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HearUSA, Inc. Announces Its Report on November Revenue Webcast
Publish Date : 12/1/2004 11:10:00 AM   Source : Business News Onlypunjab.com

HearUSA, Inc., with more than 156 company-owned centers in 11 states and 1 Canadian province and a network of 1,400 affiliated audiologists in 49 states, is the third largest provider in the $2.8 billion market for hearing care products in the U. S. The company services patients of managed care or other health insurance companies, as well as, self-pay consumers. HearUSA has contracts with more than 500 healthcare providers and includes over 600,000 capitated Medicare, managed- care lives. From these capitated contracts, the company receives a per- member, per-month fee. The company grew substantially as a result of the acquisition of Helix Hearing Care of America Corporation in 2002. Revenues for the year ending December 2003 reached $70 million. HearUSA also has established an important strategic relationship with Siemens Hearing Instruments, Inc., the largest manufacturer of hearing aids in the world. As part of the agreement, the company received a unique credit facility in excess of $50 million from Siemens. In connection with the credit agreement, HearUSA and Siemens also entered into a supply arrangement that calls for HearUSA to purchase 80% of their hearing aids from Siemens in return for the liquidation of a portion of the outstanding debt and all associated interest. HearUSA centers are typically located in shopping centers and range from 1,000 to 2,500 square feet. Each facility is staffed by a licensed and credentialed audiologist or hearing aid dispenser and at least one patient care coordinator. Experienced audiologists supervise all clinical operations. HearUSA is accredited by the Joint Committee on Accreditation of Healthcare Organizations (JCAHO) as the only preferred provider organization in hearing care. Accredited institutions must meet stringent standards for patient care, quality control and consumer satisfaction.
HearUSA centers are typically located in shopping centers and range from 1,000 to 2,500 square feet. Each facility is staffed by a licensed and credentialed audiologist or hearing aid dispenser and at least one patient care coordinator. Experienced audiologists supervise all clinical operations. HearUSA is accredited by the Joint Committee on Accreditation of Healthcare Organizations (JCAHO) as the only preferred provider organization in hearing care. Accredited institutions must meet stringent standards for patient care, quality control and consumer satisfaction.