OKLAHOMA CITY, Feb. 23, 2009 (GLOBE NEWSWIRE) -- Graymark Healthcare, Inc. (Nasdaq:GRMH), through its wholly owned subsidiary SDC Holdings, today announced that it has entered into an agreement to provide sleep diagnostic services for the Medical Center of Plano, a 427-bed facility located in Plano, Texas, a northern suburb of Dallas. The agreement is effective March 10, 2009 and will continue through December 2011.
"We are extremely pleased to enter into this agreement to provide complete sleep diagnostic services for the Medical Center of Plano and we look forward to providing the highest level quality care to the hospital's patients," stated Stanton Nelson, CEO of Graymark Healthcare. "This agreement represents our second partnership with an acute care hospital, which we see as a natural extension of our core sleep business and an excellent opportunity for the company's continued growth."
Mr. Nelson continued, "The sleep diagnostics industry is highly fragmented, with an estimated 20 percent annual growth. Currently there is no recognized national industry leader providing accredited sleep diagnostics in addition to offering a treatment to the patient. These factors present Graymark with the perfect opportunity to consolidate the market to take advantage of the $2 billion and growing U.S. sleep diagnostic services market."
The National Institute for Health indicates that 70 percent of Americans have problems sleeping while only approximately 10 million Americans consult their physicians each year regarding sleep related issues -- third behind colds and headaches. Common sleep disorders include sleep apnea, narcolepsy, insomnia, and circadian rhythm disruption.
Graymark Healthcare currently owns and operates 15 sleep diagnostic centers located in Texas, Oklahoma and Nevada. Graymark's licensed and accredited sleep doctors conduct sleep studies to determine whether referred patients suffer from sleep disorders and if so the severity of their condition. The facilities are designed to diagnose and assist in the treatment of the full range of sleep disorders, of which the most common referral is Obstructive Sleep Apnea ("OSA"). If a patient is determined to suffer from obstructive sleep apnea, the patient and the patient's referring physician are offered a comprehensive sleep program. This includes diagnosis, titration procedure (that is, the process of determining the optimal pressure to prescribe for the Continuous Positive Airway Pressure, or CPAP device), and therapeutic intervention. This offering provides a one-stop-shop approach to servicing patients' needs. The principal sleep disorder products we currently market are personal non-invasive ventilation support systems and the associated disposable supplies that are used in the treatment of obstructive sleep apnea to prevent temporary airway closure during sleep.
Graymark Healthcare, Inc. is a diversified medical holding company that owns and operates independent pharmacies that serve the needs of local markets, diagnostic sleep centers that treat a wide range of sleep disorders, and a medical equipment company that provides both disposable and durable medical equipment. Graymark plans to continue its growth both internally and through strategic acquisitions within the medical industry. More information is available on the company's Web site, www.graymarkhealthcare.com.
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