Assure Neuromonitoring Expands Service Offerings to Address the High Growth EEG Services Market
DENVER, June 27, 2023 (GLOBE NEWSWIRE) — Assure Holdings Corp. (the “Company” or “Assure”) (NASDAQ: IONM), a provider of intraoperative neuromonitoring (“IONM”) and remote neurology services, today announced that it has signed a Diagnostics Services Agreement with Neurovative Diagnostics, LLC (“Neurovative Diagnostics”), a global leader in the neurodiagnostic field. The agreement enables the Company to expand its offerings in the field of neurology to include electroencephalogram (“EEG”) testing.
Under the terms of the agreement, Assure has the exclusive rights to offer Neurovative Diagnostics’ comprehensive suite of EEG services to Assure’s current and future hospitals, healthcare facilities and clinics that it provides services in. Services provided by Neurovative Diagnostics will be treated as ‘fee-for-service’ enabling Assure to leverage Neurovative Diagnostics’ technologists, market knowledge and expertise. Assure anticipates the launch of EEG services will occur during the third quarter 2023, leveraging its existing Tele neurology services and requiring minimal working capital needs.
John Farlinger, Assure’s executive chairman and CEO, commented, “This agreement enables us to enter an adjacent, yet new market and expand our scope of offerings to include EEG services. It allows us to participate in a significant growth vertical and to leverage our existing network of PPOs to grow our business and expand the ecosystem of hospitals and surgeons that we serve. The brain monitoring market represents a significant market opportunity and is expected to continue to grow over the next several years. Neurovative Diagnostics is a market leader and brings additional expertise to Assure, which will be invaluable in helping us to grow our business and increase patient access to additional areas of neurodiagnostic services.”
Tony Wax, Neurovative Diagnostics CEO, commented, “Our Neuro Ecosystem program develops and supports a comprehensive neurodiagnostic solution encompassing multiple modalities. Expanding patient and facility access on a larger scale while providing a comprehensive service program has always been a goal of ours, and this new relationship with Assure will enable us to make significant progress towards that goal. This agreement will allow more patients, clinicians and facilities to benefit from all EEG services and help to improve outcomes for the neurology community.”
About Assure Holdings
Assure Holdings Corp. is a best-in-class provider of outsourced intraoperative neuromonitoring and remote neurology services. The Company delivers a turnkey suite of clinical and operational services to support surgeons and medical facilities during invasive procedures that place the nervous system at risk including neurosurgery, spine, cardiovascular, orthopedic and ear, nose and throat surgeries. Assure employs highly trained technologists that provide a direct point of contact in the operating room. Physicians employed through Assure subsidiaries simultaneously monitor the functional integrity of patients’ neural structures throughout the procedure communicating in real-time with the surgeon and technologist. Accredited by The Joint Commission, Assure’s mission is to provide exceptional surgical care and a positive patient experience. For more information, visit the company’s website at www.assureneuromonitoring.com.