IDX Systems Corporation reaches agreement with MED3OOO
BURLINGTON, VT (Dec., 2001) - IDX Systems Corporation (NASDAQ: IDXC), a leading healthcare information systems company has signed an agreement that will give MED3OOO Group, Inc., one of the country's largest privately-held practice improvement companies, the ability to utilize IDX's group practice management software to service MED3OOO's client base.
IDX GPMS™ (Group Practice Management System) is designed to streamline patient flow and business processes including scheduling, billing and accounts receivable, referral management, and relational reporting functionality for the group practice marketplace. MED3OOO was established to develop and deliver value-added services and practice improvement applications to physicians, hospitals, and other healthcare providers. By combining a professional staff, experienced in the day-to-day operations of a practice or Independent Physician Association (IPA), with an information services team that excels in identifying, implementing and operating software applications that meet the specific needs of its physician clients, MED3OOO is able to bridge the widening technology knowledge gap between provider organizations that need help with the growing complexity of the business of healthcare and healthcare information system vendors.
"We credit a large part of our success in increasing the efficiency and revenue of our managed practices to our ability to utilize the industry's leading workflow products in a manner that is best suited to the day-to-day operations of a physician practice. GPMS is a proven, state of the art solution for healthcare providers and is widely used by hospitals that employ physicians - a market segment on which MED3OOO continues to focus. We are excited both by the growth opportunities that this agreement with IDX present, and with IDX's willingness to work with us so that MED3OOO's proprietary practice improvement applications can be used to generate key indicator reports and practice improvement plans for practices that utilize GPMS," said Patrick V. Hampson, president and chief executive officer of MED3OOO.
The agreement is expected to expand the reach of GPMS into a broader segment of the group practice marketplace and facilitate the transition process for MED3OOO physician clients currently using GPMS.
"The agreement with MED3OOO will further extend our reach into the group practice management marketplace," said James H. Crook, Jr., president and chief operating officer of IDX. "The agreement is a strong fit for both companies. Both MED3OOO and IDX are driven by a desire to improve the quality of patient service, while at the same time reducing the cost of care."
About MED3OOO
Headquartered in Pittsburgh, Pennsylvania, MED3OOO Group, Inc., provides practice improvement through evidence-based management and technology.
MED3OOO provides services through Regional Operations Centers which deliver a full range of integrated practice management and improvement services to over 250 providers who receive a full range of integrated practice management and improvement services; over 550 providers who receive consulting, billing and collections, or information systems support services; and 5 IPAs, with an additional 1,800 physicians, who receive a complete range of fully-delegated management services covering 150,000 capitated lives.About IDX Systems Corporation Founded in 1969, IDX Systems Corporation provides information technology solutions to maximize value in the delivery of healthcare, improve the quality of patient service, enhance medical outcomes, and reduce the costs of care. IDX supports these objectives with a broad range of complementary, functionally rich, and highly integrated products installed at 2,600 client sites. Customers include 120,000 physicians who utilize practice management systems to improve patient care and other workflow processes. IDX Systems are installed at: * 320 Integrated Delivery Networks (IDNs) representing more than 500 hospitals * 260 large group practices with more than 100 physicians * 500 small and mid-size group practices with less than 100 physicians
The IDX web strategy includes browser technology, e-commerce and web-based tools -- built using Internet architecture -- that facilitates access for patients, physicians and care providers to vital health information and data managed by the IDX clinical, administrative, financial, and managed care products. EDiX Corporation, an IDX subsidiary, offers medical transcription and clinical documentation services to physicians groups and hospital customers. IDX has 4,452 full-time employees.
GPMS and IDX are trademarks of IDX Systems Corporation.
This press release contains forward-looking statements about IDX Systems Corporation that involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are difficulties in implementing systems, possible deferral, delay or cancellation by customers of computer system purchase decisions, possible delay of system installations, development by competitors of new or superior technologies, changing economic, political and regulatory influences on the healthcare and Internet industries, changes in product pricing policies, general economic conditions and regulatory developments in the healthcare industry, and factors detailed from time to time in IDX's periodic reports and registration statements filed with the Securities and Exchange Commission, which important factors are incorporated herein by reference. IDX undertakes no obligation to update forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events, or changes in future operating results, financial condition or business over time.
