Optimed VCUR Approval
June 1, 2004 (QHR – TSX Venture Exchange) Mr. Al Hildebrandt, President and CEO of the Company, is pleased to announce that its wholly owned subsidiary, Optimed Software Corporation (“Optimed”), has completed testing and received approval for its AccuroTM software as required under the stringent guidelines of the Vendor Conformance and Usability Requirements (“VCUR”) in the Province of Alberta.
This is an important milestone for the Company. AccuroTM will now be included on the official product list issued by the Physician Office System Program (“POSP”) in Alberta. This qualifying list identifies for potential customers all software systems designed for medical office use that have been thoroughly tested and approved by the POSP. Under a technology initiative covered in a master agreement between the Alberta Medical Association, Alberta Health and Wellness organization and Alberta’s Regional Health Authorities, POSP provides $65 million in annual financial assistance to physicians (up to $7,700 per physician per annum for four years) to offset the cost of technological upgrades that will improve healthcare efficiency and delivery.
The approval of AccuroTM combined with the financial assistance from POSP provides Optimed with a solid marketing platform to sell and deliver AccuroTM products that feature powerful medical software modules using the latest technological tools. It is specifically designed to improve the quality of the operational work environment of Physicians, Medical Specialists and Surgeons while delivering administrative productivity gains and cost savings through computer automation. The products deliver uniquely configured functional tools for billings and general administrative functions, patient scheduling, electronic medical records (“EMR”), clinical research data management, and private operating room administration.
The market opportunity for AccuroTM covers nearly 60,000 prospective Physician clients in Canada with approximately 5,000 potential customers in Alberta. Approximately 50% of these are Medical Specialists who are the initial focus of the marketing and development plan.
Governments in conjunction with Canada Info Health are funding a $1.2 billion investment in national and provincial Electronic Health Records (“EHR”) initiatives nationwide. It is focused on the collection of data to support regional, provincial and national EHR initiatives. Current competitors tend to be smaller organizations concentrating on regional or segmentedmarketsandnotonanationalsolutionascontemplatedbyCanadaInfoHealth. Competitiveproductstendtobe based on outdated DOS billing systems and lack the advantages of up-to-date technologies. AccuroTM is well designed to successfully compete in this emerging market and can deliver a uniform software solution across Canada.
For a complete business and financial profile of the Company, management encourages interested parties to visit the Company’s website, www.QHRtechnologies.com.
On behalf of the Board of Directors
Al Hildebrandt President & Chief Executive Officer
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
