Sika Health and Electromedical Announce Partnership Enabling HSA/FSA Payments on Electromedical eCommerce Site

Rhea-AI Summary

Sika Health and Electromedical Technologies, Inc. (OTC: EMED) announced a partnership enabling HSA/FSA payments on Electromedical's eCommerce site. This innovative integration allows millions suffering from chronic pain to purchase pain relief products directly using their HSA/FSA funds, eliminating the need for reimbursement through healthcare administrators. CEO Matthew Wolfson stated this partnership enhances affordability while maintaining profit margins. With around 70 million Americans holding HSA/FSA accounts, this collaboration aims to address the significant amount of unspent benefits, which totaled $4.2 billion in 2020 alone.

Positive

• Direct acceptance of HSA/FSA payments enhances customer purchasing power.
• Partnership taps into a market of 70 million HSA/FSA account holders.
• Potentially increases sales and market reach for Electromedical's products.

Negative

• None.

Sika Health and Electromedical Announce Partnership Enabling HSA/FSA Payments on Electromedical eCommerce Site

SCOTTSDALE, Ariz., Jan. 25, 2023 /PRNewswire/ -- Electromedical Technologies, Inc. (OTC-QB: EMED) ("Electromedical" or the "Company"), a pioneer in the development and production of bioelectronic devices designed to relieve chronic, intractable, and acute pain through frequency and electro-modulation, and Sika Health, an HSA/FSA payment facilitator for eCommerce merchants, are pleased to announce a partnership enabling the direct acceptance of HSA/FSA payments on the Electromedical eCommerce website (electromedtech.com).

"This is a game-changer in terms of our ability to facilitate payments and tap into greater affordability without sacrificing margins," remarked Matthew Wolfson, CEO and Founder of Electromedical. "Sika's payment technology is seamless and easy to use, and the Sika team has been exceptional to work with."

The integration between Sika's payment technology and Electromedical's direct website enables millions who suffer from chronic pain to purchase products through HSA/FSA without reimbursing through their healthcare administrator via receipt.

Around 70 million Americans hold HSA/FSA accounts. In 2020 alone, workers lost $4.2 billion in expired FSA benefits. However, few online merchants offer a payment gateway that enables consumers to spend these dollars directly.

The partnership between Sika Health and Electromedical aims to close this gap and offer patients a seamless way to take full advantage of their benefits.

Sika Health CEO, Ami Kumordzie MD/MBA, stated, "We look forward to working with Electromedical Technologies to offer patients a way to buy FDA cleared products for pain relief, such as the WellnessPro Plus, directly with their HSA/FSA funds. We are pleased to increase access to personal wellness products like WellnessPro Plus that can reduce dependency on medications at a more affordable cost."

About Sika Health
Sika enables online shoppers to pay using their HSA/FSA funds as easily as spending a gift card. No eligibility checks, paperwork or delays – customers simply select Sika at checkout, enter their HSA/FSA card details, and we take care of the rest.

About Electromedical Technologies
Headquartered in Scottsdale, Arizona, Electromedical Technologies, Inc. is a commercial stage, FDA cleared, bioelectronic medical device manufacturing company initially focused on the treatment of various chronic, acute, intractable, and post-operative pain conditions. Through University collaboration agreements, the Company is working to develop a comprehensive research program in defining the effects of electro-modulation on the human body. By studying the impacts of electrical fields in cell signaling and effects on virus assembly and immune responses, the Company's goal is to reduce pain and improve overall human wellbeing. The Company's current FDA cleared product indications are for chronic acute post traumatic and post-operative, intractable pain relief. 

For more information, please visit www.electromedtech.com.

Note: Nonhuman preliminary studies that we are planning to start in the near future and their applications are not related to our current product in any way and are currently not cleared in the US.

Safe Harbor Statement
This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, we can give no assurance or guarantee that such expectations and assumptions will prove to have been correct. Forward-looking statements are generally identifiable by the use of words like "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend," or "project" or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to: adverse economic conditions, competition, adverse federal, state and local government regulation, international governmental regulation, inadequate capital, inability to carry out research, development and commercialization plans, loss or retirement of key executives and other specific risks. To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made.

Corporate Contact
Electromedical Technologies, Inc.
Tel: 1.888.880.7888
Email: ir@electromedtech.com
https://electromedtech.com

Public Relations
EDM Media, LLC
https://edm.media

View original content:https://www.prnewswire.com/news-releases/sika-health-and-electromedical-announce-partnership-enabling-hsafsa-payments-on-electromedical-ecommerce-site-301730408.html

SOURCE Electromedical Technologies, Inc.

FAQ

What is the significance of the partnership between Electromedical and Sika Health?

The partnership enables HSA/FSA payments on Electromedical's eCommerce site, improving affordability and access for customers purchasing pain relief products.

How many Americans hold HSA/FSA accounts?

Approximately 70 million Americans hold HSA/FSA accounts, presenting a significant market for Electromedical's products.

What financial benefits does the partnership with Sika Health offer Electromedical?

It allows for increased sales through direct HSA/FSA payments, tapping into funds that may otherwise go unused.

How much in FSA benefits was lost by workers in 2020?

$4.2 billion in FSA benefits were lost by workers in 2020 due to expiration.

What types of products can be purchased through HSA/FSA funds on Electromedical’s site?

Customers can buy FDA cleared products for pain relief, such as the WellnessPro Plus, directly with their HSA/FSA funds.