BIRMINGHAM, England--(BUSINESS WIRE)-- Caduceus Software Systems Corp. (OTCBB: CSOC) is pleased to provide an update on its recent analysis of the outlook and viability of its renowned medical software, the Caduceus MMS for the market of the United States. The results have provided enough evidence that its Electronic Health Record and Electronic Medical Billing software should cut significant costs to the medical industry as well as individual private practices, as well as help the medical industry become more efficient as a whole.
The Caduceus MMS software facilitates Electronic Health Records (EMR) and Electronic Medical Billing (EMB) for practitioners, which processes vital patient information in a digital format and eliminates the need for paper filing and diarizing. The target consumer of the software is hospitals, physicians, medical technicians, assistants and medical students. In addition, the software has extensions that provide billing and remittance with insurance providers, therefore, our target market can and will be extended to the insurance industry as well.
In the United States there are 7,346,580 Healthcare Practitioners and Technical Occupations 1, 3,962,930 Healthcare Support Occupations, 282,990 Medical and Health Services Managers, 494,650 Medical Secretaries. This totals to 12,087,150 professionals that may benefit from EHR software, like Caduceus MMS. In addition, there is 1,431,557 staff in the National Health Services (NHS) Workforce, and there are even more medical professionals employed outside of the NHS system (private practises) that could also benefit from the use of Caduceus MMS.
Ten of the 20 fastest growing occupations are healthcare related. Healthcare will generate 3.2 million new wage and salary jobs between 2008 and 2018, more than any other industry, largely in response to rapid growth in the elderly population.
However, IT and technology in healthcare is not keeping up with this dramatic growth. Currently it is estimated that less than a third of all U.S. hospitals and less than 20% of physicians' offices have any form of electronic data handling capability.
The need for wider implementation of healthcare IT has been recognized by industry participants, industry observers, and by both the local and federal government. According to a 2005 study conducted by the Rand Corporation an estimated $81 billion could potentially be saved from the annual U.S. $1.7 trillion healthcare budget if IT methods were adopted.²
This type of EHR and EMB software is typically offered between $5000 to $250,000 per licensed workstation. The price is directly dependant on the intricacy and functionality of the remittance and medical coding and the type of storage and diarizing the medical staff requires for its particular practice. The 12 million employees outlined above and the additional tens of millions of healthcare workers, who are in private practice, will need to use or convert their workstations to an EHR and EMB system, such as Caduceus MMS which will be priced competitively with the marketplace.
The need for technology and IT in healthcare is further substantiated by BCC Research in their January 2006 publication which states, “that BCC estimates the U.S. healthcare IT market size at $16.38 billion in 2005 and forecasts that it will grow to $18.5 billion in 2006. By 2011 it is expected to reach $34.7 billion in sales, a 13.4% AAGR. Of which, the hospital segment accounts for the larger portion of the market with 52.2% of sales in 2005, 51.4% in 2006 and 48.2% in 2011. The Physician/ home care/ nursing/ hospices sector will overtake hospitals by the end of the forecast period and will be worth 51.3% of the U.S. market by 2011. The highest growth appears in physicians, home care, nursing homes, and hospices. The market for this sector of the industry was worth more than $7.7 billion in 2005. By the end of 2006 it will grow to almost $8.9 billion and, at an AAGR of 15.0%, reach more than $17.8 billion by 2011.”
“The adoption of EHR is very receptive and there is lots of room for the industry to grow and expand. With many governments like the United Sates calling for a universal use of electronic health records (EHR), we are in the most exciting industry of this decade with extraordinary potential to make our software the premium EHR of EMB software of choice.” says Derrick Gidden, president of the Company.
Outside of the United States, the Company is targeting markets who have made a federal commitment to the EMB and EHR conversions; there are 20 more countries that we wish to enter: Australia, Austria, Belize, Canada, Croatia, Denmark, Estonia, Finland, France, Hong Kong, Japan, New Zealand, Netherlands, Norway, Saudi Arabia, Singapore, Spain, Sweden, Taiwan, Turkey, U.A.E., and the U.K.3 We will share more comprehensive research data and facts about the blossoming healthcare industries relevant to Caduceus via news release or posted on our website in the near future.
Caduceus Software Systems Corp. (www.caduceusco.com) is a software company that specializes in developing an all-in-one solution for private practitioners and doctors. We are in the healthcare information management industry. We are headquartered in the United Kingdom, specifically located in the metropolitan city of Birmingham. Our company was created as we saw an urgent need for better patient care throughout the world. General practitioners are using unsophisticated software which acts as a more administrative than acting as a time saving tool. We are called Caduceus, which is the well-known insignia used by medical professionals.
Safe Harbor Statement
All statements contained in this press release, other than statements of historical fact, are forward-looking statements, including those regarding: Caduceus Software Systems Inc. products, services, capabilities, performance, opportunities, development and business outlook, guidance on our future financial results and other projections or measures of our future performance; the amount and timing of the benefits expected from strategic initiatives and acquisitions or from deployment of new or updated technologies, products, services or applications; and other potential sources of additional revenue. These statements are based on our current plans and expectations and involve risks and uncertainties that could cause actual future events or results to be different than those described in or implied by such forward-looking statements. These risks and uncertainties include those relating to: lack of operating history, transitioning from a development company to an operating company, difficulties in distinguishing Caduceus Software Systems Inc. products and services, ability to deploy Caduceus Software Systems Inc. services and products, market acceptance of our products and services; operational difficulties relating to combining acquired companies and businesses; our ability to form and maintain mutually beneficial relationships with customers and strategic partners; changes in economic, political or regulatory conditions or other trends affecting the healthcare, Internet, information technology and healthcare and pharmaceutical industries, and our ability to attract and retain qualified personnel. Further information about these matters can be found in our Securities and Exchange Commission filings. We expressly disclaim any intent or obligation to update these forward-looking statements.
2. Pharmaceutical Research
Caduceus Software Systems Corp.
Derrick Gidden, 1-855-391-2615
KEYWORDS: United Kingdom Europe
INDUSTRY KEYWORDS: Technology Data Management Software Health Other Health