Assure Holdings Enters into In-Network Agreement with Aetna Colorado

Rhea-AI Summary

Assure Holdings Corp. (OTCQB: ARHH) has signed an agreement with Aetna Colorado effective May 1, 2021. This allows Assure to provide intraoperative neuromonitoring (IONM) services as an in-network provider, streamlining billing and collections with contracted rates and timely claims payment. The partnership is viewed as strategic, potentially expanding beyond Colorado. Assure's compliance with medical necessity and dispute resolution strengthens its operational framework. This agreement may reduce financial risk and enhance revenue stability as the company expands its network.

Positive

• In-network agreement with Aetna Colorado improves billing and collections process.
• Contract stipulates payment of claims within 45 days, reducing financial risk.
• Potential for future expansion of services with Aetna in other markets.

Negative

• Agreement can be terminated by either party with 90 days' notice.
• Future collaboration with Aetna outside Colorado is uncertain.

DENVER, April 28, 2021 (GLOBE NEWSWIRE) -- Assure Holdings Corp. (the “Company” or “Assure”) (TSXV: IOM; OTCQB: ARHH), a provider of intraoperative neuromonitoring services (“IONM”), is pleased to announce that it has signed an agreement (the “Agreement”) with Aetna Colorado (“Aetna”). The Agreement is effective as of May 1, 2021, and allows the Company to provide its neuromonitoring services as an in-network healthcare provider for Aetna in the state of Colorado.

The Agreement will help streamline the Company’s billing and collections process in Colorado by including contracted rates, payment of claims within 45 days, medical necessity conditions and dispute resolution steps. The Agreement includes a right for both parties to terminate the Agreement with 90 days written notice.

“Aetna is one of the largest commercial insurance companies in the U.S., and given our growing network of contracts with this payor, we view them as a strategic partner and look forward to working with them in other markets,” said John A. Farlinger, Assure’s executive chairman and CEO. “Executing this Agreement is another important step forward as Assure further develops an in-network revenue stream.”

Farlinger added, “This Agreement reduces Assure’s risk, minimizes complexity and accelerates payment on cases associated with Aetna Colorado. Few of our IONM peers have the scale or experience to strike similar deals.”

About Assure Holdings
Assure Holdings Corp. is a Colorado-based company that works with neurosurgeons and orthopedic spine surgeons to provide a turnkey suite of services that support intraoperative neuromonitoring activities during invasive surgeries. Assure employs its own staff of technologists and uses its own state-of-the-art monitoring equipment, handles 100% of intraoperative neuromonitoring scheduling and setup, and bills for all technical services provided. Assure Neuromonitoring is recognized as providing the highest level of patient care in the industry and has earned the Joint Commission’s Gold Seal of Approval®. For more information, visit the company’s website at www.assureneuromonitoring.com.

Forward-Looking Statements
This news release may contain “forward-looking statements” within the meaning of applicable securities laws, including but not limited to: comments with respect to strategies; expectations; planned operations; future actions of the Company; the Company’s growth potential and strategy and the expected effects of the Agreement on the Company’s business and operations. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to: the Agreement may not streamline the Company’s billing and collections process in Colorado; the Company may not work with Aetna in markets outside Colorado; the Company’s strategy to develop an in-network revenue stream; the uncertainty surrounding the spread of COVID-19 and the impact it will have on the Company’s operations and economic activity in general and the risks and uncertainties discussed in our most recent annual and quarterly reports filed with the Canadian securities regulators and available on the Company’s profile on SEDAR at www.sedar.com, which risks and uncertainties are incorporated herein by reference. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by law, Assure does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact
Scott Kozak, Investor and Media Relations
Assure Holdings Corp.
1-720-287-3093
Scott.Kozak@assureiom.com

FAQ

What is the significance of the Aetna Colorado agreement for Assure Holdings (ARHH)?

The agreement allows Assure to provide neuromonitoring services as an in-network provider, which streamlines billing and collections.

When does the agreement with Aetna Colorado take effect for Assure Holdings (ARHH)?

The agreement takes effect on May 1, 2021.

How will the Aetna agreement affect Assure Holdings' revenue stream?

The agreement is expected to enhance Assure's in-network revenue stream, reducing risk and accelerating payments.

What are the termination terms of the Aetna agreement for Assure Holdings (ARHH)?

Both parties have the right to terminate the agreement with 90 days' written notice.

Does the Aetna agreement imply future opportunities for Assure Holdings (ARHH) outside Colorado?

While the agreement opens potential for expansion, future collaboration with Aetna in other markets is uncertain.