Mr. Parker continued, "Upgrading our technology platforms and national network of local health professionals should continue to benefit our Health & Wellness customers as well. For example, we are extending our iParamed platform to Health & Wellness, where we will capture biometric data in digital form and report it to our customers. Continued innovation and delivery of new technology and operational improvements is essential to our long term success."About Hooper Holmes Hooper Holmes is a leader in collecting personal health data and transforming it into useful information, enabling customers to take actions that manage or reduce their risks and expenses. With presence in hundreds of markets and a network of thousands of examiners, Hooper Holmes can arrange a medical exam anywhere in the U.S. and deliver the results to its customers. Hooper Holmes has four divisions. Portamedic provides a wide range of medical exam services nationwide. Heritage Labs tests millions of samples annually and helps life insurers improve underwriting performance by better applying the predictive powers of today’s tests. Hooper Holmes Health & Wellness performs risk assessment and risk management services including biometric screenings, health risk assessments and onsite wellness coaching for wellness companies, disease management organizations, clinical research organizations and health plans. Hooper Holmes Services reduces the insurance sales cycle through tele-interviewing and underwriting services. This press release contains “forward-looking” statements, as such term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the Company’s current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions. Among the important factors that could cause actual results to differ materially from those expressed in, or implied by, these forward-looking statements are our ability to successfully implement our business strategy; uncertainty as to our working capital requirements over the next 12 to 24 months; our ability to maintain compliance with the financial covenant in our credit facility; our expectations regarding our operating cash flows; and the rate of life insurance application activity. Additional information about these and other factors that could affect the Company’s business is set forth in the Company’s annual report on Form 10-K for the year ended December 31, 2011, filed with the Securities and Exchange Commission on March 9, 2012. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release to reflect the occurrence of unanticipated events, except as required by law.
Continuing an effort that began 18 months ago in consultation with customers, Hooper Holmes (NYSE MKT:HH) today announced a radically new, optimized approach for delivering paramedical exams in homes or offices anytime, anywhere in the country. The Company's Portamedic division has been organized in 14 regions, with a leader and customer service team assigned to each. A new team of 14 Health Professional Managers is being formed to recruit, educate and mentor the Company's national examiner network, and to identify work opportunities and enhance examiners' professional development through their association with Hooper Holmes. Over 100 local administrative offices have been replaced by 60 integrated customer service centers strategically located across the 14 regions. Administrative functions such as imaging and billing have been centralized. And every job in the Company's Portamedic division from senior management to Customer Service Representative has a new position description tied to quality measures that directly align with customer expectations. These changes comprise a large-scale operational transformation designed to give the Company the competitive advantages of faster and more accurate service delivery and lower operating costs. The strategy was launched by capital investments of approximately $5 million in 2011 to develop five new technology systems. These new systems, now deployed, include a new workflow system for Portamedic operations, known as PartnerLink; ePortamedic.com, a new ordering and status website for insurance agents that diagnoses service requirements based on insurance company rules; a new Life Application Processing Platform that makes it easy for Financial Advisors and Brokers to sell more life insurance; the latest version of the Company's iParamed e-Exam, which allows electronic exams to be completed even in areas with poor wireless connections; and a new direct-to-examiner inventory and tracking system for laboratory testing kits. "This is part of a deliberate, long-term strategy which began in January 2011 in consultation with insurance companies, agents and brokers about their challenges with paramedical services. Our customers told us that inconsistent service, delays and scheduling issues have been the biggest problems in the paramed industry," said Ransom J. Parker, President and CEO of Hooper Holmes. "We have deployed a new technology platform and new workflows designed to deliver best-in-class service. None of these capabilities, services or products existed a year ago. Now we are aligning our Portamedic operations to fit this new design in a series of changes that will be complete by the end of June."