From: VisualMED Clinical Systems Corp.
Contact: VisualMED
Alan Prevost, Director of Communications
Tel.: (514) 274-1272
INCREASED MARKET DEMAND FOR VISUALMED CLINICAL SYSTEM
VisualMED receives significant requests for information from hospitals looking to deploy a clinical information system.
Montreal, August 21, 2003 - VisualMED Clinical Systems Corp. (NASDAQ OTCBB: VSMD) announces that according to reliable industry sources, some 418 hospitals throughout the United States are in the market for the immediate purchase of a clinical information system, or CPOE, featuring the very same functionalities that VisualMED's system offers. Further attesting to this trend, many of these hospitals have already sought a Request For Information from VisualMED.
"It would appear that the market is finally responding to the IOM report on adverse drug reactions, new legislation, and pressure from the Leapfrog group," says Gerard Dab, Chairman of the Board, adding that "American hospitals are under increasing pressure to contain cost while reducing medical errors, all the while having to cope with the demographic time-bomb of an aging population."
These factors explain that for the first time ever, the deployment of expert clinical management systems has become a priority for many hospitals. In a recent poll by the Hospital Information and Management Systems Society (HIMSS) of hospital Chief Information Officers, 68% of respondents ranked CPOE as the single most important technology they are looking at. Yet, in a similar poll last year, none of the CIOs ranked CPOE as their top-most priority.
For the first time, HIMSS has just published a set of criteria as to what constitutes an electronic health record (EHR). This set of criteria points the way to a complete, integrated electronic patient record, and calls for a new generation of clinical healthcare informatics products. VisualMED's system is one such new product; a newly-developed, state-of-the-art electronic patient record that includes both CPOE and other charting tools. VisualMED is currently in the process of implementing its complete system at Physician Hospital in El Paso, Texas, a brand-new, state-of-the-art hospital, in which all clinical functions will be fully automated.
In Canada, VisualMED responded to three requests for proposals in the province of Quebec, and is currently in the process of drafting proposals for more than six other hospitals in Quebec and Ontario. Major requests for province-wide proposals are under way in the provinces of Newfoundland and Alberta.
In Australia, a similar initiative is underway in the state of Victoria, following a commitment by the government to inject $48 million to promote electronic prescriptions in hospitals.
As a result, the Company expects to have three more signed contracts by the end of calendar year 2003.
To better reply to some of these opportunities, VisualMED has created a partnership with suppliers of complimentary systems in the fields of medical imaging, pharmaceutical inventory and electronic scanning of old paper-based records. Included in this partnership are financial institutions that offer complete financing of purchase, leasing or long-term financing for hospitals that choose to acquire the system on a pay-per-use basis.
The VisualMED solution compares very favourably against its closest competition in the areas of speed, user-friendliness, time to install and price. In a report commissioned by the Leapfrog Group (www.leapfroggroup.org) on CPOE vendors in the Healthcare Information Technology marketplace, nine clinical decision support criteria were proposed and evaluated by First Consulting Group. The VisualMED Clinical System was found to have rich functionality in 100% of the categories reviewed, a claim that could only be made by an additional two of the thirteen vendors evaluated.
VisualMED Profile
VisualMED Clinical Systems Corporation (www.vmedsys.com) is publicly traded over the counter on Pink Sheets (VSMD). It develops and distributes software solutions for clinical medicine and related areas of the healthcare market and has facilities in Montreal.
The VisualMED clinical system is actively distributed in Canada and the United States. The company has also signed a distribution deal with Visual Healthcare based in Australia to distribute its clinical information System in Australia, New Zealand and Singapore.
Forward-Looking Statements
Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of the Company. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. Such factors may include, without excluding other considerations, fluctuations in quarterly results, evolution in customer demand for the Company's products and services, the impact of price pressures exerted by competitors, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.
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