement Amendments (CLIA) regulations went into effect to allow direct patient access to lab test results. While under the HITECH Act there are Meaningful Use requirements for eligible healthcare professionals to provide at least fifty percent of their patients the ability to access their personal health information online such as through a Personal Health Record, which will expand under Meaningful Use Stage 3, under the amended CLIA, laboratories in all 50 states and the District of Columbia are now able to offer patients and their authorized representatives direct access to their lab test results through Personal Health Record systems. As proof of patients’ interest in accessing their health records, an article by Laura Landro in The Wall Street Journal dated September 15, 2014 referred to Quest Diagnostics having an increase in patient requests for lab data after the new federal rule was implemented. Since their launch on April 7, Quest delivered more than 700,000 lab results to users of its patient website, four times the number sent in the prior six months.
Furthermore, in these days of Cyber theft and hacking, the Company has designed its platform in a manner that protects the integrity of personally controlled health information by storing the data in encrypted image files even when at rest. This means that each medical record (document) is encrypted at all times when residing in MMR’s storage systems and can only be accessed in a viewable form when the authorized user, family member or healthcare professional has proper authentication AND credentials to view that medical record (document). This is especially important at this time when theft of medical records is prevalent and widely reported in the media because, even if an unforeseen massive data breach occurred at a hosting facility, any encrypted documents would not be viewable by an unauthorized entity.
While the build-up of health IT (HIT) solutions expands in the United States, the Company also participates in health IT globally. Wall Street continues to remain bullish on health information technology, and biotech, both of which are the subject of the Company’s portfolio of U.S. and foreign patents. Through its wholly owned subsidiary, MyMedicalRecords, Inc., the Company currently has health IT patents issued, pending and/or applied for in the United States and 11 other countries or regional authorities of commercial interest including Australia, Singapore, New Zealand, Mexico, Japan, Canada, Hong Kong, China, South Korea, Israel and Europe. In the U.S., MMR currently has 13 issued health IT patents including U.S. Patent Nos. 8,301,466; 8,352,287; 8,352,288; 8,121,855; 8,117,646; 8,117,045; 8,321,240; 8,498,883; 8,626,532, 8,645,161; 8,725,537; 8,768,725 and 8,775,212, as well as additional applications and continuation applications pertaining to Personal Health Records, Patient Portals and Electronic Health Records. MMR is also beginning to capture opportunities in the Middle East starting in Kuwait, where a higher percentage of the population is comprised of Expats and health information technology is also driven by medical tourism. Additionally, MMR has a large and growing portfolio of biotech patents which it acquired through the Company’s 2009 reverse merger with Favrille, Inc. These assets have particular utility for the treatment of B-cell mediated cancers such as Non-Hodgkin’s lymphoma and other diseases of the immune system, and include patient samples owned and/or controlled by the Company. To date, MMR has six biotechnology patents issued by the United States Patent and Trademark Office, additional patents issued in Australia, South Korea, Mexico, Singapore, Hong Kong, Japan and throughout Europe, and patents pending in various other countries of commercial interest.
In 2015, the Company also expects to benefit from the growth in Telemedicine and smartphone usage in healthcare, which requires connectivity to patients through a Personal Health Record. MMR already has connectivity to Telemedicine systems built into the Company’s PHR platform.
MMRGlobal, through its subsidiary, MyMedicalRecords, provides secure and easy-to-use online Personal Health Records (“PHRs”) and electronic safe deposit box storage solutions, serving consumers, healthcare professionals, employers, insurance companies, financial institutions, retail pharmacies, and professional organizations and affinity groups.
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