doublesys Completes Reverse Merger
Company Gains Access to Capital Markets to Launch Innovative Medicare Manage Care Plans
MIAMI, March 10, 2004 – doublesys Corporation, a privately held company, announced today it has completed a reverse merger by way of share exchange with e-4Music Networks Inc. Shares of the combined company, which has adopted the doublesys Corporation name, will trade under the symbol UPHD.PK.
“As a publicly traded company, doublesys has access to capital markets that will enable us to develop and launch our innovative Medicare managed care plans that are majority owned and governed by physicians,” said Robert L. Trinka, doublesys's chairman and chief executive officer. “With a highly successful, financially promising feasibility study behind us and an overwhelming response from physicians, we're first focusing our development efforts in Florida, which has experienced physician leaders in well-established primary-care groups, one of the largest concentrations of Medicare recipients and some of the highest Medicare reimbursement rates.”
Currently in Florida there are 3 million Medicare beneficiaries, about 18% of whom are in Medicare managed care plans, with Medicare payments averaging $650 per member per month. There are 40 million Medicare beneficiaries in the United States with about 11% currently enrolled in managed care plans. The Bush administration predicts the new Medicare law will encourage 35% of beneficiaries to enroll in private Medicare managed care plans by 2007.
Founded in 2002 to develop a solution to the Medicare cost crisis and address the growing physician and patient frustration with the healthcare system, doublesys created a unique model for the delivery of Medicare managed care. doublesys health plans are considered Medicare Advantage plans under the Medicare modernization legislation enacted last year.
“Physicians have been challenged by HMO managed care practices, including the loss of control of their patient bases combined with shrinking revenues,” Trinka said. “The doublesys business model provides physicians with the ability to successfully build and govern their own health plans and regain control of the physician-patient relationship. The new Medicare modernization law provides the right incentives, and doublesys provides the resources for our health plan physician owners to focus on managing the patient's health and delivering high quality, coordinated care while controlling the increase in Medicare costs.”
doublesys develops and operates Medicare managed care plans that are majority owned and governed by physicians. With its turn-key approach, the company provides physicians with access to capital, risk-management expertise, infrastructure, information systems and other management resources for the formation and operation of doublesys Local Health Plans. doublesys's model enables physicians to focus on their primary responsibility: the management of patient's health and the delivery of medical care.
Headquartered in Miami, doublesys is currently developing Medicare managed care plans in Florida and throughout the United States. For more information, visit www.doublesys.com or call 305.779.1779.
Information contained in this press release, other than historical information, should be considered forward-looking in nature and is subject to various risks or uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Such risks and uncertainties include, but are not limited to, the company's expectation of operating losses and negative cash flow for the foreseeable future. Other risk factors include the company's limited operating history, unpredictability of operating results, possible changes in federal and state regulations, reliance on future financing and key employees, as well as the competitive marketplace.