Targeted platform responds to new national billion dollar patient-safety initiative. Will generate deals valued at 15M
RENO, Nev., May 18, 2011 /PRNewswire/ -- Visual Healthcare Corp. (the "Company") (NASDAQ OTC: VSHC) announces its decision to start selling a stand alone version of its powerful adverse drug event prevention technology to medical facilities and hospitals. The company is rolling out this new focused version as a direct response to the Obama administration 1 billion dollar patient-safety program aimed at reducing preventable medical errors.
The stand alone version, still running on an Oracle (ORCL) data base, will be installed in a matter of weeks and operational immediately as it requires minimal training for clinicians. The resulting cost savings are passed on to the hospital which can then recoup its investment in less than a year. Adverse drug events represent a serious financial concern as they cost an average of some $7,000 per case, adding up to an annual burden in the millions.
"We will be signing deals in the next 30 days which could have an impact as early as the current quarter," says Chairman Gerard Dab. "Pressure from the White House is having a strong impact on the marketplace. Early adopters seeking to move ahead will be signing some 20 deals having a value of more than 15M in the next 12 months. Subsequently as budgets increase, growth of this product line will continue to be exponential," concludes Mr. Dab.
This watershed program follows the publishing of a study showing that one in three patients admitted to hospitals suffers a medical error or accident. Through this program, President Obama is challenging hospitals to dramatically cut mistakes and readmissions due to preventable errors or negligence by 40 percent and cutting preventable hospital readmissions by 20 percent. The first tranche of 1 billion is being funneled to the industry under the Patient Protection and Affordable Act.
"Reducing the massive incidence of drug errors in hospital can only be achieved by automation and using smart systems like ours," says Mr. Dab. "We have waited long years to have the need for our technology recognized by Public Policy. This program demonstrates the seriousness of the Obama commitment to modernizing the healthcare industry."
Visual Healthcare platforms for Adverse Drug Event applications are used successfully by over one thousand clinicians and have been demonstrated to reduce both morbidity and cost associated with hospital errors by more than 30% and deadly errors by 50%.
ABOUT VISUAL HEALTHCARE
Visual Healthcare Corp., since 1998, designs, creates and develops innovative information platforms, specifically conceived for the automation of a wide range of scientific disciplines. These include pharmaceutical research, clinical trials, laboratory automation, true quality assurance tools, total quality control applications. They also include quantitative analytic tools such as proprietary frameworks for electronic health records, electronic prescription, infection and disease control, and smart cancer registries. The company's extensive portfolio of proprietary technologies is the result of a unique collaboration between senior clinicians from the McGill University Faculty of Medicine and affiliated tertiary care centers, medical software architects, and a Fortune 100 healthcare service company, investing some $50 million in the process. The Company licenses its technology to operating companies in exchange for an equity stake or a royalty stream. It owns significant stakes in various companies including VisualMED Clinical Solutions Corp. (NASDAQ OTC: VMCS), a leader in the field of electronic health records.
For more information, please visit: www.visualhealthcarecorp.com.
FORWARD- LOOKING STATEMENTS
Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of the Company. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. Such factors may include, without excluding other considerations, fluctuations in quarterly results, evolution in customer demand for the Company's products and services, the impact of price pressures exerted by competitors, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.
Gerard Dab, CEO
Visual Healthcare Corp.
SOURCE Visual Healthcare Corp.