ENP Newswire -
Release date- 21082014 -
During Q2, QHR delivered a record number of replacements from other competitive EMR product offerings to Accuro EMR, for new customers. This has complemented QHR's successful conversion to Accuro of a significant amount of customers that came from the acquired Healthscreen and
We also note our competitive positioning has led to continued success with new customers adopting EMR for the first time. We believe the strong acceptance in the marketplace of our best-in-class Accuro EMR platform, is also a positive endorsement of its value to the end users.
QHR believes we now have the most Canadian physicians on a single EMR platform, with its significant presence in six provinces from
The success of our customer acquisition strategy has resulted in the Company recording year over year revenue growth of 20% to
Second Quarter 2014 Highlights:
The Company reported consolidated Q2 2014 revenues of
The RCM division made positive progress and achieved a new quarterly record revenue of
EBITDA on a consolidated basis for Q2 2014 was
The Company completed the quarter with a recurring revenue run rate of
The Company reported increased net earnings, achieving a level of
The Company's balance sheet remains very strong, with
The Company appointed a General Manager for the EMR division, as well as a General Manager for the RCM division, to streamline operations, more closely align our customer facing activities, and to gain additional operational efficiencies.
During Q2, the Company's investments made to build out of its
'We are pleased with the progress we showed in Q2 in our overall business,' said
EBITDA for the quarter was
The net earnings for the quarter ended
For the year to date
As previously announced, the terms of the EMS divesture contained a required holdback of
EBITDA (earnings before interest, taxes, depreciation, amortization, stock-based compensation and foreign exchange) is a non-IFRS measure. Management believes that, in addition to net earnings, EBITDA is a useful complementary measure of pre-tax profitability and is commonly used by the financial and investment community for valuation purposes. However, EBITDA does not have a standardized meaning prescribed by IFRS.
Investors are cautioned that EBITDA should not be construed as an alternative to net earnings determined in accordance with IFRS as an indicator of performance or to cash flows from operating, investing and financing activities as a measure of liquidity and cash flows. QHR's method of calculating EBITDA may differ from the methods used by other entities and, accordingly, our EBITDA may not be comparable to similarly titled measures used by other entities
QHR is a leader in healthcare solutions, providing software and services in the following markets:
In the EMR market, QHR offers a suite of medical software modules that provide computer-based medical records for family physicians, medical specialists, and surgeons, as well as administrative modules for billing and patient scheduling, that is a key component in the move throughout
In the RCM market, QHR provides best in class clearinghouse services through its SoftCare brand, supporting payers and assisting healthcare providers to exchange claim information accurately for health claim reimbursement. SoftCare provides a progressive medical billing service that outsources coding, payer reconciliation and revenue reporting. SoftCare provides a suite of healthcare interoperability solutions (EDI and Clearinghouse) and professional services.
These solutions and services help clients navigate and simplify the complex transaction integration processes required for health plan enrollment, health insurance eligibility, and health insurance claims through to payment remittance with their trading partners. The RCM division markets SoftCare services primarily in the US.
Legal Notice Regarding Forward Looking Statements
This news release may contain 'forward looking statements' within the meaning of applicable Canadian securities legislation. These statements are subject to risks that may cause the actual results to be materially different in future periods from those expressed or implied by such forward looking statement.
Risks that may prevent or delay the forward looking statements from coming to fruition include that we may not offer products that are acceptable to industry regulators or customers; competitors may offer better or cheaper products; we may not be able to raise sufficient capital to improve products to remain competitive; changing regulatory requirements may prevent our products from being sold as expected; we may not be able to attract or retain key personnel; our technology may become obsolete; orders could be cancelled or delayed and market factors may increase our costs more than expected.
QHR is a technology business development enterprise where investment and product enhancements must be carefully managed to achieve long-term revenue growth and profitability. It is our policy not to update forward looking statements except to the extent required under applicable securities laws. Further information on the Company is available at www.sedar.com or at the Company's website, www.QHRtechnologies.com.
President & CEO
Hispanic #1 Breaking News for Entrepreneurs, Professionals and Small Business Owners - HispanicBusiness.com
OCTOBER 20, 2014
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