Customer and Product Expansions Contribute to Banner Year
BOSTON, March 18, 2008 — MedAptus(R), the leading provider of point-of-care charge capture technologies, today announced a 70 percent increase in year-over-year revenue for 2007. While the company has consistently achieved yearly revenue growth, 2007 stands as MedAptus' most productive year to date largely due to competitive customer wins, exceptional customer satisfaction and new product introductions.
Kentucky Medical Services Foundation (KMSF), the faculty practice plan for the highly regarded University of Kentucky Medical Center and the College of Medicine, was among MedAptus' new Professional Charge Capture customers in 2007. MedAptus was selected for KMSF's clinician base of more than 600 providers after the group completed a comprehensive vendor evaluation that included site visits to academic centers using the MedAptus solution.
Nassau Health Care Corporation (NHCC) also selected MedAptus' Professional Charge Capture upon concluding a detailed, competitive RFP review process. NHCC sought charge capture automation to address challenges stemming from paper-based coding and billing workflows at Nassau University Medical Center, where more than 200 faculty clinicians practice.
Beyond major new customer wins, MedAptus also experienced additional commitments from existing customers. Lahey Clinic Medical Center, a Professional Charge Capture customer since 2001, went live with MedAptus' Facility Charge Capture offering, which the organization also helped develop. The solution supports collaborative management and reconciliation of facilities charges, procedures, materials and medications.
Other customers that expanded their MedAptus adoption include The University of Texas M. D. Anderson Cancer Center and New York University Medical Center. M. D. Anderson now has over 450 providers using Professional Charge Capture, while New York University deployed the solution to physicians at its prestigious new Trinity Centre in lower Manhattan, as well as finalized plans for a fourth-phase of system rollout. This organic growth in such academic settings illustrates MedAptus' commitment to producing high-quality software backed by excellent customer service.
As for new product introduction, MedAptus, in collaboration with world-class Dana-Farber Cancer Institute, released the Infusion Services Module, a unique capability that extends MedAptus' revenue-enhancing Facility Charge Capture solution. The Module supports compliant capture of infusion services and related charges, which typically involve complex billing regulations that do not easily lend themselves to paper-based coding processes. For the 120 infusion nurses at Dana-Farber using the tool, which was implemented in less than 90 days, there is now more time to focus on patient care as a result of less time spent on paperwork.
In order to meet increased customer demand as well as effectively communicate new offerings to the hospital market, MedAptus itself grew by 20 percent in 2007, securing top industry talent to enhance, sell, install and support its revenue cycle suite of applications. This growth, measurable on all fronts, is what attracted Douglas R. Percy to MedAptus as the company's new president and chief executive officer.
"I joined MedAptus with over 25 years of experience leading software and health information technology companies and rarely have I seen such a tremendous culture of dedication and passion. MedAptus is a company that is serious about customer satisfaction, innovation, and real results – this is the combination that delivered our most successful year on record and will serve as the foundation for a productive 2008," said Douglas Percy, president and CEO of MedAptus. "Though 2007 was a banner year, we have already moved forward and are taking steps towards our mission of becoming the gold standard for revenue cycle management. It is our desire to have all others in our space measured against our customer-centric reputation and an unparalleled ability to deliver."
About MedAptus Corporation
MedAptus provides point-of-care technologies that are easy to use, deliver demonstrable returns, and leverage an organization's current information technology investments. MedAptus' Revenue Cycle Management suite of products includes both Professional and Facility Charge Capture; the company also offers complementary clinical applications such as Dictation, Clinical Content, Electronic Prescribing, and Clinical Results. Enterprises that have deployed MedAptus solutions have realized millions of dollars in increased revenue, improved organizational productivity, and enjoyed enthusiastic user adoption. For more information, visit http://www.medaptus.com or call 617.523.1221.
MedAptus Contact:
Jennifer Crowley
p. 617.896.4030
Email