LEXINGTON, Ky., Feb. 28 /PRNewswire-FirstCall/ -- VirtualHealth Technologies, Inc. (BULLETIN BOARD: VHGI) President, Jim Renfro, today responded to a recent series of articles that predict by 2017, total health care spending will double to more than $4 trillion a year, accounting for one of every $5 the nation spends according to a projection by the federal government.
With the recent announcement of the increased costs in health care, projected to top $4 trillion by the year 2017, everyone is apparently searching for ways to curb these cost increases without diluting the quality of health care delivery. "Our economy can ill afford for our health care spending to equal nearly 20% of our gross domestic products," stated Jim Renfro, President of VirtualHealth Technologies, Inc. "With the costs to our economy for our current trade imbalance, we have major concerns as to the impact this increase cost for medical services would have on both our economy and the nation." Renfro continued, "It is our firm belief that the best way to curb the increase costs for medical services is with the introduction of new cutting-edge technology solutions. That is why we are investing heavily in these technologies which will assist healthcare providers in operating more efficiently and more securely."
"Being able to curtail prescription drug abuse and doctor shopping will save the states and the medical communities millions of dollars each year," President Renfro reported. "We also now have the capability of providing a security platform which will allow both State and Federal Agencies to share information between themselves and members of the healthcare community in ways never before possible." Renfro continued, "We must all join together, business leaders, government agencies and members of the healthcare community to resolve this issue, otherwise it will impact the quality of life for generations to come."
This press release contains forward-looking statements that reflect the Company's current expectations regarding future events. While these statements reflect the Company's best current judgment, they are subject to risks and uncertainties. Actual results may differ significantly from projected results due to a number of factors, including, but not limited to assumptions, beliefs and opinions relating to the business and growth strategy of VirtualHealth Technologies, Inc. and its wholly owned subsidiaries Verified Prescription Safeguards, Inc., VPS Holding, LLC, Envoii Healthcare, LLC, Medical Office Software, Inc. and implementation thereof, based upon the Company's interpretation and analysis of financial and market conditions, the decisions of businesses with whom the Company is either engaged in business with or negotiating, healthcare industry trends and management's ability to successfully finance, develop, market, sell and implement its e-commerce and internet solutions, clinical and financial e-transaction services and software applications to physicians, pharmacies, governmental agencies, laboratories, insurance companies, HMOs, and payers. These factors and other risk factors are more fully discussed in the Company's filings with the Securities and
Exchange Commission. The Company expressly disclaims any intent or obligation to update any forward-looking statements.
