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.
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