If you visit the Medical Quack you can see that MMRGlobal, aka MyMedicalRecords is a sponsor of this site so before I begin here let’s get disclaimers out of the way as I do not hold any of their,stock, nor do I own any stock and I am not an individual who is in a position to recommend any investment but I can inform by way of blogging.
Patent Application Number Status
“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 . The risk factors for these patent values not realizing their predicted range of value include, adoption rate of PHR’s, the claims granted in the patent are enforceable and widely used, the market doesn’t grow as quickly as predicted, the prices for PHR’s drop substantially, and or government/regulatory forces.”
This is worth a mention in this discussion as when more patients adopt personal health records, not only do healthcare IT technologies benefit with growth, so goes the value of the patents as it appears.
In addition the report above has identified 117 PHRs (and I am in this industry and had no clue there were that many entities) and around 750 EMR/EHRs that are active and potential companies that are subject to the infringement of MMRGlobal’s patents. I am guessing that some of the PHR entities include portals and other methodologies of both “tethered” and “non-tethered” systems. Combined together, there are 867 providers total make up a pretty large group of potential licenses.
I don’t know the format to be used in the licensing, but having many years in the EMR business myself to include writing a small EMR a number of years back, I can remember the situation to where I had to entertain paying license fees to the AMA for the CPT codes, if they were rolled into a software data base for selection. This was just starting in the early EMR days with including such data. With every medical record system out there who provides the coding entities, there’s AMA license built in. In today’s world I can’t think of any EMR system that does not preload the codes so systems include an AMA license.
Stage 2 Meaningful use, which takes effect in 2014, will rely heavily on the functionality that PHRs afford providers to engage patients and their families in their healthcare and with reading the news today putting the patient forefront is a big priority as those who are educated and know more about their medical records and services they receive are most likely to take better care and thus drive down much of the expense we have today with some of the chronic care we pay for. Some conditions can be caught at an earlier state so it ends up being a win-win for both sides with a healthier, better educated patient as well as lowering costs. Education in my book is always the number one methodology to bring people into the fold.
In searching the web I just happened to find a number of articles from Modern Healthcare gives some additional background about the company. In addition you can use this link to view a rather detailed video interview with Bob at HIMSS 2009 from EHRtv. I myself have a PHR with the company as I usually have one with many vendors, so that way I when I do a software review it’s not me just repeating someone else. MyMedicalRecords does have a place for your pet’s records too and I had to admit to Bob that the records on my dog are greater in number than mine.
So in summary the message seems clear after speaking with Bob is that there are a number of potential licenses out there. After looking at the numbers, the value of the patents could grow substantially as companies license their technologies. I do have to say this is the first patent case I have read like this and I thought the same thing too when Microsoft settled with a small company with some of the XML technologies they used in a version of Word. You may or may not remember the case and the outcome but the small company did have success with proving their patent which almost nobody expected.
Bob assured me of his commitment to personal health records and how he sees this as a tool to help consumers with keeping all their records and images accessible in one place. He was inspired inspired as a Cancer survivor who dealt with the challenge of managing his own medical records and started MMR way back during the Bush administration with initiatives surrounding medical records encouraging the creation of his software.
2002, Mr. Bob was recognized by the City of Los Angeles when the Council adopted a resolution commending the entrepreneur/philanthropist for his outstanding charitable work and leadership and a “Bob Lorsch Day” was created in his honor. He has raised millions of dollars for charities such as D.A.R.E. America, the Muscular Dystrophy Association and more. In addition he has spoken at many institutions on Personal Health Records to include MIT.
He also founded Natural Products for Pets, Inc., which distributes and markets Dancing Paws nutritional products for dogs.
Some Things You May Want to Know About the MMRGlobal Patent Portfolio and Did Not Know Who to Ask
Posted by Robert Lorsch | Filed under
This Blog is intended to provide information regarding MMR’s patents and its willingness to license hospitals, healthcare providers and their vendors to facilitate the use of technology which may be necessary to satisfy the Health Insurance Portability and Accountability Act (“HIPAA”) and the Health Information Technology for Economic and Clinical Health Act ("HITECH"), and to meet the meaningful use requirement.
MMR is the owner and the Company’s CEO Bob Lorsch is the inventor of five currently issued United States patents and others in at least 12 countries around the world. The patents are related, in general, to the provisioning of Personal Health Records and Electronic Health Records; U.S Patent Nos. 8,121,855, 8,117,646, 8,117,045, 8,301,466 and 8,321,240. MMR also has numerous additional patent applications pending related to patient information and Personal Health Records (collectively, “MMR’s IP”). The Company believes that HIPAA, HITECH and other laws related to the healthcare industry, make MMR’s IP relevant to many hospitals and provider plans for the future of healthcare.
While MMR does own significant patents related to Personal Health Records, it is not a patent “troll.” MMR is a practicing entity, a company that has itself developed and sells products and services using the MMR patented technology. For example, MMR’s consumer products include the MyMedicalRecords Personal Health Record. These products allow documents, images and voicemail messages to be transmitted in and out of the system using a variety of methods, including fax, voice, file upload, email and other forms of messaging and do not rely on any specific Electronic Medical Record (EMR) system to populate an account. MMR’s professional offerings, MMRPro, provide physician practices and hospitals a cost-effective end-to-end solution to the expensive and time-consuming process of digitizing paper-based medical records. Incorporated into the MMRPro system is an integrated patient portal to provide patients with timely online access to their personal health information. MMR created the tools to connect any patient with any physician or hospital or other healthcare professional anywhere in the world and patented its technology.
Robert H. "Bob" Lorsch, CEO, MMRGlobal
4401 Wilshire Blvd., 2nd Floor, Los Angeles, CA 90010, Tel. 310-476-7002