THANK YOU FOR SUBSCRIBING
× 
Enterprise Security Mag Weekly Brief
Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Enterprise Security Mag
Enterprise Security Magazine
iCoreConnect
Connecting Compliance and Better Patient Outcomes
Robert McDermott, President & CEOIn an ever-evolving digital age, including many new communication options, protecting the patients’ confidential health information is of utmost importance. Recognizing the cyber risks, the federal government continues to tighten its enforcement of HIPAA laws; leaving practices to deal with complicated compliance regulations. “Not only are the penalties for violations staggering but in extreme cases, these violations can be considered criminal acts and can lead to prosecution by the Department of Justice,” mentions Robert McDermott, president, and CEO, iCoreConnect. The firm’s iCoreExchange software allows dentist, patients, and other healthcare providers to communicate, collaborate and exchange medical records with 2048-bit encryption and collaborate with the assurance that they are in full compliance with all current federal laws. “iCoreExchange meets the federal government's five technical safeguards for HIPAA-compliant communication—Access Controls, Integrity, Audit Controls, Person or Entity Authentication, and Transmission Security,” adds McDermott. The software leverages direct protocol to endow a direct email address for the users to exchange data. The provided email address is not run on the public internet as the firm employs its own data centers. Every email received or sent through the HIPPA-compliant email is protected with micro tokenization which ensures the security of the data contained in the email.
iCoreExchange meets the federal government's five technical safeguards for HIPAA-compliant communication— Access Controls, Integrity, Audit Controls, Person or Entity Authentication, and Transmission Security
Through the system’s easy inbox interface, healthcare firms can exchange information seamlessly as it provides the option to use the HIPPA compliant and non-HIPPA emails simultaneously. The product integrates seamlessly with most practice management, imaging, and messaging systems—making it highly user-friendly. “As iCoreExchange is cloud-based, it eliminates the requirement to purchase additional hardware and pay high IT costs,” says McDermott. The system also stores six years of email data to provide an audit trail for the supervisory authorities. Not only does the system comply with the HIPPA needs, but it also provides a referral network which can be used by doctors to deliver better patient outcomes.
iCoreConnect’s encrypted systems are backed up by its highly-engaging customer support. When a customer goes live on its system, the firm dedicates a certified trainer for training and questions as well as live support. “We provide this service free of cost with an aim to make our clients understand all the implementations and integrations present in the system,” states McDermott.
Considering its ascension to success in the healthcare landscape, the firm also provides a similar system for the legal, financial and real estate industries. Named iCoreSecure, the system helps lawyers to send settlement agreements in an encrypted manner and ensures compliance with Sarbanes-Oxley, and Gramm–Leach–Bliley Act (GBLA). The firm’s penetration into diverse ecosystems will—according to McDermott—dictate the firm’s journey ahead. “We have a few acquisitions lined up which will enhance our software in the next couple of years,” concludes McDermott.
iCoreConnect News
iCoreConnect Announces Removal of the Down-Round Provision for Its Warrants
In 2021, the Company issued warrants with down-round provisions, which stipulated that the exercise price of the warrants would be reduced, and the number of shares underlying the warrants would increase proportionately if new securities were issued at a price lower than the original exercise price. This would result in a non-cash charge for the additional shares' fair value upon the triggering event, contrary to the intentions of the contracting parties. To rectify this, the Company entered into agreements with the warrant holders between May 17 and May 23, 2023, effectively eliminating all down-round provisions from the warrant agreements. As a result, the total number of shares of common stock underlying the warrants that will no longer be issued is 19,681,250, bringing the number of shares back to the originally intended value of 10,600,000.
On May 18, 2023, the Company filed a Current Report on Form 8-K disclosing its decision to restate its financial statements concerning the accounting treatment of the warrants.
Forward-Looking Statements
Certain statements in this release are forward-looking statements within the meaning of applicable securities laws, including the Securities Act of 1933, the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties, and while the Company believes that the expectations reflected in such statements are reasonable, actual results may differ materially. The Company has made efforts to identify forward-looking statements by using words such as "believes," "estimates," "anticipates," "expects," "plans," "projects," "intends," "potential," "may," "could," "might," "will," "should," "approximately," or other similar expressions. These statements are predictions and involve known and unknown risks, uncertainties, and other factors, including those discussed under "Risk Factors" in the Company's most recent Form 10-K and subsequent filings with the SEC. The Company disclaims any obligation to update forward-looking statements to reflect events or circumstances that occur after the date of this release or to reflect the occurrence of unanticipated events.