|By Marketwired .||
|April 4, 2014 10:17 AM EDT||
SAN DIEGO, CA -- (Marketwired) -- 04/04/14 -- Licont Corporation (OTCQB: LNTP), an emerging managed medical solution tailored to the accident and liability arena offers a platform enabling more efficient and effective processing of personal injury claims for carriers, providers and patients, today announced business updates and provided key strategic initiatives.
According to the National Center for Health Statistics, over 31 million injuries occur to people throughout the U.S. each year that necessitate a doctor's care, almost two million people sustain injuries that require some degree of hospitalization, and 162,000 people die from their injuries.
CEO Dr. Trevor Robertson said, "With over $20 billion in direct medical payments and between $4-8 billion a year in fraudulent or inflated claims, run away healthcare expenses have created a personal injury crisis that cannot be fixed by insurance carriers alone."
The most recent comprehensive study from the U.S. Department of Justice, Bureau of Justice Statistics, found that personal injury or tort trials comprised nearly 60 percent of a total of 26,948 tort, contract and real property trials nationwide in 2005.
The report estimates that attorneys tried 16,397 tort cases in a national sample of American state courts. As only about 4% of personal injury lawsuits ever go to trial, the sheer number of annual personal injury claims occurring in America is truly staggering.
Licont Platform Overview
All previously proposed models failed as they were designed to benefit either the carrier or the provider at the expense of the other, and always at the expense of patients. Licont's managed medical solution meets the outcome needs of all stakeholders. Licont's integrated solution simplifies, streamlines and solves what is currently a personal injury crisis with runaway medical expenses that cannot be fixed by the insurance carriers alone.
Dr. Robertson added that "In a typical personal injury scenario, a patient visit to a provider which should cost $100 a visit is often billed at $200 to even $300. Furthermore, injuries usually requiring 6-12 doctor visits are routinely billed for as many as 24 to 30 visits. Carriers reasonably see these common scenarios as inflated claims, while providers rationalize the fee under the guise of complicated underlying cause when in reality it is nothing more than the risk of non-payment or making up for the last claim they were not paid on. As an intermediary, Licont mitigates provider risk. It offers providers (physicians, chiropractors, physical therapists, hospitals, imaging facilities and ambulatory services) fair, equitable and sustainable reimbursement while managing fraudulent and inflated claims that cost carriers $4-8 billion a year. The byproduct is that we provide carriers with significant ongoing savings."
Licont estimates that it can provide carriers up to 40% savings by providing providers a better-managed, more transparent integrated platform through the reduction or risk-premium.
Key Benefits for Stakeholders in the Value Chain
- Carriers, faced with rising costs due to high incidence of medical fraud and buildup, now have a unified solution that drives up to 40% of these added costs out of the system.
- Providers, faced with high risk of reimbursement denial, delays and reductions from carriers, have a more stable and predictable path to reimbursement.
- Patients, confronted with limited provider choices, can now expect improved outcomes as more highly skilled providers have a reason to opt back into the system.
"We have received extremely strong responses from providers and insurance representatives for the Licont Platform. In addition to mitigating reimbursement risk for these physicians, it reintroduces personal injury care as a viable incremental business," said Dr. Robertson.
Licont has completed development of its provider enrollment platform and over the past 14 months, has grown from inception to a provider network covering 48 states. Licont plans to expand provider enrollment and acceptance in additional to commencing insurance carrier negotiations in the second half of 2014.
About Licont Corp.
Based in San Diego, California, Licont's managed medical solution is specially tailored to the unique needs of personal injury and medical liability claims. With $20 billion dollars in direct medical payments and $4-8 billion a year in fraudulent or inflated claims, Licont offers insurance carriers significant ongoing savings while also meeting the outcome needs of the healthcare providers and their injured patients. For more information, go to www.licont.com.
This news release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company's current expectations. When used in this news release, the words "estimate," "project," "belief," "anticipate," "intend," "expect," "plan," "predict," "may" or "should" and the negative of these words or such variations thereon or comparable terminology, are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the risk that the Company is not able to successfully move its unified insurance platform to market, the failure of the business strategy, the integrity of the Company's patents and proprietary intellectual property and competition. The Company cautions that the foregoing list of risk factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. When relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events, including the risk factors set out in the Company's 10K for the year ended September 30, 2013. See the sections entitled "Risk Factors" in Licont's quarterly and annual reports as filed by Licont from time to time with the Securities and Exchange Commission. The Company has assumed that the material factors referred to above will not cause such forward-looking statements and information to differ materially from actual results or events.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.
Dr. Trevor Robertson