RENO, Nev., May 24, 2011 /PRNewswire/ -- Visual Healthcare Corp. (the "Company") (NASDAQ OTC: VSHC) announces that it is seeing robust demand for the new stand-alone version of its powerful adverse drug event prevention technology. The company has begun to roll out this new ADE focused version to medical facilities as a direct response to the Obama administration's billion-dollar patient-safety program aimed at reducing preventable drug errors.
The stand-alone version can be deployed in less than six weeks and become operational immediately. Resulting cost savings are passed on to hospitals which can then recoup their investment in less than a year. Adverse drug events cost an average $7,000 per case, representing an annual burden in the millions which can be substantially reduced by using smart technology to make drug prescriptions safer.
"This rapid ramping up in ADE business is a vindication of our patient strategy," says Chairman Gerard Dab. "Our strength has always been patient-centric medical knowledge and we have resisted selling low value services with no future like many others in our field. Our revenues are simple to track. It all stems from medical content management for clinicians."
Mr. Dab continues making his point about high value revenues, stating that current Q4 is shaping up to be the best quarter in the Company's 11-year history. "We are expected to reach the million dollar mark," he adds reiterating that he sees some 20 deals having a value of more than $15 million in the next 12 months. "Subsequently as budgets increase, growth of this product line will continue to be exponential," concludes Mr. Dab.
The White House ADE initiative comes after a study showing that one in three patients admitted to hospitals suffers a medical error or accident. President Obama is challenging hospitals to dramatically cut mistakes and readmissions due to preventable errors or negligence by 40 percent, and cut preventable hospital readmissions by 20 percent. The first tranche of $1 billion is being funneled to the industry under the Patient Protection and Affordable Care Act.
"Reducing the massive incidence of drug errors in hospital can only be achieved by automation and using smart systems like ours," says Mr. Dab. "We have waited long years to have the need for our technology recognized by Public Policy. This considerable program demonstrates the seriousness of the Obama commitment to patient safety in America."
Visual Healthcare platforms for Adverse Drug Event applications are used successfully by over one thousand clinicians and have been demonstrated to reduce both morbidity and cost associated with hospital errors by more than 30% and deadly errors by 50%.
ABOUT VISUAL HEALTHCARE
Visual Healthcare Corp., since 1998, designs, creates and develops innovative information platforms, specifically conceived for the automation of a wide range of scientific disciplines. These include pharmaceutical research, clinical trials, laboratory automation, true quality assurance tools, total quality control applications. They also include quantitative analytic tools such as proprietary frameworks for electronic health records, electronic prescription, infection and disease control, and smart cancer registries. The company's extensive portfolio of proprietary technologies is the result of a unique collaboration between senior clinicians from the McGill University Faculty of Medicine and affiliated tertiary care centers, medical software architects, and a Fortune 100 healthcare service company, investing some $50 million in the process. The Company licenses its technology to operating companies in exchange for an equity stake or a royalty stream. It owns significant stakes in various companies including VisualMED Clinical Solutions Corp. (NASDAQ OTC: VMCS), a leader in the field of electronic health records.
For more information, please visit: www.visualhealthcarecorp.com.
FORWARD- LOOKING STATEMENTS
Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of the Company. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. Such factors may include, without excluding other considerations, fluctuations in quarterly results, evolution in customer demand for the Company's products and services, the impact of price pressures exerted by competitors, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.
Contact:
Gerard Dab, CEOVisual Healthcare Corp.514-582-5220
SOURCE Visual Healthcare Corp.
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The stand-alone version can be deployed in less than six weeks and become operational immediately. Resulting cost savings are passed on to hospitals which can then recoup their investment in less than a year. Adverse drug events cost an average $7,000 per case, representing an annual burden in the millions which can be substantially reduced by using smart technology to make drug prescriptions safer.
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"This rapid ramping up in ADE business is a vindication of our patient strategy," says Chairman Gerard Dab. "Our strength has always been patient-centric medical knowledge and we have resisted selling low value services with no future like many others in our field. Our revenues are simple to track. It all stems from medical content management for clinicians."
Mr. Dab continues making his point about high value revenues, stating that current Q4 is shaping up to be the best quarter in the Company's 11-year history. "We are expected to reach the million dollar mark," he adds reiterating that he sees some 20 deals having a value of more than $15 million in the next 12 months. "Subsequently as budgets increase, growth of this product line will continue to be exponential," concludes Mr. Dab.
The White House ADE initiative comes after a study showing that one in three patients admitted to hospitals suffers a medical error or accident. President Obama is challenging hospitals to dramatically cut mistakes and readmissions due to preventable errors or negligence by 40 percent, and cut preventable hospital readmissions by 20 percent. The first tranche of $1 billion is being funneled to the industry under the Patient Protection and Affordable Care Act.
"Reducing the massive incidence of drug errors in hospital can only be achieved by automation and using smart systems like ours," says Mr. Dab. "We have waited long years to have the need for our technology recognized by Public Policy. This considerable program demonstrates the seriousness of the Obama commitment to patient safety in America."
Visual Healthcare platforms for Adverse Drug Event applications are used successfully by over one thousand clinicians and have been demonstrated to reduce both morbidity and cost associated with hospital errors by more than 30% and deadly errors by 50%.
ABOUT VISUAL HEALTHCARE
Visual Healthcare Corp., since 1998, designs, creates and develops innovative information platforms, specifically conceived for the automation of a wide range of scientific disciplines. These include pharmaceutical research, clinical trials, laboratory automation, true quality assurance tools, total quality control applications. They also include quantitative analytic tools such as proprietary frameworks for electronic health records, electronic prescription, infection and disease control, and smart cancer registries. The company's extensive portfolio of proprietary technologies is the result of a unique collaboration between senior clinicians from the McGill University Faculty of Medicine and affiliated tertiary care centers, medical software architects, and a Fortune 100 healthcare service company, investing some $50 million in the process. The Company licenses its technology to operating companies in exchange for an equity stake or a royalty stream. It owns significant stakes in various companies including VisualMED Clinical Solutions Corp. (NASDAQ OTC: VMCS), a leader in the field of electronic health records.
For more information, please visit: www.visualhealthcarecorp.com.
FORWARD- LOOKING STATEMENTS
Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of the Company. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. Such factors may include, without excluding other considerations, fluctuations in quarterly results, evolution in customer demand for the Company's products and services, the impact of price pressures exerted by competitors, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.
Contact:
Gerard Dab, CEOVisual Healthcare Corp.514-582-5220
SOURCE Visual Healthcare Corp.
