LOS ANGELES, Feb. 20, 2013 (GLOBE NEWSWIRE) -- MediSwipe Inc. (www.MediSwipe.com) (MWIP), a patient security solutions and financial products company for the medicinal marijuana and health care industry, today announced after the trading session on February 19th, the state of Michigan introduced new proposed legislation titled as House Bill 4271 outlining new requirements for Michigan's medical marijuana statewide program.
A Republican state lawmaker introduced the bill yesterday that would allow individual cities to decide how medical marijuana caregivers and provisional centers could continue to operate within their boundaries. Under the bill, municipalities could also set up regulations covering the location of centers and possibly institute other operational rules.
The proposal by Rep. Mike Callton comes just two weeks after the state Supreme Court essentially ruled that patient to patient dispensaries are illegal under Michigan's medical marijuana laws, a devastating decision that could force all of the estimated 75-100 dispensaries currently operating to close. What's particularly encouraging about the HB 4271 is that it has an unusually high level of bipartisan support: Eight Democrats and eight Republicans are cosponsoring the measure. This renewed support and clearly defined guidelines within the proposal now provides a meaningful chance at passage over a similar one that lost ground in committee last year.
HB 4271 suggests a secure patient identification system that MediSwipe has already developed via a HIPAA and PCI Compliant system as outlined in Section 10:
"A provisioning center shall ensure compliance with the dispensing limit under subsection (9) by maintaining internal, confidential dispensing records that specify the amount of medical marihuana dispensed to each registered qualifying patient and registered primary caregiver and whether it was dispensed directly to the registered qualifying patient or the registered primary caregiver."
Further, Section 10 also requires all entries to include date and time of when medical marijuana is dispensed to the patient or caregiver which falls in line with the data collection that will be incurred by the EMR system developed by MediSwipe.
"Each entry shall include date and time the medical marihuana was dispensed."
Due to the nature of the MediSwipe system, all data can be kept for up to 5 years on its Digital ID Cards and will be digitized to be attached to a Patient's or Caregiver's Registry ID Number instead of their name as to follow HIPAA compliance on protecting the Patient's identity if the card was ever stolen or compromised.
"Entries shall be maintained for at least 90 days....a record shall be kept using the patient's or caregiver's registry identification card number instead of the patient's or caregiver's name."
MediSwipe's collected data will be stored off-site in a licensed Medical Marijuana state of which access will only be provided to municipal employees performing an inspection or a provisioning center agent.
HB 4271 further states "Confidential dispensing records under this act are subject to reasonable inspection by a municipal employee authorized to inspect provisioning centers under municipal law to ensure compliance of this act, but may be stored off-site."
To enhance the security of identifying a patient or Caregiver, MediSwipe's kiosk will confirm the identity of the individuals by making a scan of their driver's license as well as their medical Marijuana ID Card and providing patient authentication over a secure compliant line in a matter of seconds. Provisional centers will no longer need to guess if the ID cards that are being provided are legitimate or not as the MediSwipe process has helped eliminate fraudulent activity of fake cards out of the equation. The provisioning center agent will only need a voucher confirmation from the patient or caregiver that has been verified by the closed loop secure system. Additional measures will be added in the coming months via facial recognition and bio-metric measures if required.
Due to MediSwipe's business model in Digital Identification Electronic Medical Record Management, this will create an audit ready and compliant system to provide secure access to Patient's and Caregiver's across the State of Michigan.
The entire Bill may be seen here: http://www.legislature.mi.gov/documents/2013-2014/billintroduced/House/pdf/2013-HIB-4271.pdf
"We are extremely pleased that HB 4271 is receiving the support from both sides of the aisle and hope that bi-partisan support will fast track this new legislation in Michigan. It is almost as if the state has taken a page from our business plan, setting requirements and guidelines completely in line with our existing software solutions including compliant medical records storage and reporting. It is also quite ironic that this bill hit the floor just one day after our company demonstrated the system to numerous caregivers within the state who have made firm commitments to install the MediSwipe ID system on behalf of several thousand patients," stated, B. Michael Friedman, CEO for MediSwipe.
"With the current increase in monthly revenues from our elective surgery financing division and first orders of our patient identification software in Michigan and interest from Massachusetts, combined with the recent liquidity and price increase of our common stock, we have received strong commitments from the investment banking community to ensure our continued success within the sector," further added Friedman.
About MediSwipe Inc.
MediSwipe Inc. (www.MediSwipe.com) provides innovative patient solutions for electronically processing transactions within the healthcare industry. MediSwipe provides terminal-based service packages and an integrated Web Portal add-ons for physicians, clinics, hospitals and medical dispensaries that include: digital patient records, Electronic Referrals, Credit/Debit Card merchant services, Check Guarantee and Accounts Receivable Financing.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of MediSwipe Inc. to be materially different from the statements made herein.