MMRGlobal, Inc., has filed a suit against Jardogs LLC, a subsidiary of Allscripts, for patent infringement.
The product in question, Jardogs's FollowMyHealth Universal Health Record, allegedly uses patented technology from MMRGlobal's MyMedicalRecords solution. Both products are patient-controlled personal health record (PHR) portals.
Patients use the PHR to store medical records for themselves, family members and, in some cases, pets. Records can be downloaded, faxed or e-mailed at any time. Both solutions allow patients to view test results and other vital information that can be integrated with their medical provider's electronic medical record (EMR).
In April, MMRGlobal sued Quest Diagnostics for patent infringements based on Quest's Gazelle product. Gazelle is also a PHR that allows information to be captured through a patient's smartphone. MMRGlobal also sued Walgreen's for patent infringement in January 2013.
A report from the Michael Bass Group, an investment banking and strategic advisory services firm focusing on healthcare IT, identified MMRGlobal as a company with a market cap of $10 billion. However, the Bass Group suggested that MMRGlobal's patent portfolio could be worth between $600 million and $1.1 billion.
As a result of the analysis, MMRGlobal has begun aggressively suing other companies for patent infringement in an effort to obtain licenses and licensing revenue.
"MMR's business is selling our Personal Health Record products and services and monetizing our patents and other intellectual property both domestically and internationally," said company CEO Robert H. Lorsch.
"We are currently focused on meeting with large hospital groups, retail pharmacies, laboratory systems, EHR and PHR vendors and physician groups," Lorsch continued. "As I have stated in the past, our preferred course is to always create reasonable business solutions where both sides feel like winners."
Given the potential value of its IP portfolio, MMRGlobal's decision to aggressively pursue licensing makes sense. However, the Bass Group points out that MMRGlobal, a relatively small company, has not made a profit and continues to have debt.
"Any investment in these types of stocks does carry additional risk," said Adam Meadows, a contributor from the Bass Group.
Edited by
Alisen Downey
