Ivivi Technologies Signs Contract With Regency Hospital To Facilitate Expanded Use Of Roma3 Device For Treatment Of Chronic Wounds
Northvale, NJ - Ivivi Technologies Inc., a leader in non-invasive, electrotherapeutic technologies, recently announced that it has signed a new three year contract with Regency Hospital Company, a leading owner/operator of Long Term Acute Care (LTAC) hospitals across the United States. The new contract will facilitate Regency's expanded use of our Roma3 pulsed electromagnetic field (PEMF) device for the treatment of chronic wounds. Under the terms of the agreement, Ivivi will provide Regency facilities with several solution based packages that are priced using a fixed monthly rental rate per facility versus the previous agreements' per unit rental rate.
The contract resulted after a three month trial by Regency of the new Roma3 device. Over the course of the trial, Regency experienced improved rates of wound healing, a significant reduction in the use of more costly negative pressure wound therapy device rentals, and an overall cost savings of more than 60% per patient. The contract is also part of Ivivi's strategy to move to a solution based pricing approach with hospital groups such as Regency, rather than pricing solely on a per unit basis. While this will result in a lower per unit rate, Ivivi anticipates an increase in the volume of facilities under contract which should benefit revenue growth over time, both with Regency as well as other hospital groups.
"We are thrilled to expand our relationship with Regency Hospitals to provide improved patient care, while helping to control their healthcare costs," said David Saloff, Co-CEO, Ivivi Technologies. "We are currently in nine of Regency's 22 hospitals and we expect that our solution based pricing will facilitate the expansion of our devices into additional facilities. We believe this agreement with Regency provides continued validation of the growing acceptance of our PEMF technology in the chronic wound care marketplace and will also facilitate our expansion into other hospital groups."
Nancy F. Cher, RN, MSA, CWOCN, Director of Wound Care/Education of Regency Hospital of Central Georgia commented, "Although there are no magic bullets in the treatment of chronic wounds, during the course of our trial we found Ivivi's PEMF technology, which is covered by a National Coverage Determination from CMS (Medicare) for the treatment of chronic wounds, to be as close as we have seen. While its ability to help heal wounds is what attracted us to the technology, the therapy is indicated for the treatment of edema and pain and our clinicians have found it to be very effective in managing pain with much of our patient population. We believe the use of Ivivi's PEMF technology further differentiates Regency as an innovator in our field and should continue to enable us to provide the best care available."
SOURCE: Ivivi Technologies, Inc.