Acquisition Expands Electronic Data Interchange Services for Inpatient Market
IRVINE, Calif.--(BUSINESS WIRE)-- Quality Systems, Inc. (“QSI”) (NASDAQ: QSII), a leading provider of healthcare information systems and connectivity solutions, today announced that it has entered into an agreement to acquire ViaTrack Systems, a developer and provider of information technologies that enhance electronic data interchange (EDI) offerings.
ViaTrack has been a long-time EDI preferred partner of QSI’s wholly owned subsidiary, NextGen Healthcare, during which time it delivered proactive, reliable and personalized electronic claim services to clients nationwide. ViaTrack will become part of QSI, continuing to support NextGen Healthcare’s ambulatory clients, while also allowing NextGen Healthcare to leverage ViaTrack’s infrastructure and technical expertise to offer full EDI services to its inpatient clients.
The acquisition of ViaTrack Systems allows NextGen Healthcare to accomplish its goal of expanding support for the inpatient EDI market and strengthen its ability to quickly respond to changes in the industry.
“The acquisition of ViaTrack will further expand our portfolio of inpatient solutions and demonstrates our commitment to supporting the hospital market through 5010, ICD-10, HIPAA and other key industry initiatives,” noted Donn Neufeld, executive vice president, EDI and dental at Quality Systems. “We look forward to continuing to strengthen the relationships we have forged with our ambulatory clearinghouse partners, which, combined with this acquisition, afford us the ability to deliver a complete approach to EDI services across the continuum of care.”
Allen Baker, ViaTrack president, added: “We are very excited about joining the QSI family and look forward to the development of many new features for our inpatient solutions clients. As in the past, we will continue to provide superior clearing house services for our existing clients with many new state-of-the-art features planned.“
Augusta, Ga.-based ViaTrack is a developer of information technologies that provide unparalleled EDI services to the healthcare industry. Its comprehensive solutions simplify and improve the administrative side of patient care.
Irvine, Calif.-based Quality Systems, Inc. and its NextGen Healthcare subsidiary develop and market computer-based practice management, electronic health records and revenue cycle management applications as well as connectivity products and services for medical and dental group practices and small hospitals. Visit www.qsii.com and www.nextgen.com for additional information.
SAFE HARBOR PROVISIONS FOR FORWARD-LOOKING STATEMENTS
This news release may contain forward-looking statements within the meaning of the federal securities laws. Statements regarding future events, developments, the Company's future performance, as well as management's expectations, beliefs, intentions, plans, estimates or projections relating to the future (including, without limitation, statements concerning revenue and net income), are forward-looking statements within the meaning of these laws and involve a number of risks and uncertainties. Management believes that these forward looking statements are reasonable and are based on reasonable assumptions and forecasts, however, undue reliance should not be placed on such statements that speak only as of the date hereof. Moreover, these forward-looking statements are subject to a number of risks and uncertainties, some of which are outlined below. As a result, actual results may vary materially from those anticipated by the forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: the volume and timing of systems sales and installations; length of sales cycles and the installation process; the possibility that products will not achieve or sustain market acceptance; seasonal patterns of sales and customer buying behavior; impact of incentive payments under The American Recovery and Reinvestment Act on sales and the ability of the Company to meet continued certification requirements; the development by competitors of new or superior technologies; the timing, cost and success or failure of new product and service introductions, development and product upgrade releases; undetected errors or bugs in software; product liability; changing economic, political or regulatory influences in the health-care industry; changes in product-pricing policies; availability of third-party products and components; competitive pressures including product offerings, pricing and promotional activities; the Company's ability or inability to attract and retain qualified personnel; possible regulation of the Company's software by the U.S. Food and Drug Administration; uncertainties concerning threatened, pending and new litigation against the Company including related professional services fees; uncertainties concerning the amount and timing of professional fees incurred by the Company generally; changes of accounting estimates and assumptions used to prepare the prior periods' financial statements; general economic conditions; and the risk factors detailed from time to time in the Company’s periodic reports and registration statements filed with the Securities and Exchange Commission. A significant portion of the Company's quarterly sales of software product licenses and computer hardware is concluded in the last month of the fiscal quarter, generally with a concentration of such revenues earned in the final ten business days of that month. Due to these and other factors, the Company's revenues and operating results are very difficult to forecast. A major portion of the Company's costs and expenses, such as personnel and facilities, are of a fixed nature and, accordingly, a shortfall or decline in quarterly and/or annual revenues typically results in lower profitability or losses. As a result, comparison of the Company's period-to-period financial performance is not necessarily meaningful and should not be relied upon as an indicator of future performance. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
KEYWORDS: United States North America California Georgia
INDUSTRY KEYWORDS: Technology Data Management Hardware Software Practice Management Health Dental Hospitals Other Health Managed Care