BLUE ISLAND, Ill., March 29, 2022 (GLOBE NEWSWIRE) -- Innovative MedTech, Inc. (the "Company") (OTC: IMTH), a provider of health and wellness services, today announced that it is expanding its services and planning to enter the digital payments marketplace. As healthcare undergoes its greatest transformation of the modern era, it’s clear that the monolithic system in place is crying for innovation. The Company is answering the call by developing an all-in-one Super Healthcare App that caters to consumers, patients, hospitals, Seniors, and governments, with a solid platform of benefits and online banking.
A Digital Healthcare Platform
According to the CDC, the U.S. spent $3.6 trillion — 18 percent of its gross domestic product (GDP) — on healthcare, and consumers’ healthcare costs have only kept rising. According to Mordor Intelligence, the transaction value for the global digital payments market was USD $7.36 trillion in 2021, and it is projected to be worth USD $15.27 trillion by 2027, representing a projected CAGR of 12.38% from 2022 to 2027.
“We believe there is a market for a digital healthcare payment and benefits platform that serves as a cost-effective and technically efficient way to speed the pace of digital innovation; helping providers grow revenue, increase efficiency, improve quality of care, and enhance patient and staff experiences is a must,” said Michael Friedman, President of the Company. “Healthcare is an increasingly large part of our everyday lives, and we believe the Super Healthcare App platform we are developing will help reduce digital friction across the healthcare industry to help improve efficiency and drive better experiences and care for patients and consumers alike, but also healthcare providers and insurance companies.”
Mr. Friedman continued, “We believe that this is just the beginning of our expansion into healthcare technology and services that we can offer existing and potential customers. We look forward to deepening engagement with consumers, patients and the healthcare industry in general, as we continue to grow and support their personal and financial wellbeing.”
“We view this market expansion as a natural progression in our long-term growth strategy to innovate and drive our focus forward through technology and healthcare to add value to our participants and shareholders,” concluded Mr. Friedman.
About Innovative MedTech, Inc.
Innovative MedTech, Inc. is a provider of health and wellness services, including its wholly owned subsidiary SarahCare, an adult day care center franchisor with two corporate-owned centers and 26 franchise locations across the United States. SarahCare offers seniors daytime care and activities ranging from exercise and medical needs daily to nursing care and salon services. For more information, please visit: https://innovativemedtechinc.com, and https://sarahcare.com.
Safe Harbor Statement
Statements in this press release that are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are only predictions and are not guarantees of future performance and are based on certain assumptions and reflect management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations and are subject to change at any time. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify, develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. These and other important factors may cause the Company’s actual results, performance, or achievements to differ materially from any future results, performance, achievements or plans expressed or implied by these forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
