OPKO Health’s BioReference Laboratories Forms a Strategic Collaboration With SOMOS to Improve Health Outcomes of Underserved New Yorkers
SOMOS, New York City’s Largest Multi-Cultural Physician-Led Network, Selects BioReference as Preferred Provider for Diagnostic Testing
BioReference to also assist with Patient-Centered Data Analytics to SOMOS Providers
MIAMI, July 01, 2019 (GLOBE NEWSWIRE) -- OPKO Health (NASDAQ: OPK) announced that its subsidiary, BioReference Laboratories, one of the largest clinical laboratories in the United States, has been selected by SOMOS, a physician-led network of more than 2,500 health care providers serving over 700,000 Medicaid beneficiaries in New York City, as its preferred provider of diagnostic testing and to assist with data analytics for its patients. This new collaboration is designed to streamline patient care and offer communication efficiencies between BioReference and the SOMOS network.
SOMOS is New York City’s largest multi-cultural physician-led network that serves predominately underserved patient populations. Economic and institutional barriers have historically limited adequate access to healthcare and, as a result, severe disparities exist for patients across these communities. SOMOS works to level the playing field and will leverage its relationship with BioReference to improve patient outcomes among its participants while decreasing the overall cost of care.
“SOMOS is committed to bringing culturally-competent primary and specialty care to historically marginalized communities and this collaboration will equip network providers with the right tools to help improve overall health care for the most vulnerable New Yorkers,” said Dr. Ramon Tallaj, Chairman and Founder of SOMOS. “We are proud to collaborate with BioReference, a leader in health care technology to continue the State’s mission to create a proactive delivery system centered around value-based care that works for everyone regardless of their zip-code and socio-economic status.”
Operationally, BioReference will support the SOMOS mission by providing real time and historical laboratory data to aid in patient diagnosis and case management. SOMOS will also leverage The Garage’s health platform through a sublicense with BioReference to integrate providers, patients and population health solutions into a knowledge engine for advanced data analytics and centralized care management. The unique structure of this collaboration allows SOMOS to improve diagnosis with real time data to better address patient health needs.
“Our relationship with BioReference is important to advancing the SOMOS mission,” said Dr. Henry Chen, President of SOMOS. “As the healthcare landscape rapidly evolves, it is critical to create sophisticated communications and testing efficiencies between lab service providers and our network. Enhanced technology provides greater access to aggregated data and informs more rational treatment paradigms for chronic illnesses plaguing underserved communities.”
“We have believed in the SOMOS mission since the very beginning and we are proud to empower them with our diagnostic services and innovative technology platform,” said Adam Fein, Vice President of Population Health at BioReference Laboratories. “We look forward to a strong, long-term collaboration that will improve the lives of the underserved in New York City, and are delighted to be part of the revolution that is SOMOS.”
SOMOS is a nonprofit, physician-led network of more than 2,500 health care providers serving over 700,000 Medicaid beneficiaries in New York City, launched in 2015 as part of New York State’s Delivery System Reform Incentive Payment Program (DSRIP). The network includes providers delivering culturally competent care to patients in some of New York City’s most vulnerable populations, particularly Latino, Asian, African-American and immigrant communities throughout the Bronx, Brooklyn, Manhattan and Queens.
About BioReference Laboratories, Inc.
BioReference provides comprehensive testing to physicians, clinics, hospitals, employers, government units, correctional institutions and medical groups. The company is in network with the five largest health plans in the United States, operates a network of 11 laboratory locations, and is backed by a medical staff of more than 160 MD, PhD and other professional level clinicians and scientists. With a leading position in the areas of genetics, women’s health, maternal fetal medicine, oncology and urology, BioReference and its specialty laboratories, GenPath and GeneDx, are advancing the course of modern medicine. For more information, visit www.bioreference.com.
About OPKO Health, Inc.
OPKO Health is a diversified healthcare company. In diagnostics, its BioReference Laboratories is the nation’s third largest clinical laboratory; GeneDx is a rapidly growing genetic testing business; the 4Kscore® prostate cancer test is used to confirm an elevated PSA to help decide about next steps such as prostate biopsy; Claros® 1 is a point-of-care diagnostics platform with a total PSA test approved by the FDA and testosterone as the most advanced test in development. In our pharmaceutical pipeline, RAYALDEE, to treat secondary hyperparathyroidism in patients with stage 3 and 4 chronic kidney disease and vitamin D insufficiency, is our first pharmaceutical product to be marketed. OPK88003, a once-weekly oxyntomodulin for type 2 diabetes and obesity recently reported positive data from a Phase 2 clinical trial. It’s among a new class of GLP-1/glucagon receptor dual agonists. OPK88004, a SARM (selective androgen receptor modulator) is currently being studied for various indications. The Company’s most advanced product utilizing its CTP technology, a once-weekly human growth hormone for injection, is in Phase 3 trials, and is partnered with Pfizer. OPKO also has research, development, production and distribution facilities abroad. More information is available at www.opko.com.
About The Garage
The Garage, based in Orlando, Fla., is a healthcare IT company exclusively focused on Population health management. The company works with more than 75 Healthcare Organizations and over 12,000 providers, empowering them with a platform to create a more integrated, value-centered and patient-focused care experience. Through its collaborative population health management platform, Bridge, The Garage touches more than 10 million patient lives, allowing providers to achieve the Triple Aim of lower cost, better care and improved health. For more information, visit www.TheGarageIn.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains "forward-looking statements," as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning, including statements regarding expected financial performance and benefits of the collaboration with SOMOS, whether the collaboration will streamline patient care, offer communication efficiencies between BioReference and SOMOS, and improve patient outcomes while decreasing the overall cost of care, as well as other non-historical statements about our expectations, beliefs or intentions regarding our business, technologies and products, financial condition, strategies or prospects. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those described in the OPKO Health, Inc. Annual Reports on Form 10-K filed and to be filed with the Securities and Exchange Commission and in its other filings with the Securities and Exchange Commission, as well as the success of the relationship with SOMOS. In addition, forward-looking statements may also be adversely affected by general market factors, competitive product development, product availability, federal and state regulations and legislation, the regulatory process for new products and indications, manufacturing issues that may arise, patent positions and litigation, among other factors. The forward-looking statements contained in this press release speak only as of the date the statements were made, and we do not undertake any obligation to update forward-looking statements. We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA.
LHA Investor Relations
Miriam Weber Miller, 212-838-3777
Bruce Voss, 310-691-7100
Released July 1, 2019