ScovilleUnits
16 years ago
Contract w/Fremont-Rideout Health Group for Revenue Cycle and Health Information Management (HIM) Solutions
Monday , March 23, 2009 08:22ET
RESTON, Va., Mar 23, 2009 (BUSINESS WIRE) -- QuadraMed (NASDAQ: QDHC) today announced that Fremont-Rideout Health Group (FRHG) chose QuadraMed Revenue Cycle and Quantim(R) Health Information Management (HIM) solutions to streamline their revenue collection process, improve clinical workflow, and leverage business intelligence and real-time reporting to help maximize operational efficiencies.
"After an in-depth evaluation of existing and new vendors, we selected the clear market leader in revenue cycle management and HIM -- QuadraMed," said Tarun K. Ghosh, CIO at FRHG, a not-for-profit health system based in Yuba City and Marysville, Calif., which includes three acute care hospitals. "We determined that QuadraMed was the only vendor offering a scalable, integrated revenue cycle package that met our needs and requirements of our patient access, health information management and patient accounting departments."
FRHG will begin deployment of the QuadraMed Revenue Cycle and Quantim solution suites this month and plans to "go live" in July 2010. The QuadraMed systems will replace existing applications from Allscripts-Misys Healthcare Solutions, Inc. and 3M Health Care.
Added Ghosh, "QuadraMed's robust, high-performance revenue cycle and health information management systems provide us with the tools to effectively address reimbursement challenges while supporting our growing investment in electronic medical records. Together, these solutions help enable us to deliver an even higher level of patient- and community-centered care while achieving strong financial performance."
FRHG also chose QuadraMed because its solutions uniquely feature a built-in encoder. "The built-in encoder spares us from having to buy, support and interface a separate application, which would have been the case had we selected another vendor," Ghosh added.
"Consistently recognized for its clinical excellence, FRHG leverages the best technology and services in the market to further enhance their high-quality care and patient experience," said Keith Hagen, QuadraMed's president and CEO. "This client win validates QuadraMed's strong position in the revenue cycle and HIM market as we continue to invest in and develop the industry's most advanced solutions, enabling hospitals and health systems to transform quality care into positive financial outcomes."
About Fremont-Rideout Health Group
Fremont-Rideout Health Group (FRHG) is a not-for-profit health system dedicated to providing exceptional quality healthcare and a healing environment for everyone in its community. The health system, which is headquartered in Yuba City and Marysville, Calif., includes three acute care hospitals, three extended care facilities, a surgical center, home health, hospice and occupational health clinics. For more information about FRHG, please visit http://frhg.org/
http://www.knobias.com/story.htm?eid=3.1.94916909cc1cbffeb73ae4d43fa1f83b0f7844872ccbec90bd033ff0dcaab7e1
ScovilleUnits
16 years ago
Announces Preliminary 2008 Revenue and Adjusted Non-GAAP EBITDA
Monday , February 09, 2009 09:00ET
RESTON, Va., Feb 09, 2009 (BUSINESS WIRE) -- QuadraMed Corporation (NASDAQ: QDHC) announced today that revenue for the fiscal year 2008 will be slightly above the $146 million to $149 million guidance range provided during the November 6, 2008 quarterly earnings call. Further, the Company expects Adjusted Non-GAAP EBITDA will be in the range of 12%-13% of revenue, significantly exceeding the $15.8 million minimum target that was also discussed during that call. The adjustments for Non-GAAP EBITDA include non-cash compensation, cash severance expense recorded during the six months ended June 30, 2008 and the onetime loss on the sale of the Company's lab and radiology assets recorded during the three months ended June 30, 2008.
"2008 was a very successful year for QuadraMed, with top-line revenue growth of approximately 9%, resulting from the QCPR business acquired in September 2007 and an Adjusted Non-GAAP EBITDA margin expected to be approximately 100 basis points higher year over year. During the year, we signed contracts with five Affinity clinical system customers for migration to QCPR. In addition, several existing QCPR clients made commitments to expand their use of the product, and we also signed a new name QCPR contract. These deals bring the total number of hospitals which have contracted to install the full QCPR electronic medical record system to fifteen since we acquired the product sixteen months ago," said Keith Hagen, QuadraMed's President and Chief Executive Officer.
"As we begin 2009 the HIT industry will face many unknowns. The world-wide financial crisis will impact hospital spending, while the final government economic stimulus plan could be a boon for the industry. In either case, approximately two-thirds of our revenues are produced by recurring maintenance and term license contracts, and a large percentage of our 2009 revenue is expected to be generated by this recurring base, our project backlog, and our broad set of products and services," concluded Hagen.
QuadraMed expects to report its full 2008 financial and operating results and host an investor conference call in early March.
About Adjusted Non-GAAP EBITDA and other Non-GAAP Measurements
The Company's use and presentation of the terms EBITDA, Adjusted Non-GAAP EBITDA and other Non-GAAP Measurements included in this and other press releases during 2008 and 2007 annual and quarterly reporting periods, and the reconciliations of those items to the most directly comparable reported GAAP financial measure with equal or greater prominence as the Non-GAAP financial measures, have been prepared in direct response to questions from its investors and other interested parties. Although the Company has frequently discussed these reconciling items when they occur, both in its filings as well as in investment community conference calls that are open to the public at large, many inquiries are still made as to the nature of these items, and the impact of removing these items from the GAAP financial results. As a result, the Company believes it is important to provide these reconciliations, so that the requesting investors will not have to perform the arithmetic themselves and so that all interested parties will benefit from the disclosures and reconciliations, through a straightforward and unambiguous presentation. The Company believes that the use and presentation of the terms EBITDA, Adjusted Non-GAAP EBITDA and the other Non-GAAP financial measures is useful because it allows readers of its financial information to evaluate its performance for different periods on a more comparable basis by excluding items that are unique in nature such as non-cash compensation, or do not relate to the ongoing operation of its core business. The items presented in calculating Adjusted Non-GAAP EBITDA and other Non-GAAP reconciliations during 2008 and 2007 annual and quarterly periods represent specific events or items, including the following:
-- Cash Severance - costs associated with restructuring and downsizing of the Company's employee base during the three-month periods ended March 31, 2008, and in connection with the sale of the Company's Australian-based lab and radiology assets in April 2008 (see Loss on Sale of Assets);
-- Loss on Sale of Assets - a one-time loss for accounting purposes recorded in connection with the Company's April 2008 sale of its Australia-based lab and radiology business, with operations in Australia, New Zealand and the United Kingdom;
-- Non-Cash Compensation - the costs of employee stock options and restricted stock.
About QuadraMed Corporation
QuadraMed Corporation advances the success of healthcare organizations through IT solutions that leverage quality care into positive financial outcomes. QuadraMed provides real world solutions that help healthcare professionals deliver outstanding patient care efficiently and cost effectively. Behind the Company's products and services is a staff of 600 professionals whose experience and dedication have earned QuadraMed the trust and loyalty of clients at over 2,000 healthcare provider facilities. For more information about QuadraMed, visit http://www.quadramed.com.
Cautionary Statement on Risks Associated with QuadraMed Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 by QuadraMed that are subject to risks and uncertainties. The words "believe," "expect," "anticipate," "intend," "plan," "estimate," "may," "should," "could," and similar expressions are intended to identify such statements. Forward-looking statements are not guarantees of future performance and are to be interpreted only as of the date on which they are made. QuadraMed undertakes no obligation to update or revise any forward-looking statement except as required by law. QuadraMed advises investors that it discusses risk factors and uncertainties that could cause QuadraMed's actual results to differ from forward-looking statements in its periodic reports filed with the Securities and Exchange Commission ("SEC"). QuadraMed's SEC filings can be accessed through the Investor Relations section of our website, www.quadramed.com, or through the SEC's EDGAR Database at www.sec.gov (QuadraMed has EDGAR CIK No. 0001018833).
QuadraMed is a registered trademark of QuadraMed Corporation. All other trademarks are the property of their respective holders.
SOURCE: QuadraMed Corporation
QuadraMed Corporation
Investor Relations
David L. Piazza, 703-742-5393
InvestorRelations@quadramed.com
Copyright Business Wire 2009
ScovilleUnits
16 years ago
8K…VA Renews Contract for $23.4 Million
The Department of Veterans Affairs Awards $23.4 Million Contract to QuadraMed for HIM and Revenue Cycle Management Technology
RESTON, Va. – Dec. 15, 2008 – QuadraMed® Corporation (NASDAQ: QDHC) today announced that the Department of Veterans Affairs has renewed its annual Task Order contract under its existing Blanket Purchase Agreement, with a value of $23.4 million for the current option period, which represents an increase of 7% over the value of the prior year’s award. This renewal includes the term license for QuadraMed’s Encoder Product Suite (EPS), and for related training services for all Veterans Affairs (VA) medical centers nationwide during the government’s 2009 fiscal year (FY09). All VA medical centers have been licensed to use QuadraMed EPS since 2005 under the current BPA.
QuadraMed EPS is a comprehensive VistA-integrated Health Information Management (HIM) and Revenue Cycle Management solution that enables VA medical centers to enhance workflow through efficient inpatient and outpatient coding, compliance, claims editing and revenue cycle management.
“VA medical centers continue to lead the nation in delivering high quality, cost-effective care by leveraging the latest innovations in healthcare technology,” said Keith Hagen, QuadraMed President and CEO. “The VA’s renewal for FY09, and its ongoing commitment to QuadraMed technology since 2005, demonstrates the tangible value that it derives from our solutions. We are pleased to continue this strong partnership and look forward to a productive 2009.”
The $23.4 million Task/Delivery Order includes annual term software licenses of $19.9 million, providing an increase of approximately $1.6 million in FY09 over FY08 contracted license fees, and services of $2.6 million for the government’s fiscal year 2009 which will end on September 30, 2009. The Task/Delivery Order also provides for approximately $900,000 for travel expenses for the provision of such services.
VA Renews Contract with QuadraMed for $23.4 Million Page 1
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QuadraMed solutions provide the following valuable functionality to the VA medical center network:
• Increased data integrity and productivity through coding wizards, real-time compliance monitoring, and customizable billing and coding edits
• Electronic work assignment
• Customizable reporting for inpatient and outpatient encounters
• CMS 1500 and UB 04 claims scrubber
• Communication tools supporting interdepartmental efficiency and encounter workflow
• Proven QuadraMed integrated HIM technology
The QuadraMed EPS solution integrates key clinical elements through the VA’s clinical packages and CPRS with revenue cycle coding and billing tools, as part of an integrated healthcare information system.
QuadraMed’s valued subcontractors include DSS, Inc., MEGAS, and Unicor, with their VistA-integration utilities, case assignment, reporting, claims auditing and professional fee coding tools. For information about all QuadraMed products and related services, visit www.quadramed.com or call 800-393-0278.
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=6029488
ScovilleUnits
16 years ago
David L Piazza to continue as CFO
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=5875559
The Company had previously announced on August 8, 2008 that Mr. Piazza provided the Company with notice of his resignation, to be effective at the end of August 2008, as reported on the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission (the “SEC”) on August 12, 2008. Subsequently, Mr. Piazza informed the Company’s Board of Directors (the “Board”) of his desire to withdraw his resignation. On September 9, 2008, the Board determined that it was in the best interests of the Company and its shareholders to reinstate Mr. Piazza as the Company’s Chief Financial Officer, Executive Vice President, Corporate Secretary and Treasurer.
Upon Mr. Piazza’s reinstatement, he will continue to serve under the terms and conditions of the Employment Agreement, dated August 10, 2005 between the Company and Mr. Piazza, as amended on March 26, 2008 (collectively, the “Employment Agreement”), and the Employee Confidentiality, Inventions and Non-Competition Agreement, between the Company and Mr. Piazza, executed on October 7, 2003. No changes to these agreements are being made in connection with Mr. Piazza’s reinstatement.
ScovilleUnits
16 years ago
Piazza, CFO, ExecVP, Corp Sec & Treasurer Resignation
8-K... http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=5826622
On August 8, 2008, the Company announced that David Piazza, the Company’s Chief Financial Officer, Executive Vice President, Corporate Secretary and Treasurer, has provided the Company with notice of his resignation, to be effective August 29, 2008. Mr. Piazza has served as Chief Financial Officer since August 2005. Mr. Piazza has accepted a position as chief operating officer of a private software company in Northern Virginia, and his resignation is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
Onward Thru the Fog!!
Scov
ScovilleUnits
17 years ago
R/S Chicken Sh$ts
8-K today Monday 7-16 that the 1-5 R/S went into effect last Friday 7-13 at 5PM. No prior notice given whatsoever.
Top of page 3... http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=5730151
(d) Reverse Stock Split. As of 5:00 P.M. (Eastern Daylight Time) on June 13, 2008 (the “Effective Time”), each issued and outstanding share of the Corporation’s Common Stock, par value $0.01 per share, (the “Pre-Split Common Stock”) shall be, and hereby is, automatically reclassified as and changed into one-fifth (1/5) of a share of Common Stock, par value $0.01 per share (the “Post-Split Common Stock”). No fractional shares shall be issued.
Safe to take a position here?
‹(•¿•)›
vantillian
17 years ago
no, no more questions. I'd just feel alot more comfortable if they told us what they were gonna do with all those shares they buyback. Some legitimate companies actually RETIRE shares to demonstrate goodwill to shareholders and establish their strong cash-on-hand position.
However, with the recent SELLING by the CEO...it makes me think he wants the PPS to go lower so he can buyback his shares only to SELL them again after a promotion (i.e. stock awareness campaign). I mean, all we can look at is past history. Numbers don't lie.
Nov 23, 2007 KLEIN JAMES R
Officer direct Sell 2.1100 19,800
Nov 21, 2007 KLEIN JAMES R
Officer direct Sell 2.1500 200
Aug 17, 2007 KLEIN JAMES R
Officer direct Sell 2.4800 15,000
Aug 14, 2007 KLEIN JAMES R
Officer direct Sell 2.5000 35,000
vantillian
17 years ago
An area of concern IMO...A share buyback was recently announced: http://phx.corporate-ir.net/phoenix.zhtml?c=81676&p=irol-newsArticle&ID=1087801&highlight=
The PR states: "The Company plans to use the repurchased shares for any purpose that its Board of Directors determines to be advisable in accordance with applicable law."
Please note...this is not a buyback to RETIRE shares...this is a buyback to do whatever they deem best. And what is it they deem best? Perhaps the inside trading of the most prominent company officer can give us a clue:
Nov 23, 2007 KLEIN JAMES R
Officer direct Sell 2.1100 19,800
Nov 21, 2007 KLEIN JAMES R
Officer direct Sell 2.1500 200
Aug 17, 2007 KLEIN JAMES R
Officer direct Sell 2.4800 15,000
Aug 14, 2007 KLEIN JAMES R
Officer direct Sell 2.5000 35,000
In an effort to prevent shareholders from losing money, I must say that I think the PPS is gonna go DOWN before it goes back up again. Thanks just MHO. DYODD!!!
vantillian
17 years ago
Uh oh... Alot of selling by insiders lately though... hmmmmmmm...
Nov 23, 2007 KLEIN JAMES R
Officer direct Sell 2.1100 19,800
Nov 21, 2007 KLEIN JAMES R
Officer direct Sell 2.1500 200
Aug 17, 2007 KLEIN JAMES R
Officer direct Sell 2.4800 15,000
Aug 14, 2007 KLEIN JAMES R
Officer direct Sell 2.5000 35,000
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stevo51
17 years ago
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