VANCOUVER, British Columbia, March 05, 2024 (GLOBE NEWSWIRE) -- MedBright AI Investments Inc. (the “Company” or “MedBright”) (CSE:MBAI, OTCQB:MBAIF, FSE:1V7) today announced that MedMatrix, a product in which it has a significant investment, has announced the go-to-market pricing for both existing beta customers and new customers for its AI product suite. Last week, the MedMatrix AI five-feature product suite was announced to sell into the global outpatient clinic market.
MedMatrix harnesses the power of artificial intelligence to evaluate and analyze key aspects of healthcare facilities, including patient needs, provider & resource matching and optimization, revenue cycle management, market competition and expansion, and patient revenue enhancement opportunities.
The global market of outpatient clinical services is expected to achieve revenue of US$1.37 trillion in 2024, with anticipated growth of 4.76% per year.1 The US market, which is the primary focus of the MedMatrix product, is expected to account for revenue of US$729.30 billion in 2024.1
Through its advanced AI and data analytics capabilities, MedMatrix would have historically captured revenue and efficiency opportunities for clinics it has evaluated with a value proposition that amounts to approximately 1-3% of total annual revenues for these clinics.
MedMatrix currently offers services to clinics with over $100 million in clinical revenue. With the launch of the final commercial product suite and pricing schedule, MedBright’s management is turning its attention to offering MedMatrix’s services to additional clinics.
The MedMatrix Pricing Schedule
The MedMatrix pricing schedule is designed to allow providers to use the service without any upfront cost to prove out the benefit from both the MedMatrix Reporter and the revenue capture modules. MedMatrix also includes a free trial without any commitment so providers can see the results of the five feature product suite before committing to using the tool.
- $199 per month per provider for the AI Reporter with a minimum of $550 per month per clinic starting 90 days after execution of the contract. The AI Reporter provides data reporting from the MedMatrix AI analytics platform, a complete dashboard of a clinic’s operations, and the MedMatrix forecaster, which allows customers to see how changes to the clinic’s resource matching, revenue models, and market locations and competition could improve business operations.
- An additional $49 per month per provider for the AI Resource Matcher with a minimum of $125 per month per clinic starting 90 days after the execution of the contract. The AI Resource Matcher acts as a virtual assistant to front office administration, analyzing patient needs at the time of scheduling and matching them to the appropriate resource within the clinic. The Resource Matcher can dynamically assign appointment durations and times based on need, while helping predict late or no-show patients to improve clinic on-time performance and overall efficiency.
- 10% of all additional revenue generated by the revenue generating tools starting 6 months after the contract is executed. These tools are:
- AI Market Expander – analyzes providers’ current clinic locations and allows them to assess the potential demand in the market based on patient demographics, competition, facility costs, and other key factors. Providers can simulate facility moves or expansion of additional clinics to predict the impact on their top and bottom line. The Market Expander also includes the ability to identify top candidates for conversion into the clinic based on their demographics and preferences.
- AI Claim Optimizer – analyzes a clinic’s claim data to look at key performance indicators for revenue cycle management and analyzes top reasons for claim denials and areas for improvement in coding, charge capture, claim processing, and revenue cycle management workflows.
- AI Revenue Enhancer – finds opportunities for revenue growth based on a clinic’s existing patient base and revenue models. These can include identification of patient upsell opportunities for non-medical procedures, patient clinical trial recruitment, concierge medicine upsell opportunities, and other revenue generating products and services.
“MedMatrix operates in a huge and growing trillion-dollar market,” said Trevor Vieweg, CEO of MedBright. “We have a stellar product offering which will be available to customers both in the US and globally. With 1-3% of clinical revenue as our pricing model without any upfront costs to the clinic, we have a fantastic value proposition for our customers. Importantly, our AI-driven low-cost business model has significant operating leverage designed to deliver superior return to shareholders.”
About MedBright AI Investments Inc.
MedBright AI is a capital allocator focused on investing in healthcare technology companies. The team at MedBright prides themselves on unparalleled access to opportunities, as well as structuring unique and advantageous investments. MedBright's mission is to construct a portfolio of synergistic investments to generate superior returns for shareholders. MedBright will focus on significant near-term and midterm high-quality opportunities with strong return potentials while maintaining commitment to governance.
MedBright AI Investments Inc.
Trevor Vieweg, Chief Executive Officer
Email: investors@medbright.ai
Cautionary Statement Regarding "Forward-Looking" Information
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, including, without limitation, the Company’s expectations regarding aggregate revenues in the global and US outpatient market, the Company’s expectation that MedMatrix will offer clinics the tools to obtain increased clinic revenue, enhanced patient satisfaction, reduced wait times, and improved business operations, as well as predictive ability regarding the same, the expectation that MedMatrix will be commercialized and become revenue-generating, the expectation that MedMatrix’s pricing model will account for approximately 1-3% of participating clinics’ revenue, the expectation that MedMatrix will expand its customer base, and the Company’s plans to generate returns for its shareholders through its portfolio of investments, are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should” or “would” or occur.
Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including, among other things, that aggregate revenues in the global and US outpatient market will be as anticipated, that MedMatrix will offer clinics the tools to obtain increased clinic revenue, enhanced patient satisfaction, reduced wait times, and improved business operations, as well as predictive ability regarding the same, that MedMatrix will be commercialized and become revenue-generating, that MedMatrix’s pricing model will account for approximately 1-3% of participating clinics’ revenue, that MedMatrix will expand its customer base, and that the Company will be able to generate returns for its shareholders. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important risks that may cause actual results to vary, include, without limitation, the risk that aggregate revenues in the global and US outpatient market will not be as anticipated, the risk that the use of MedMatrix will not result in increased clinic revenue, enhanced patient satisfaction, reduced wait times, and improved business operations, or that MedMatrix will not offer clinics the anticipated predictive ability regarding the same, the risk that MedMatrix will not be commercialized and become revenue-generating on the timetable anticipated or at all, the risk that MedMatrix’s pricing model will not account for the anticipated proportion of participating clinics’ revenue, the risk that MedMatrix will not expand its customer base, and the risk that the Company’s portfolio of investments will not generate returns for shareholders.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws
1 https://www.statista.com/outlook/hmo/hospitals/outpatient-care/worldwide
