BIRMINGHAM, England--(BUSINESS WIRE)-- Caduceus Software Systems Corp. (OTCBB:CSOC) (the Company) is pleased to announce that it has updated its 2011 Spring and Summer analysis of the outlook of the healthcare information management industry and viability and feasibility research for the marketability of its software, Caduceus MMS.
The Company develops and sells Electronic Health Records (EHR) and Electronic Medical Billing (EMB) software. It aims to provide time-saving and cost-saving utilities to physicians and eliminates paper diarizing and paper notation of health records. After research, review of the Caduceus MMS software base and its extensibility and robustness capabilities, and doing preliminary interviews of prospective clients, the Company sees that it is well positioned to market its software among the leading Healthcare Information System currently offered.
Despite cutbacks on government spending throughout the world, developed nations are strongly supporting physicians and their clinics to digitizing their records into a EHR and EMB system.
The US Center for Disease Control and Prevention (CDC) states that 292,000 office-based doctors in the United States have not yet converted to using EHR software; 56 percent – still have not adopted an EHR system; 21 percent – basic EHR adoption; 17 percent – partial EHR adoption; and 6 percent – full EHR adoption. Of the 220,000 office-based doctors in the United States using some sort of health record system, only 4% are using fully functional versions.
The EHR and EMB sectors are blossoming, as there are incentives to convert these systems. The incentives have been given out starting May of 2011. The recent reports state that $75 million in first payments of the Medicare EHR Incentive Program were distributed on May 19th; providers offered flexibility in adopting e-prescribing. As of July 31st, the total of Medicare EHR Incentive Program payments is over $149 million.
EHR and EMB systems range in price from as little as $1000 and up to $250,000 per installation, depending on the sophistication, level of detail and intricacy of the billing, and whether it has special requirements on how to store, transmit and decipher incoming / outbound data. Nonetheless, storing the information in this manner is safe and can be replicated and transmitted far easier then paper notation.
There is federal support for EMB and EHR software adoption, and they are stating that all patient data needs digitization. The Nation Health Expenditure (NHE) for the United States grew 4.0% to $2.5 trillion in 2009, or $8,086 per person, and accounted for 17.6% of Gross Domestic Product (GDP). Medicare spending grew 7.9% to $502.3 billion in 2009, or 20 percent of total NHE. Medicaid spending grew 9.0% to $373.9 billion in 2009, or 15 percent of total NHE. Physician and clinical services expenditures grew 4.0% in 2009.
“We have seen all other industries digitize their records and procedures – ranging from auto manufacturing, food processing, and even non-critical sectors too. Healthcare Information has been very hard to convert mainly because of the sheer number of practitioners around the globe diarizing in their hand. They never needed to share or transmit this information before thus the majority of them felt there wasn’t a need to go digital. We are very pleased to see the government behind this initiative; being on a federal level, it raises awareness that there is indeed a need to share information digitally – not only for ease of transmission but in a secure and stable format that recognized on state and federal levels. I have no doubt in my mind that Caduceus Software, among other EMB and EHR softwares, will completely revolutionize the process of storing and processing sensitive health data in a cost-savings and deliver the information in an accurate manner,” says Derrick Gidden president of the Company.
The figures and statistics cited above come from reputable sources and can be found here:
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 more administrative than acting as a time saving tool. We are called Caduceus, which is the well-known insignia used by medical professionals.
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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.
Derrick Gidden, 1-855-391-2615
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