WELLINGTON, Fla., May 13 The Quantum Group(Amex: QGP) today announced that its subsidiary, Renaissance Health System ofFlorida, Inc., has expanded its relationship with one of its HMO partners inSouth Florida to include the use of its Community Health System. This expandedrelationship will allow Renaissance to extend medical care to the HMO'sMedicaid patients. The contract will initially cover South Florida, which hasover 740,000 Medicaid beneficiaries. Quantum expects to deploy a similarmodel in other areas and with additional payers going forward.
Noel J. Guillama, President and CEO of The Quantum Group commented, "Whenwe set out to build the largest independent Community Health System in theState of Florida, we anticipated that we would one day expand to Medicaid andeventually to commercial/employer-based products. With a well-establishednetwork of providers and a service area covering 26 counties, the time hascome to expand our scope."
Mr. Guillama added, "We designed this organization to be able to adapt tochanges in a constantly shifting industry. Our goal is to bring innovation toeverything we do and leverage this innovation and forward thinking to reducethe inefficiencies that are inherent in healthcare delivery systems, no matterwho the payer is. After a year of preparation, we are ready for thisexpansion."
About The Quantum Group, Inc.
The Quantum Group provides business process solutions, service chainmanagement, strategic consulting and leading edge technology innovations tothe healthcare industry.
Through our dynamic patient-centric architecture, we empower thecommunication that is critical for the coordination of care and take aim atthe $600 billion inefficiency gap in the United States healthcare industry. Weare guided by a mission to develop efficiencies, improve the quality ofpatient care and achieve cost reductions for the nation's largest and fastestgrowing industry.
We have developed leading-edge technology with the creation and deploymentof a series of innovative patent-pending initiatives. Through 1,900+healthcare providers and multiple insurance company relationships undermanagement, we are positioned to be a catalyst for change to the Floridahealthcare industry.
Certain statements contained in this news release, which are not based onhistorical facts, are forward-looking statements as the term is defined in thePrivate Securities Litigation Reform Act of 1995, and are subject tosubstantial uncertainties and risks in part detailed in the respectivecompany's Securities and Exchange Commission 10-KSB, 10-QSB, S-8 and 8-Kfilings (and amendments thereto) that may cause actual results to materiallydiffer from projections. Forward-looking statements can be identified by theuse of words such as "expects," "plans," "will," "may," "anticipates,""believes," "should," "intends," "estimates" and other words of similarmeaning. These statements are subject to risks and uncertainties that cannotbe predicted or quantified and, consequently, actual results may differmaterially from those expressed or implied by these forward-lookingstatements. Such risk factors include, without limitation, the ability of theCompany to properly execute its business model, to raise substantial andimmediate additional capital to implement its business model, to attract andretain executive, management and operational personnel, to negotiate favorablecurrent debt and future capital raises, to negotiate favorable agreements witha diversified provider base and to continue to supply the services needed byits HMO clients as well physician clients as well as the Company's ability toexpand upon this first contract to other geographical areas and other payersin the future. The Company does not undertake any obligation to publiclyupdate any forward-looking statements. There can be no assurance that theprovisional patents d