CareView Communications Executes Expansion Hospital Agreement With Clovis Community Medical Center

Rhea-AI Summary

CareView Communications, Inc. (OTCQB: CRVW) has expanded its agreement with Clovis Community Medical Center in California to enhance its Patient Safety System®. The new three-year agreement includes a sales-based revenue model and was formed to support hospital expansion. CareView's innovative system aims to improve patient safety and care quality, especially for at-risk patients. The company has also seen growth in its TeleMedView platform, responding to the rising demand for remote patient monitoring. This expansion reflects CareView's commitment to providing advanced healthcare solutions.

Positive

• Expansion of the agreement with Clovis Community Medical Center reflects growing demand for CareView's Patient Safety System.
• Implementation of a new sales-based revenue model improves cash flow and shortens approval times for hospital contracts.
• CareView's technology has contributed to an 80% reduction in patient falls and a 65% decrease in sitter costs.

Negative

• None.

CareView Communications, Inc. ("CareView" or the "Company") (OTCQB: CRVW), an information technology provider to the healthcare industry, today announced the expansion of a hospital agreement with Clovis Community Medical Center in Clovis, California (“Clovis Community”). Clovis Community has utilized CareView’s Patient Safety System® with positive outcomes since 2016 and includes CareView as a part of the hospital’s expansion.

The three-year agreement with Clovis Community was executed under the Company’s new sales-based revenue model following the expansion and modernization of its Patient Safety System®, which includes a variety of camera solutions specifically designed to address clinical needs in general safety and applications for use in ICUs, behavioral health settings, and negative pressure COVID-19 units. With the use of CareView’s innovative system, hospitals can be confident in their efforts of increasing quality care along with patient safety.

CareView has experienced a growth in the use of its telemedicine platform, TeleMedView, which was created in response to the growing demand for remote patient monitoring driven by increasing demands for care and staffing shortages in the healthcare industry.

Sandra McRee, CareView’s Chief Operating Officer, stated, “Our sales-based revenue model allows for a shorter approval time with hospitals like Clovis Community Medical Center, wherein the facility purchases the hardware upfront and is billed annually for software licensing fees. We look forward to expanding our commitment to helping Clovis Community Medical Center provide their patients with enhanced services using our latest equipment, particularly their at-risk patients who require more observation.”

About CareView Communications, Inc.

As a leader in turnkey patient video monitoring solutions, CareView is redefining the standard of patient safety in hospitals and healthcare facilities across the country. For over a decade, CareView has relentlessly pursued innovative ways to increase patient protection, providing next generation solutions that lower operational costs and foster a culture of safety among patient, staff and hospital leadership. With installations in more than 150 hospitals, CareView has proven that its innovative technology is creating a culture of patient safety where patient falls have decreased by 80% with sitter costs reduced by more than 65%. Anchored by the CareView Patient Safety System, this modular, scalable solution delivers flexible configurations to fit any facility while significantly increasing patient safety and operational savings. All configurations feature HD cameras, high-fidelity 2-way audio/video, LCD displays for the ultimate in capability, flexibility, and affordability. Corporate offices are located at 405 State Highway 121 Bypass, Suite B-240, Lewisville, TX 75067. More information about the Company and its products and services is available on the Company’s website at www.care-view.com.

Forward Looking Statements

Statements made in this release that are not statements of historical or current facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance, or achievements could differ materially from those expressed or implied by the forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210727005025/en/

FAQ

What is the latest agreement CareView Communications has announced regarding Clovis Community Medical Center?

CareView has expanded its agreement with Clovis Community Medical Center to provide enhanced services through its Patient Safety System®.

What are the key features of CareView's Patient Safety System®?

The Patient Safety System® includes various camera solutions designed for general safety, ICUs, behavioral health settings, and COVID-19 units.

How has CareView's revenue model changed with the new agreement?

The new sales-based revenue model allows Clovis Community to purchase hardware upfront and pay annual software licensing fees.

What impact has CareView's technology had on patient safety statistics?

CareView's technology has led to a reported decrease in patient falls by 80% and a reduction in sitter costs by over 65%.

When was the agreement with Clovis Community Medical Center first established?

Clovis Community has utilized CareView’s Patient Safety System® since 2016.