Southern California Clinic Signs Multi-Year Deal for MedMatrix AI Platform

Rhea-AI Summary

MedBright AI Investments Inc. announces a multi-year deal with Dermatology Institute & Skin Care Center for the use of the MedMatrix AI Platform in their Santa Monica clinic. The contract includes all 5 product modules and aims to optimize clinical operations and enhance revenue opportunities.

VANCOUVER, British Columbia, April 16, 2024 (GLOBE NEWSWIRE) -- MedBright AI Investments Inc. (the “Company” or “MedBright”) (CSE:MBAI, OTCQB:MBAIF, FSE:Y30) today announced that Dermatology Institute & Skin Care Center (DISCC) has signed a 3 year contract to use the MedMatrix AI Platform, including all 5 product modules in their single clinic in Santa Monica, California.

There are over 50,000 outpatient clinics in the US alone, and the Company is now focused on launching its US sales and marketing plan to deploy the MedMatrix product suite to this market.

DISCC has been using the MedMatrix platform for several weeks to assess the potential demand in targeted geographic markets with data such as patient demographics, competition, facility costs, payor mix, and several other key factors. With this multi-year contract, DISCC will expand the use of the MedMatrix platform for use in clinical operations optimization and revenue enhancement opportunities.

Pursuant to the agreement with DISCC, the Company will offer use of the MedMatrix AI Platform to DISCC for minimum fees of an average of $200 a month for one clinic during the term of the agreement.

“Our experience during the beta trial with MedMatrix has been fantastic,” said Paul Yamauchi, MD, PhD. “This is a platform that has already demonstrated great value for DISCC, and we expect that it will continue to do so as we expand our operations.”

DISCC’s contract for 36 months includes the MedMatrix Reporter and Forecaster, MedMatrix Resource Matcher, as well as AI Revenue Enhancer, AI Claims Optimizer and AI Market Expander.

“Converting beta customers like DISCC into long term revenue generating contracts is a significant validation for the MedMatrix platform,” said Trevor Vieweg, CEO of MedBright. “We are focused now on converting the remaining beta customers and adding new potential customers to our newly commercialized product.”

Resignation of Director

MedBright also announces that Alnoor Nathoo has resigned as a director of the Company. The Company would like to thank Mr. Nathoo for his contributions and wishes him well in his future endeavors.

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 while maintaining commitment to governance.

MedBright AI Investments Inc.
Trevor Vieweg, Chief Executive Officer
Email: investors@medbright.ai
Phone: (604) 602-0001

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 anticipated benefits of the MedMatrix AI product suite including clinical operations optimization and revenue enhancement opportunities, including with respect to its use by DISCC, the deployment of MedMatrix AI to the US outpatient market, the conversion of arrangements with beta customers into commercialized arrangements, 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 the MedMatrix AI product suite will offer clinical operations optimization and revenue enhancement, including for DISCC, that the Company will be able to deploy the MedMatrix product suite broadly into the US outpatient market, that the Company’s current beta customers will convert their arrangements with the Company into commercial relationships, 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 the MedMatrix AI product suite will not offer clinical operations optimization and revenue enhancement, including for DISCC, the risk that the Company will not be able to deploy the MedMatrix product suite broadly into the US outpatient market, the risk that the Company’s current beta customers will not convert their arrangements with the Company into commercial relationships, and the risk that the Company will not be able to generate returns for its 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 out-look that are incorporated by reference herein, except in accordance with applicable securities laws.

FAQ

What type of contract did Dermatology Institute & Skin Care Center sign with MedBright AI Investments Inc.?

Dermatology Institute & Skin Care Center signed a 3-year contract to use the MedMatrix AI Platform.

How many product modules are included in the contract between DISCC and MedBright AI Investments Inc.?

The contract includes all 5 product modules of the MedMatrix AI Platform.

What is the monthly fee for using the MedMatrix AI Platform under the agreement with DISCC?

DISCC will pay an average of $200 a month for one clinic during the term of the agreement.

Who resigned as a director of MedBright AI Investments Inc.?

Alnoor Nathoo resigned as a director of the Company.

What is the CEO of MedBright AI Investments Inc. mentioned saying about the contract with DISCC?

Trevor Vieweg, CEO of MedBright, mentioned that converting beta customers like DISCC into long term revenue generating contracts is a significant validation for the MedMatrix platform.