DarioHealth Partners with MediOrbis on Virtual Care Offering for Diabetes
DarioHealth will Provide Remote Patient Monitoring Services to MediOrbis for New Offering to Medicare Patients with Diabetes
Approximately 20% of Medicare's 60M+ Members have Diabetes
NEW YORK, April 20, 2021 /PRNewswire/ -- DarioHealth Corp. (Nasdaq: DRIO), a pioneer in the global digital therapeutics market, announced today the launch of a new virtual care initiative with MediOrbis, a telehealth provider specializing in chronic conditions. Eligible Medicare members who have diabetes can receive convenient virtual care for their diabetes, including telehealth delivered by MediOrbis and remote patient monitoring through DarioHealth's AI-powered digital chronic care platform under their existing Medicare benefit.
As part of the launch the new virtual care program will be made available to Dario's approximately 75,000 members with diabetes, of which 30% are over 65. This will enable current Dario members to access high quality, convenient care at a potentially lower out-of-pocket cost. In addition, the virtual care program will be marketed to qualified Medicare members who aren't currently using Dario's offering. This represents a significant expansion opportunity for Dario's remote patient monitoring business, as CMS has estimated that 1 in 5 of its 62 million Medicare beneficiaries has diabetes. The commercial terms of the MediOrbis agreement are consistent with the terms of Dario's other RPM contracts.
"We are excited to partner with MediOrbis to launch this virtual care service for qualified Medicare beneficiaries. Offering our existing users this program, provides users with enhanced services and support at a lower costIncreasing our offerings to existing customers across all of our market segments is part of our strategy to improve value to our users while increasing revenue per member and lowering our average member acquisition cost." stated Rick Anderson, President and General Manager North America. "We are excited to partner with MediOrbis and support the expansion beyond Dario's existing user base to the broader Medicare population, which we believe has the potential to be a multi-million dollar remote patient monitoring opportunity for Dario."
"MediOrbis has a robust, longstanding focus on providing top tier specialty clinical telehealth services in chronic disease management, and our partnership with DarioHealth extends our reach to deliver innovative clinical programs that improve patient outcomes and lower costs," says Dr. Jonathan Wiesen, co-founder, and chief medical officer of MediOrbis. "We are honored to offer one of the first programs that couples remote patient monitoring with 24x7 physician availability to provide early intervention when patients require physician management. This program sets the bar of excellence for virtual care, and a standard of care against which all other programs will be based."
See an updated investor presentation on the dariohealth.com website.
About DarioHealth Corp.
DarioHealth Corp. (Nasdaq: DRIO) is a leading global digital therapeutics company revolutionizing how people with chronic conditions manage their health. Dario's next-generation, AI-powered, digital therapeutic solutions support more than just an individual's disease. Dario provides adaptive, personalized experiences that drive behavior change through evidence-based interventions, intuitive, clinically proven digital tools, high-quality software, and coaching to help individuals improve health and sustain meaningful outcomes. Dario offers one of the highest-rated diabetes and hypertension solutions on the market. The company's cross-functional team operates at the intersection of life sciences, behavioral science, and software technology and is rapidly expanding into new chronic conditions and geographic markets, using a performance-based approach to improve its users' health. Dario makes the right thing to do the easy thing to do. To learn more about DarioHealth and its digital health solutions, or for more information, visit http://dariohealth.com
MediOrbis is a multi-specialty telemedicine and telehealth company that is shattering the barriers of traditional medicine and extending the reach of specialized clinical care and chronic disease management to its global customer base. Recognized for efficiency and cost-effectiveness to meet the needs of providers, payers, and healthcare systems, MediOrbis combines AI-powered software with a network of the world's most outstanding specialty physicians to deliver expert telemedicine services in virtually any field of medicine, clinical care, or diagnostics. For more information, visit http://www.mediorbis.com
Cautionary Note Regarding Forward-Looking Statements
This news release and the statements of representatives and partners of DarioHealth Corp. (the "Company") related thereto contain or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as "plan," "project," "potential," "seek," "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate," or "continue" are intended to identify forward-looking statements. For example, the Company is using forward-looking statements in this press release when it discusses its new virtual care initiative with MediOrbis, the benefits to users of the program and the potential value it creates for the Company, or when it discusses that the expansion beyond the Company's existing user base to the broader Medicare population has the potential to be a multi-million dollar remote patient monitoring opportunity for the Company Readers are cautioned that certain important factors may affect the Company's actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Factors that may affect the Company's results include, but are not limited to, regulatory approvals, product demand, market acceptance, impact of competitive products and prices, product development, commercialization or technological difficulties, the success or failure of negotiations and trade, legal, social, and economic risks, and the risks associated with the adequacy of existing cash resources. Additional factors that could cause or contribute to differences between the Company's actual results and forward-looking statements include, but are not limited to, those risks discussed in the Company's filings with the U.S. Securities and Exchange Commission. Readers are cautioned that actual results (including, without limitation, the timing for and results of the Company's commercial and regulatory plans for Dario™) may differ significantly from those set forth in the forward-looking statements. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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Company Codes: Stuttgart:LS1P, Bloomberg:DRIO@US, Bloomberg:DRIOD@US, NASDAQ-SMALL:DRIO, Munich:LS1P, Berlin:LS1P, OTC-QB:DRIO