MedcomSoft, Inc., a provider of the next generation of interoperable electronic health records (EHR), and Independent Physicians Network, Inc. (IPN), one of the largest managed medical provider networks in the United States with over 1,000 member physicians, announced today that they have agreed to further strengthen their strategic alliance in order to accelerate the adoption of MedcomSoft Record within the IPN community.
Under the terms of the agreement, IPN has today purchased 60 MedcomSoft Record licenses. In addition, MedcomSoft has agreed to deliver a MedcomSoft Clinical Data Repository (MCDR) to IPN by May 2008 and to train and certify an IPN subsidiary company (“IPN Services”) in the installation, training and support of MedcomSoft products. IPN Services will also offer ancillary services to its members, including billing, office optimization advice and workflow assessments. IPN Services may only provide services related to MedcomSoft products within the IPN community.
The steps taken by IPN and MedcomSoft have been made in order to improve the quality of patient care within the IPN community; increase IPN members’ practice efficiencies and thereby increase their quality of life as well as revenues; and to provide a possible new source of revenue to IPN and its members.
“This is an important step for IPN in order to provide for greater clinical integration for its members and to enable its members to better serve the community”, said Michael Repka, the Executive Director of IPN. “Several IPN practices now collectively hold over 40 MedcomSoft Record licenses and they generally report having reaped significant benefits from adopting MedcomSoft Record. IPN will not only seek to distribute to its members the additional MedcomSoft Record licenses it has acquired, but will work to increase the adoption of MedcomSoft Record beyond those acquired through the provision of training, implementation and support services to its members at a significantly lower cost”, stated Mr. Repka.
Mr. Repka also noted that “IPN is looking forward to the deployment of MCDR”. MCDR is a new generation of community based clinical data repositories that could revolutionize the way clinical data is aggregated, stored and mined. Through automated and secure web transactions generated by different providers in the IPN community, MCDR will be capable of aggregating, in a completely unmanned fashion, the incremental pieces of a health record as they are generated. The data generated and transmitted by providers using MedcomSoft Record will be fully codified with the Medcin® point of care medical terminology, producing an unprecedented data repository. This technology will allow advanced data mining based on any combination of clinical data entries including symptoms, medical history, examinations, test results, conditions, therapies and outcomes. MedcomSoft believes that MCDR could finally enable healthcare organizations to track outcomes, disease evolution and population health leading to better prevention, disease management and surveillance.
“While MCDR may be a source of additional revenues to IPN and its members; it will, more importantly, be of significant benefit to our members and the patients we serve, as well as the community in general” stated Mr. Repka.
Dr. Sami Aita, the Chairman and Chief Executive Officer of MedcomSoft, stated “Our agreement with IPN sets a significant milestone for MedcomSoft in terms of license sales to one organization and represents a unique model which may be followed by other physician groups to benefit their members. We are also pleased that our relationship with IPN continues to strengthen and evolve due primarily to the strength of our product and our commitment to providing exceptional customer service”.
As a result of the agreement with IPN, MedcomSoft will receive payment and record revenues, in its current fiscal quarter ending June 30, 2007, of approximately $500,000.
About Independent Physicians Network, Inc.
Independent Physicians Network, Inc. is a physician managed and controlled medical delivery network established in 1984. There are over 1,000 member physicians in the network who utilize all hospitals in the Milwaukee and surrounding areas. Independent Physicians Network also offers patient access to many free standing centers such as imaging, laboratory and therapy sites. Member physicians currently provide services to over 85,000 Medicaid and Commercial enrollees through contracted health plans. Independent Physicians Network takes pride in its medical management services and its ability to arrange for the provision of quality, cost effective care for its enrollees. The Network success manages millions of dollars in medical services annually. Contact Information: Michael Repka, Executive Director, Independent Physicians Network Phone: (414) 771-6177 Fax: (414) 771-1159.
About MedcomSoft, Inc.
Founded in 1994, MedcomSoft, Inc. (medcomsoft.com) develops cutting edge software solutions for the healthcare industry, including its fully integrated Electronic Health Record (EHR) and practice management solution, MedcomSoft® Record. MedcomSoft has pioneered the use of numerically codified point-of-care clinical terminologies to create a new generation of highly interoperable EHRs. By enabling the collection, exchange and aggregation of numerically codified clinical information, MedcomSoft® Record will significantly enhance disease surveillance and accelerate clinical research. MedcomSoft has proven its technology in both small and large installations and is the Preferred Vendor for ABC (the Association of Black Cardiologists with 450 US members), IPN (the Independent Physicians Network of Milwaukee with over 1,000 members), and other organizations. The Company has achieved strong growth in license sales year over year while MedcomSoft Record 2006 placed first in KLAS’ Ambulatory EMR 1-5 Physicians Category in the 2007 Mid-Year Report, and has received a 5-STAR rating from the AC Group, Inc. Contact Information: Paul Davis, Chief Operating Officer, MedcomSoft Inc. P: (877) 673-0101; F: (416) 443-9693.
This news release contains forward-looking statements regarding MedcomSoft’s expectations and beliefs with respect to future events and/or financial performance. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual events or results to differ materially from those expressed or implied in such forward-looking statements. Such factors and risks include, but are not limited to, market conditions, competition including price and product functionality; economic environment; and the ability to develop and deliver new products in a timely manner. The reader is referred to the documents that the Company files from time to time with applicable Canadian securities and regulatory authorities for a discussion on certain risks and uncertainties that could cause actual results to differ from those projected, anticipated or implied. MedcomSoft does not undertake to update forward-looking statements.