Zynex Enters into Medicaid Contract With State of Minnesota
Posted on: Wednesday, 17 August 2005, 12:00 CDT
Zynex Medical Holdings, Inc. (OTCBB: ZYNX), a provider of pain management systems and electrotherapy products for medical patients with functional disability, today announced that it has entered into a Medicaid contract for the Company's products with the State of Minnesota, Department of Human Resources.
"We now have contracts with 16 states that enable Zynex to directly bill Medicaid for our products," stated President and Chief Executive Officer Thomas Sandgaard. "Government healthcare plans such as Medicaid are central to our marketing efforts and we are continuing to make further penetration into this market."
Most of the Company's electrotherapy products are reimbursed by major healthcare insurers and Medicare and must be prescribed by a physician in order to qualify for reimbursement.
About Zynex
Zynex Medical Holdings, Inc., (www.zynexmed.com), a leading provider of therapeutic devices for patients with functional disability through the creation, distribution, and marketing of electrotherapy devices since 1996, strives to uphold its mission to improve the quality of life of patients suffering from debilitating pain or illness by providing innovative technology. Utilizing a unique combination of electromyographic (EMG) technology combined with a system of instruction and reinforcement, including electrical muscle stimulation (EMS), Zynex offers new treatment options to post-stroke and spinal injury patients.
Safe Harbor Provision
Certain statements in this release are "forward-looking" and as such are subject to numerous risks and uncertainties. Actual results may vary significantly from the results expressed or implied in such statements. Factors that could cause actual results to materially differ from forward-looking statements include, but are not limited to, the Company's ability to meet terms and conditions required to obtain project financing, risks and delays associated with product development, risk of market acceptance of new products, technology or product obsolescence, competitive risks, reliance on development partners and additional capital needs. For more discussion of important risk factors that may affect Zynex, please see the risk factors contained in Zynex's 2004 Annual Report on Form 10-K filed with the Securities and Exchange Commission.
Source: Business Wire
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