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.
About
Quality Systems, Inc.
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.
Quality Systems, Inc.
Paul Holt, CFO, 949-255-2600
pholt@qsii.com
or
Susan
J. Lewis, 303-804-0494
slewis@qsii.com
Source: Quality Systems, Inc.
News Provided by Acquire Media
