LEXINGTON, Ky., June 15 /PRNewswire-FirstCall/ -- VirtualHealth Technologies, Inc. (OTC Bulletin Board: VHGI) announced today that it has finalized its agreement to partner with Silk Information Systems, Inc. (SILK) to provide Web-based Electronic Health Records, Revenue Cycle Management and Billing solutions with no cost of entry to its base of 1,500 medical practice clients through VHGI's subsidiary Medical Office Software (MOS).
"The opportunity that Silk provides MOS clients is the ability to recapture the hundreds of thousands in lost revenue due to the inefficiencies found in most practices," says Robert Tapales, VHGI Vice President of Operations. "Physicians are not immune to the economic down spiral experienced by most Americans today, they operate businesses and if they aren't able to efficiently manage the myriad of insurance and government regulations that affect their revenues then they just won't be able to continue operating." Tapales continues, "This relationship brings some truly cutting edge solutions to our customers to help manage their information, increase their cash flow and most importantly provide better quality care to their patients and at absolutely no upfront cost to the practice, now that's exciting."
According to Lyle Thompson, Silk's CEO, "Silk Information Systems, Inc. (SILK) is extremely excited about this partnership with VHGI. Our fully integrated Billing and EHR (SILK V4.2 CCHIT 2008 certified technology) coupled with our supporting services enables practices to turn the costly burden of technology adoption, payor and government complexity in to a single simplified solution with no cost of entry to MOS's clients. According to the AMA, physicians will spend 14% of their collected revenues just to bill correctly. 50% of all claims filed are denied with 50% of those denied claims never being collected. MOS will now have the ability to provide their customers the automation and auditing controls to manage clinical work-flows, billing, and revenue cycle process in real-time. This unprecedented technology and services has resulted in increases of 20-35% in collected revenues for physician practices."
Thompson continues, "VHGI will benefit from long-term reoccurring revenue streams on a Software as a Services (SaaS) model which will provide 5-8 times multiples in the market or higher for companies on this model versus a traditional license revenue only companies."
Ken Barnes, MOS President was quoted as saying, "This new partnership finally gives MOS the diversity it has needed to be a major competitor in the healthcare technology space. By avoiding the one size fits all approach and matching the best Practice Management (PMS) and Electronic Health (EHR) technologies to each client's specific needs, MOS will be in a greater position to enhance revenues for its clients. One of the tremendous benefits to MOS will be the ability boost its revenues by reaching out to a completely new base of customers. In the future MOS will be recognized by its ability to assist healthcare at numerous levels from single providers, group practices, to the hospitals themselves."
Robert Tapales added, "We are also very excited about making an upcoming announcement that we are in the final stages of the acquisition of MOS's new fully integrated PMS/EHR solution as was mentioned earlier this year. This acquisition will not only bring a long awaited technology solution to our customers but will simultaneously more than double MOS's current client base."
An on-demand Webcast featuring both VirtualHealth and Silk will be released on June 19, 2009 that will provide a complete overview of the transaction and what it will mean for both companies.
About VirtualHealth Technologies, Inc.
VirtualHealth Technologies, Inc. is committed to being the leader in the development and distribution of next generation solutions that connect healthcare providers to the rest of their community securely and efficiently. VirtualHealth's foundation is based on years of experience in providing highly sophisticated technology solutions to its existing medical customers and has branched out to include the pharmaceutical industry, as well as State and Federal Regulatory Agencies. VirtualHealth Technologies, Inc is headquartered in Lexington, Kentucky, with offices in Texas, Georgia and Florida. For more information, visit www.virtualhealthtechnologies.com
About Silk Information Systems, Inc.
Silk Information Systems, Inc. provides enterprise end-to-end services including EHR, revenue cycle management, practice management, billing and hosting services for physician and hospital owned practices. SILK offers a no cost, no risk entry into enterprise services that increase revenue, patient care and accuracy while reducing costs and risks for physicians. SILK is a true web-based service that operates on a percentage of collected revenue. SILK writes the first check of investment in improving healthcare for your practice. SILK is a partner in your business, and as a good business partner SILK cultivates a symbiotic relationship that results in achieving the mutual goals of successful implementation and continued management of EHR, revenue cycles, billing processes and patient care. SILK's success is tied to your success. www.silkisi.com
The Certification Commission for Healthcare Information Technology (CCHIT(R)) is a private, nonprofit organization that has been named by the federal government as the Recognized Certification Body for health information technology. Its mission is to accelerate the adoption of health information technology by creating a credible, sustainable certification program. The certification requirements are based on widely accepted industry standards and involve the work of hundreds of expert volunteers and input from a variety of stakeholders throughout the healthcare industry. More information on CCHIT and CCHIT Certified(R) products is available at www.cchit.org and at www.ehrdecisions.com.
"CCHIT(R)" and "CCHIT Certified(R)" are registered marks of the Certification Commission for Healthcare Information Technology.
For more information, visit www.silkisi.com
This press release contains forward-looking statements that reflect the Company's current expectations regarding future events. While these statements reflect the Company's best current judgment, they are subject to risks and uncertainties. Actual results may differ significantly from projected results due to a number of factors, including, but not limited to assumptions, beliefs and opinions relating to the business and growth strategy of VirtualHealth Technologies, Inc. and its wholly owned subsidiaries Verified Prescription Safeguards, Inc., VPS Holding, LLC, Secure eHealth, L.L.C., Medical Office Software, Inc. and implementation thereof, based upon the Company's interpretation and analysis of financial and market conditions, the decisions of businesses with whom the Company is either engaged in business with or negotiating, healthcare industry trends and management's ability to successfully finance, develop, market, sell and implement its e-commerce and internet solutions, clinical and financial e-transaction services and software applications to physicians, pharmacies, governmental agencies, laboratories, insurance companies, HMOs, and payers. These factors and other risk factors are more fully discussed in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any intent or obligation to update any forward-looking statements.
Contact: Shareholder Relations VirtualHealth Technologies, Inc. 325 West Main Street, Suite 240 Lexington, KY 40507 (859) 455-9255
|SOURCE VirtualHealth Technologies, Inc.|
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