Monday, November 14, 2016 3:02:45 PM
Revenue
During the three month period ended September 30, 2016, total revenues decreased 30% to $1,443,596 compared to $2,069,581 for the three-month period ended September 30, 2015. For the three month period ended September 30, 2016 UR, MBR, MPN and Other revenues decreased by 78%, 7%, 34%, and 12%, respectively, compared to the same period in 2015 while HCO and NCM revenues were higher by 1% and 131%, respectively. The loss of Amtrust North America ("Amtrust"), Companion Property and Casualty Insurance Co. ("Companion") and a major MPN customer during 2015 has and will continue to have significant negative impact on our revenue during 2016 and until we are able to replace the revenue generated from these customers. Unless we are able to attract additional new customers during 2016, we anticipate revenues will be considerably lower throughout 2016 compared to 2015.
As of September 30, 2016, we had approximately 302,000 total enrollees in our HCO and MPN programs. Enrollment consisted of approximately 170,000 HCO enrollees and 132,000 MPN enrollees. By comparison as of September 30, 2015, we had approximately 453,000 total enrollees, including approximately 142,000 HCO enrollees and 311,000 MPN enrollees. The growth in HCO enrollment of approximately 28,000 was primarily the result of several existing HCO customers increasing their enrollment and the addition of one new HCO customer. MPN enrollment decreased by approximately 179,000 resulting primarily from the loss of a major MPN customer. Many of our HCO and MPN clients also use the other services we offer, but we also have customers that don't use our HCO or MPN services.
Our business generally has a long sales cycle, typically in excess of one year. Once we have established a customer relationship, our revenue, particularly our HCO and MPN revenues adjusts with the growth or retraction of our customers' managed headcount volume. New customers are added throughout the year and other customers terminate from the program for a variety of reasons.
In the current economic environment, we anticipate businesses will continue to seek ways to reduce their workers' compensation program costs. Even though the HCO and MPN programs have been shown to create a favorable return on investment for employers, (as our services are a significant component of the employers' loss prevention programs), it is always a challenge to justify our fees to our customers. In order to convince employers that the fees they pay us are well-spent, we must continue to provide a framework for expeditiously returning employees back to work at the lowest cost. As a result, we may experience some client turnover in the form of existing employer clients seeking to terminate or renegotiate the scope and terms of existing services. We also anticipate our market may shrink as some employers seek to reduce their costs by managing their workers' compensation care services in-house.
https://biz.yahoo.com/e/161114/pfho10-q.html
Recent PFHO News
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/07/2024 05:43:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/08/2024 01:06:13 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/31/2024 11:42:28 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/30/2024 12:49:08 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 12:52:29 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/20/2024 10:00:13 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/13/2024 09:08:41 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/05/2024 10:24:32 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/22/2023 09:58:55 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/14/2023 05:58:45 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/03/2023 04:45:16 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/28/2023 07:29:42 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 09/28/2023 07:28:42 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/25/2023 09:30:52 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM