Acquisition extends NextGen Healthcare's Inpatient Solutions to Hospital Emergency Departments
Quality Systems, Inc. (NASDAQ: QSII), announced today the acquisition of The Poseidon Group, Inc. to support the growth of its NextGen® Inpatient Solutions offering, which provides a range of healthcare information technology services to small hospitals.
Founded in 1998 by emergency department physicians, The Poseidon Group of Atlanta is a leading provider of emergency department documentation and web-based electronic medical record (EMR) solutions, serving hospital emergency departments with both large and small volumes across the U.S.
The acquisition will enable NextGen Inpatient Solutions to extend its suite of solutions and footprint across hospitals by leveraging The Poseidon Group's Emergency Department Information System (EDIS) and integrating the solution into NextGen Healthcare's current product offerings. It also demonstrates NextGen Healthcare's commitment to continue to add value and provide advanced solutions for its growing hospital business.
The Poseidon Group's Navigator solutions, Navigator PC™ and NavigatorWeb™, are used in emergency departments throughout the U.S. Navigator PC is an application designed to start emergency department staff on the migration path to an EMR while NavigatorWeb is a comprehensive, web-based EDIS. The end-to-end and modular solutions can be seamlessly integrated with existing hospital systems' platforms; delivering consistent high-level documentation, shared knowledge and a free flow of information to healthcare providers, while helping to reduce medical errors and increase the quality of patient care.
Upon completion of the acquisition, which closed on May 1, 2012, Carr Scott and W. Kyle Taylor, The Poseidon Group chief operating officer and chief technology officer, respectively, will assume senior roles within NextGen Healthcare. The Poseidon Group's President and founder, Jeff Oyler, will serve in a strategic consulting role centered around healthcare technology transformation.
"With the integration of Poseidon's EDIS into NextGen Healthcare's current product offerings, hospitalists will be well-positioned to offer a higher level of service, quality and capabilities to their patients," said Carr Scott, chief operations officer for The Poseidon Group. "Our combined portfolio will enable hospital systems to implement a solution that increases efficiency and improves patient safety across the continuum of care."
"This acquisition provides our clients additional value by extending our hospital suite portfolio of advanced solutions to the Emergency Department. This product along with our surgical services suite will help support our rapid growth upward into the community hospital market," said Steve Puckett, executive vice president of NextGen Healthcare Inpatient Solutions. "It will also provide existing Poseidon clients with access to our complete portfolio of hospital products and services. We believe this acquisition will further strengthen our capabilities, expand our client base and position NextGen Healthcare Inpatient Solutions for continued growth, as we work to meet the needs of hospitals and their patients."
About The Poseidon Group, Inc.
The Poseidon Group, Inc. is focused on addressing the needs of healthcare providers by providing documentation and web-based EDIS solutions to the healthcare industry. The Poseidon Group's end-to-end and modular solutions can be integrated with existing hospital systems, and help to deliver shared knowledge and free flow of information to healthcare providers; increased patient satisfaction; consistent high-level documentation; reduction of medical errors; compliance with Joint Commission on the Accreditation of Healthcare Organizations (JCAHO), Center for Medicare and Medicaid Services (CMS), and Health Insurance Portability and Accountability Act (HIPAA); increased employee loyalty/morale, and automated data analysis. For more information, visit www.poseidongroup.com.
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.
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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.
Copyright © 2012 Quality Systems, Inc. All rights reserved.
NextGen is either a registered trademark or trademark of NextGen Healthcare Information Systems, Inc. in the United States and/or other countries.
Contacts:
Quality Systems, Inc.
Susan J. Lewis, 303-804-0494
slewis@qsii.com
