Optimed Update
March 8, 2005 (QHR – TSX Venture Exchange) Mr. Al Hildebrandt, President and CEO of the Company, wishes to update the status of its wholly owned subsidiary Optimed Software Corporation (“Optimed”).
Optimed was formed in April 2004 to acquire Accuro from its developer, Optimedirect Software Corp. At that time, Accuro was a new software technology that was being designed to meet the stringent requirements of the emerging Electronic Medical Records (“EMR”) initiatives of the Government of Canada and the Province of Alberta. This was an emerging market segment that management felt it could exploit on behalf of the shareholders of QHR.
After acquisition, the Accuro software was further developed and enhanced during 2004 to become an approved EMR product in Canada. In addition, product delivery capability and customer service infrastructure were implemented in Optimed by QHR.
Accuro has been developed into a powerful integrated suite of medical software modules capable of improving the quality of the operational environment of Specialist Physicians and Surgeons. Version 2.0 features uniquely configured functions for operating room administration, patient scheduling requirements, clinical research data management, patient billings and other general administrative functions. It has been primarily designed to improve the effectiveness of administration while providing cost efficiencies to most medical practices.
The Company has invested approximately one million dollars to date bringing this opportunity to fruition. The target market is large and in Canada there are approximately 60,000 physicians and specialists. Full commercial marketing commenced in the fourth quarter of 2004 and Optimed had 61 clients by the fiscal year ending December 31, 2004. Since the year end physicians have begun to embrace and adopt Accuro with greater frequency as marketing initiatives are implemented. In 2005, the client base has grown to over 100 physicians allowing Optimed to begin to build its cash flows to a level that will not require the financial assistance of QHR.
For a more 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.
