Conference Call 1/21/2010 Summary
International Growth
In traveling around the world there is great interest among government officials and the private sector for all three of MMR's products - MMR's PHR, MyEsafeDepositBox, and MMR Pro.
China rivals the US. Their population is 5X the amount of ours and their hospitals are very entrepreneurial, yet very unconnected.
There has been interest in MMR's products from the government of India. This originated from inquiries on the part of Nihilent, MMR's partner. As a result MMR was asked to present in India later this year. Both China and India desire to better manage the health records of their population. India is similar to China in that most of its population is in rural areas. MMR is a logical solution for both of these countries and also numerous other Asian and African countries where Nihilent has a major presence.
Insurance
Last summer MMR announced the beginnings in the Insurance industry.
Its anticipated that relationships coming out of insurance will enable the company to announce product offerings throughout Europe and in portions of South America during this year.
Mortgage and Banking
MMR is heavily invested in the mortgage and banking industry.
MMR Pro
This quarter we believe that MMR Pro will be operating as a Document Managing System in at least 10 small to medium sized practices. This is the centerpiece for the presentation at HIMSS.
Anti-Cd20
MMR has begun to enter into agreements with institutional funds that are evaluating the opportunity to venture opportunity with the company in pre-clinical trials. This is not MMR's core focus, but it is definetly something that has potential and is good for the shareholders.
Challenges
Being the Healthcare industry is a very time consuming process. There are regulatory and confidentiality issues when dealing with a hospital or office & the complex HIPPA issues that have to do with Personal Health Records makes this a challenging area for sales. When physicians look at the simplicity, elegance, and revenue generating potential of the MMR system it breaks through the clutter of trying to sell something as complex as a full EMR.
International growth is filled with the same challenges and more, however MMR continues to make progress in completing agreements and believe their partners will do a very effective job in distributing the MMR products into the marketplace.
**Questions**
Is MMR expecting stimulis $$ from China?
Chinese has announced a stimulis program, but it is in its very very early stages. Its premature to speculate at this point. It will go to hospitals for sure and Hospitals and patients are MMR's primary customers.
With all of the rain and snow blanketing the SouthWestern USA I wonder about the redundancy of MMR's data centers around the world?
MMR's data centers are strategically located, there are multiple facilities which range from 20 - 100 miles apart, they are redundant almost in real time down to the power supply, and any data centers built to support global expansion would be built the same way. The large companies MMR is dealing with are very large technology companies that already provide these data centers.
Do you feel the O/S will continue to rise in time?
Shares have been authorized to grow the business and the company plans on using its capital/equity to incent people and opportunities to be able to finance them globally.
How long before a positive financial effect?
Everyone is enthusiastic and the company continues to grow. Everyone working is here to have fun and make money. This company has a tremendous opportunity, a great product, and enough partner relationships that over time should turn into some very interesting opportunities for the company and its shareholders.
Do you have a projected date when MMR Pro will be available?
It pretty much is. The product can be installed in almost any office environment right now. Integration takes several weeks of pre-assessment and a week to install, but MMR Pro is available to any small-large physicians. MMR has talked to practices with up to 110 physicians and MMR Pro serves a purpose in addition to a possible implementation of a full blown EMR.
What is the level of privacy MMR's products possess? Does international growth threaten this privacy?
All data belongs to the user. MMR does not have access to any of the information except for the standard name, address, email. International growth does not impact this in any way.
When will the annual results for 09 be released?
March 31st - on time
Will there be a formal announcement when MMR Pro is commercially available?
We just made it. Its available. The type of physicians using it in this quarter range from head, neck oncology, surgeons with a patient load of 200+ charts/day, we have a large dermatalogical group, a sole practicioner psychiatrist, and a number of general medicine practices. The product can work in any medical office and can also be integrated into a law firm and a couple of them have contacted the company as a possible document management system.
How has Email Frequency contributed to the company's growth? When can we expect to hear an announcement of further PHR growth?
The company is actively testing creative pages with Email Frequency targeting the family, adult, and senior citizen market. Everything takes time and the website is being re-done. It is possible that some results from Email Frequency will be seen this quarter, and depending on the tests that will dictate further growth the following quarters. The list is very large and the last thing the company wants to do is to create a page that deosn't get responses. There is testing in very small groups and depending on the responses the company will then move forward with larger mailings.
PHR Growth is a tough number to quantify as the company is expanding into the banking & insurance industry and internationally. Rather than put numbers out to confuse the market, there is no plan to announce any more numbers, but at some point later in the year there may be some point when it may be beneficial.
Will the company be very active at HIMSS?
This is our biggest trade show of the year and yes we will be very very active. MMR will have a private event for very large industry players which will be co-hosted by Richard Gephardt, Hector Barretta, and also Asa Hitchinson. Gephardt will address at a very high level from his perspective what is going on in Washington. MMR is the only deployable PHR that can be signed on to from any place in the world, pretty much in real time in English and Spanish and before the end of the year it will be available in alot more languages. A beta in Chinese will be presented next week and it already exists in Japanese - 2 complex languages. Integrations of MMR Pro will take months, but not a long period of time.
In terms of activities in the booth, we have a larger presence this year than we have in previous years. We will have alot of Kodak products and a very very thorough integration of MMR Pro into Kodak solutions and some other suprises which may include select members of the BOA attending the show on behalf of the company.
How do you see MMR helping in other disaster relief efforts? What would be measurable?
The infrastructure in Haiti is just not there. There is no way of managing Healthcare post earthquake at this time. All BOA's & BOD's would talk to the appropriate individuals to offer a free copy of MMR Pro to allow any doctor treating any patient to create a personal health record that could be accessed from any internet connection in Haiti. What can come from this is an interest in the part of less developed nations to integrate MMR in their country so that in the result of another disaster you could easily deploy thousands of files which will store all of their important information. It would be in essence a virtual wallet, safe deposit box, and lifeline to be able to communicate with their family. It sounds easy and it is easy, but the challenge in Haiti today is getting water to people. There is alot of potential for these products.
If ObamaCare isn't passed this year will this negatively effect the company's future performance?
The less control the govm't has on HealthCare, the better the opportunity for a company like MMR. What is happening in Washington is good for MMR.
Insurance in an event if data is breached?
I hate to draw an analogy to the guy who advertises on television - Here is my SS# if you can steal my identity you will get up to a million dollars. MMR has the same policy in effect. Because data is not stored, it is just images, it makes it virtually impossible for data to be breached. The only vulnerability is the equivalent of someone walking around with their ATM card with the pin written on the back.
MMR's code is very protected. No licensee or partner will have access to that code. The company takes the code very seriously.
Will any international agreements be announced by the end of the 1st Q?
We are very very busy - if not the 1st Q...very soon after. It takes quarters to explain and negotiate the products. Translation of all of MMR's products is no short, easy task, yet MMR is working very hard in signing deals.
Are doctors becoming more accepted of Patient Controlled Health Records?
Physicians find it unique that patients can show them a screen of their past medical history by signing on to the site on the internet. Doctors are used to flipping through a chart. As more and more doctors hear more and more buzz that you will see more acceptance of patient controlled health records. Are more doctors becoming more accepting of EMR's? One of the reasons they embrace MMR Pro is because its easy, simple, and it lets them do the reading and writing of medical records the way they are used to doing it since they got out of medical school. Most of the guys in the Cedars Sinai, UCLA, or St John's system all use their own system and cannot communicate with each other. A patient controlled health record should be as well received as an internal EMR. Alot of EMR's communicate in codes and you really have to understand what you are looking at. If you are a doctor and you live in this world you know you are going to have to digitize your files soon. HIMMS this year we expect to be over the top. We have a major position there. We are at the main entrance with 40 feet on one wall. People want to know whats going and they need to know. Its a self fulfilling prophecy.
Is there a plan for a mobile option?
Verizon has built business units that are designed to communicate Health Information. We can easily create a screen for an emergency view, but sometimes when pulling up a pdf is not always easy. It is coming, but its not on today's drawing board. Dialogues going on, its a stay tuned, but we will be there someday.
