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Watermark Medical Announces Agreement to Provide Home Sleep Testing Service to Coventry Health Care Members

Thu, 02/16/2012 - 5:45am
The Associated Press

BOCA RATON, Fla.--(BUSINESS WIRE)--Feb 16, 2012-- Watermark Medical, Inc. ("Watermark"), the leader in Health Information Technology for managing chronic diseases, has signed a contract with Coventry Health Care ("Coventry") to provide home sleep testing service for the diagnosis of obstructive sleep apnea (OSA). Coventry Health Care is a registered trade name of Southern Health Services, Inc., a Virginia HMO. Under the agreement Watermark will provide home sleep testing service for the diagnosis of obstructive sleep apnea (OSA). The agreement expands Coventry's ability to deliver diagnostic testing to its members in a home-based environment while potentially reducing long-term costs.

Under the new multiyear agreement, Watermark will work directly with Coventry's physician network to diagnose members in the comfort and convenience of their own home at a fraction of the cost of a traditional in-lab sleep study. Watermark will deliver these services through its Mail-to-Patient division, which supports physicians who do not currently provide home sleep diagnostics for their patients.

Physicians in Coventry's network can refer patients with symptoms of OSA to Watermark, and the company will ship their diagnostic test directly to the patient.

"Watermark's partnership with Coventry will provide a better, more convenient experience for their members at a lower cost than a traditional sleep lab," said Charlie Alvarez, President of Watermark Medical. He added, "Our Watermark SleepCare Platform ensures a simplified delivery platform for physicians that maintains the clinical integrity of a sleep lab and provides the board-certified results that are compliant with AASM regulations. We are thrilled Coventry can now offer this to their customers." About Watermark Medical: Watermark Medical, Inc. Is a privately held healthcare information technology company focused on improving the clinical outcomes of patients with chronic diseases. Watermark pioneered cloud-based HST for Obstructive Sleep Apnea by allowing primary care physicians to become the point of care for diagnostic testing. Its co-founders are serial entrepreneurs with a track record of building successful information technology companies and sales channels for medical service companies. Information technology management company CA Technologies (NASDAQ: CA) is Watermark's largest investor. Currently, Watermark has a national direct sales force of more than 30 sales representatives covering all 50 states and approximately 2,000 distribution sales representatives. The company is headquartered in Boca Raton, FL.

About Coventry Health Care and Southern Health Services, Inc.

Coventry Health Care is a registered trade name of Southern Health Services, Inc., a Virginia HMO. Southern Health, doing business as Coventry Health Care and a subsidiary of Coventry Health Care, Inc., makes available a variety of products designed to meet the needs of our members. Our products include HMO, POS, PPO, and Medicaid products. PPO products and CoventryOne, health coverage offered to individuals and families, are underwritten by Coventry Health and Life Insurance Company and administered by Southern Health. With over 200,000 members throughout Virginia, there are many good reasons to choose Southern Health and Coventry. For more information, please visit www.chcvirginia.com CONTACT: Watermark Medical, Inc.

JR Finkelmeier, 561-283-1247 jr.finkelmeier@watermarkmedical.com KEYWORD: UNITED STATES NORTH AMERICA FLORIDA VIRGINIA INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT NETWORKS SOFTWARE PRACTICE MANAGEMENT HEALTH HOSPITALS SOURCE: Watermark Medical, Inc.

Copyright Business Wire 2012 PUB: 02/16/2012 09:59 AM/DISC: 02/16/2012 09:58 AM http://www.businesswire.com/news/home/20120216005956/

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