|
|
Press
Press Releases 2005
Pethealth Inc. Announces the Launch of EVE,
the First Web-based .NET Claims Adjustment Software for Veterinary
Clinics in North America
OAKVILLE, ON, January 27, 2005.
Pethealth Inc. ("Pethealth" or "the Company") (TSXV: PTZ) is pleased
to announce the launch of the first web-based .NET management
software tool for veterinary clinics and hospitals that allows
claims under its PetCare pet insurance programs to be adjusted in
real time at such clinics and hospitals.
The Company has been demonstrating the software, named EVE
(“Electronic Veterinary Experience”), which is the first of its kind
in the pet insurance industry, to selected clinics in Ontario,
British Columbia, Alberta and Nova Scotia. Version 1, which allows
any accident claim plus selected illness claims under the PetCare
pet insurance programs in Canada to be adjusted online at clinics
and hospitals, has been met with a positive reception from the
veterinary community. In January to date, 13 clinics from Ontario,
British Columbia and Nova Scotia have started using the software.
The Company also intends to start demonstrating its Version 1 to
U.S. clinics in February and will start mass-marketing EVE in U.S.
clinics during Q2, 2005. The Company expects to introduce Version 2
of EVE by the end of Q4. Version 2 will allow all illness claims
under the PetCare pet insurance programs to be adjusted in real time
as well.
Traditionally, pet insurance has worked on a reimbursement basis,
whereby pet owners initially pay their clinic for veterinary
treatments and then subsequently seek reimbursement from their pet
insurance provider. Prior to Pethealth’s launch of its PetCare pet
insurance programs in 1999, the industry standard was 4-6 weeks’
turnaround time for a claim. Pethealth was the first to institute
and maintain a 5-business-day turnaround for claims. With the
introduction of EVE, the turnaround time for accident or selected
illness claims will be reduced to same day for clients whose pets
are insured under a PetCare program and whose clinic is using the
EVE software. Clients need only pay veterinary clinics and hospitals
the deductible and unclaimable costs. The balance of the claim is
transmitted directly by Pethealth to the clinic’s or hospital’s
designated bank account the following day.
“We are pleased to be able to announce the launch of EVE in
veterinary clinics in Canada,” said Mark Warren, President and Chief
Executive Officer of Pethealth. “This software tool confirms our
position as the industry leader in Canada not only in terms of sales
but also service. EVE will benefit pet owners and veterinary clinics
alike by allowing treatment decisions to be based entirely on the
best interests of the pet.”
Approximately 22% of all claims paid under the PetCare programs in
Canada during 2004 were for accidents.
“This technology innovation further automates the claims
adjudication processes within our business,” said Glen Tennison,
Chief Financial Officer of Pethealth Inc. “We anticipate that this
advance will lead to even greater efficiencies within our
administrative unit, further reducing our administration cost per
policy, which declined by 23% over the last 12 months.”
About Pethealth
Founded in February 1998, Pethealth is Canada's number
one provider of pet insurance and is number two in North America,
currently offering its PetCare Pet Insurance Programs in 10
provinces, 48 states plus Washington, D.C. In addition to the
PetCare Pet Insurance Programs, Pethealth offers its pet insurance
programs under a variety of names, including QuickCare, ShelterCare and Union Plus Pet Insurance. In the United States, the PetCare Pet
Insurance Programs are underwritten by Lincoln General Insurance
Company and administered by PetCare Insurance Brokers Ltd. and
PetCare Insurance Agency, Ltd. Coverage is available in all states
other than AK and MA. PetCare is a trademark of PETCO Animal
Supplies, Inc. and is used with permission. In Canada, the Company’s
pet insurance is underwritten by ING Novex Insurance Company of
Canada and Kingsway General Insurance Company, administered by
PetCare Insurance Brokers Ltd., and distributed in Quebec by P.
Morin coutier en assurances Inc. Coverage is available in all
provinces, excluding the Territories.
In addition, Pethealth, through its wholly owned subsidiaries
Pethealth Services Inc. and Pethealth Services (USA) Inc.,
distributes Allflex pet microchip supplies to the companion animal
market in North America and operates the related pet recovery
registry under the trade name 24PetWatch. Pethealth is based in
Oakville, Ontario. To find out more about Pethealth Inc. (TSXV: PTZ),
visit the web site at www.pethealthinc.com.
The TSX Venture Exchange Inc. has not reviewed and
does not accept responsibility for the adequacy or accuracy of this
release.
Statements contained in this news release, if not
historical, are forward-looking statements, which involve risks and
uncertainties that could cause actual results to differ materially
from the results described in forward-looking statements.
Not for dissemination in the United States of
America or to United States news wire services.
For further information
contact:
Mark Warren, President and CEO of Pethealth at (905)
842-2615
Glen Tennison, Chief Financial Officer of Pethealth at (905)
842-2615
|
 |
