Healthcare IT and Technology News January 25 2012. MMRGlobal, Inc. (OTCBB: MMRF) ("MMR"), a leading provider of Personal Health Records ("PHR"), MyEsafeDepositBox storage solutions and electronic document management and imaging systems for healthcare professionals, today announced that The MichaelBassGroup ("MBG"), a leading investment banking and strategic advisory services firm (www.michaelbass.com), issued a special report January 20, 2012 (http://michaelbass.com/PDF/JAN20MMRF.pdf) citing the global market for Personal Health Records at $19 billion, and focusing on the patents issued, pending and owned by MyMedicalRecords, Inc., the Company's wholly owned-subsidiary, in connection with a METHOD AND SYSTEM FOR PROVIDING ONLINE MEDICAL RECORDS, and a METHOD AND SYSTEM FOR PROVIDING ONLINE RECORDS.
In their report, MBG valued these patents at a minimum of $300 million to as much as $800 million. The patents cover numerous claims involving the provision of Personal Health Records and other health information and document management systems and technologies. The patents (amongst other things) address the management of paper and other information contained in a Personal Health Record and deal with the fact that while doctors are migrating to Electronic Medical Records, they still receive an average of 1033 faxes per month of patient information. According to the report, several movements are behind the growing popularity of PHRs, including social networking and the Health 2.0 movement. PHRs are also a tool for patient self-management on the Web. Many consumers have PHRs through their employers, health insurers, health providers or through independent vendors. One estimate indicates that 70 million people in the United States have access to a PHR.
The Company has already entered into a non-exclusive license agreement for $30 million with Surgery Center Management, LLC ("SCM"), $5 million of which became due on December 23, 2011. SCM purchased a cashier's check payable to MyMedicalRecords, Inc. as proof of funds, a copy of which has been given to the Company (see image). MMR has made demand on SCM to turn over the check and expects to bring a resolution to this matter through SCM Legal Counsel soon. Separately, the Company has also entered into a patent license agreement in Australia and other joint venture marketing and strategic partnership agreements in China. The valuation was based on industry accepted patent evaluation methods, PatentValuePredictor.com, which was developed by Richard A. Neifeld and Dr. Martin Goffman. Dr. Neifeld holds a JD degree from George Washington University and a Ph.D. in Physics from Rutgers University and is the former chair of the Interference Committee of the American Intellectual Property Lawyers Association. Dr. Martin Goffman holds a Ph.D. in Chemistry from Temple University and is the principal of Martin Goffman Associates.
Patent Value Predictor reports are based on patented macroeconomic models for automatically valuing patents. The reports are backed by patent and financial databases, which record the proprietary statistics used to predict the potential market size, and a patent's predicted share of this market. Many factors, such as the number of patents in the technology area, profit margins, and the GDP, figure into the statistically predicted valuation. The report specifically excludes the Company's biotech assets from the valuation. The MBG Report concluded by stating: "Based on our analysis, the range of value for these patents could reach $300 to $800 million in revenue based on very conservative estimates that the market will reach the full GDP value of $19 billion."
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