{"id":469094,"date":"2021-03-31T16:25:57","date_gmt":"2021-03-31T20:25:57","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=469094"},"modified":"2021-03-31T16:25:57","modified_gmt":"2021-03-31T20:25:57","slug":"pacific-health-care-organization-inc-reports-its-2020-year-end-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/pacific-health-care-organization-inc-reports-its-2020-year-end-financial-results\/","title":{"rendered":"Pacific Health Care Organization, Inc. Reports its 2020 Year-End Financial Results"},"content":{"rendered":"<div class=\"mw_release\">\n<p>Newport Beach, March  31, 2021  (GLOBE NEWSWIRE) &#8212; \ufeff<\/p>\n<p>Pacific Health Care Organization, Inc., (the \u201cCompany\u201d) (OTCQB: PFHO) today filed with the Securities and Exchange Commission (the \u201cCommission\u201d) its annual report on Form 10-K announcing financial results for the fiscal year ended December 31, 2020.<\/p>\n<p>\n        <strong>Results<\/strong>\n      <\/p>\n<p>The Company reported total revenue of $6,042,718 for the year ended December 31, 2020, compared to $7,330,940 for the year ended December 31, 2019. The Company reported net income of $549,570 or $0.04 per basic and fully diluted shares for the year ended December 31, 2020, compared to net income of $1,198,060 or $0.09 per basic and fully diluted share for the year ended December 31, 2019.<\/p>\n<p>Net cash provided by operating activities was $987,441 during the year ended December 31, 2020, compared to $1,090,825 for the same period in 2019, a decrease of $103,384 or 9% percent.\u00a0 During the year ended December 31, 2020, net cash used in investing activities decreased to $53,848 from $59,168 during the year ended December 31, 2019. \u00a0Net cash provided by financing activities during the year ended December 31, 2020, was $460,700 compared to zero during the year ended December 31, 2019.\u00a0 Cash at December 31, 2020 and 2019, was $9,498,457 and $8,104,164, respectively.<\/p>\n<p>\n        <strong>About Pacific Health Care Organization, Inc.<\/strong>\n      <\/p>\n<p>The Company specializes in workers\u2019 compensation cost containment.\u00a0 The Company\u2019s business objective is to deliver value to its clients that reduces their workers\u2019 compensation related medical claims expense in a manner that will assure that injured employees receive high quality healthcare that allows them to recover from injury and return to gainful employment without undue delay.\u00a0 Workers\u2019 compensation costs continue to increase due to rising medical costs, inflation, fraud and other factors.\u00a0\u00a0Medical and indemnity costs associated with workers\u2019 compensation in the state of California are billions of dollars annually.\u00a0\u00a0Through its wholly owned subsidiaries, the Company provides a range of effective workers\u2019 compensation cost containment services, including but not limited to, Health Care Organizations, Medical Provider Networks, medical case management, utilization review, medical bill review, workers\u2019 compensation carve-outs and Medicare set-aside services. We also provide lien representation and expert witness testimony, ancillary to our other services. We offer our services as a bundled solution, as standalone services, or as add-on services.<\/p>\n<p>\u201cSafe Harbor\u201d Statement: Statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements.\u00a0 Forward-looking statements are based on management\u2019s current judgment, expectations, estimates, projections and assumptions about future events.\u00a0 While management believes these assumptions are reasonable, such statements are not guarantees of future results and involve certain risks and uncertainties which are difficult to predict.\u00a0 Therefore, actual results and trends may differ materially from what is forecast in any forward-looking statement due to a variety of factors.\u00a0 Additional information regarding these factors, such as the potential loss of one or more key customers or the impacts of the COVID-19 pandemic on our business and results of operations, is contained in the Company\u2019s filings with the Commission, including without limitation, its annual reports on Form 10-K and its quarterly reports on Form 10-Q.\u00a0 \u00a0\u00a0<\/p>\n<p>All forward-looking statements speak only as of the date they were made.\u00a0 The Company does not undertake any obligation to update or publicly release any revisions to any forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.<\/p>\n<p>To view the Company\u2019s annual report on Form 10-K for the year ended December 31, 2020, filed with the Commission today and the Company\u2019s annual, quarterly and current reports and other information the Company files with or furnishes to the U.S. Securities and Exchange Commission go to:\u00a0 http:\/\/www.sec.gov.\u00a0 You may also view our annual reports on Form 10-K and our quarterly reports on Form 10-Q on our website at http:\/\/www.pacifichealthcareorganization.com.\u00a0<\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODIwOTc0OCM0MTAxMTc2IzIwMjg3MzY=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/4eb4a9c9-69bf-42e3-b2fb-37a56e566866\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\">\n<pre>Pacific Health Care Organization, Inc.\r\n\r\n1201 Dove Street, Suite 300\r\n\r\nNewport Beach, California 92660\r\n\r\n(949) 221-1700\r\n\r\nWebsite:\u00a0 http:\/\/www.pacifichealthcareorganization.com\r\n\r\nContact:\u00a0\u00a0 Kristina Kubota \u2013 CFO\r\n\r\nEmail:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 kkubota@medexhco.com<\/pre>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Newport Beach, March 31, 2021 (GLOBE NEWSWIRE) &#8212; \ufeff Pacific Health Care Organization, Inc., (the \u201cCompany\u201d) (OTCQB: PFHO) today filed with the Securities and Exchange Commission (the \u201cCommission\u201d) its annual report on Form 10-K announcing financial results for the fiscal year ended December 31, 2020. Results The Company reported total revenue of $6,042,718 for the year ended December 31, 2020, compared to $7,330,940 for the year ended December 31, 2019. The Company reported net income of $549,570 or $0.04 per basic and fully diluted shares for the year ended December 31, 2020, compared to net income of $1,198,060 or $0.09 per basic and fully diluted share for the year ended December 31, 2019. Net cash provided by operating activities was &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/pacific-health-care-organization-inc-reports-its-2020-year-end-financial-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Pacific Health Care Organization, Inc. Reports its 2020 Year-End Financial Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-469094","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pacific Health Care Organization, Inc. Reports its 2020 Year-End Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/pacific-health-care-organization-inc-reports-its-2020-year-end-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pacific Health Care Organization, Inc. Reports its 2020 Year-End Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Newport Beach, March 31, 2021 (GLOBE NEWSWIRE) &#8212; \ufeff Pacific Health Care Organization, Inc., (the \u201cCompany\u201d) (OTCQB: PFHO) today filed with the Securities and Exchange Commission (the \u201cCommission\u201d) its annual report on Form 10-K announcing financial results for the fiscal year ended December 31, 2020. Results The Company reported total revenue of $6,042,718 for the year ended December 31, 2020, compared to $7,330,940 for the year ended December 31, 2019. The Company reported net income of $549,570 or $0.04 per basic and fully diluted shares for the year ended December 31, 2020, compared to net income of $1,198,060 or $0.09 per basic and fully diluted share for the year ended December 31, 2019. Net cash provided by operating activities was &hellip; Continue reading &quot;Pacific Health Care Organization, Inc. 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Reports its 2020 Year-End Financial Results - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/pacific-health-care-organization-inc-reports-its-2020-year-end-financial-results\/","og_locale":"en_US","og_type":"article","og_title":"Pacific Health Care Organization, Inc. Reports its 2020 Year-End Financial Results - Market Newsdesk","og_description":"Newport Beach, March 31, 2021 (GLOBE NEWSWIRE) &#8212; \ufeff Pacific Health Care Organization, Inc., (the \u201cCompany\u201d) (OTCQB: PFHO) today filed with the Securities and Exchange Commission (the \u201cCommission\u201d) its annual report on Form 10-K announcing financial results for the fiscal year ended December 31, 2020. Results The Company reported total revenue of $6,042,718 for the year ended December 31, 2020, compared to $7,330,940 for the year ended December 31, 2019. The Company reported net income of $549,570 or $0.04 per basic and fully diluted shares for the year ended December 31, 2020, compared to net income of $1,198,060 or $0.09 per basic and fully diluted share for the year ended December 31, 2019. Net cash provided by operating activities was &hellip; Continue reading \"Pacific Health Care Organization, Inc. 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