Medworxx Patient Flow Strategy Marks Success
October 02 2011 - 5:27PM
PR Newswire (Canada)
A year after announcing a focus on bringing its patient flow
solution to market, Medworxx sees strategic affirmation through
consistent revenue growth, new branding, client satisfaction and
alignment with market drivers - while continuing with a solid
business in other solution areas. TORONTO, Oct. 5, 2011 /CNW/ -
Medworxx Inc. ("Medworxx") , a leader in clinical patient flow,
compliance and education solutions, announced today the achievement
of multiple milestones in the 12 months since setting a strategic
roadmap focusing on the Canadian and international patient flow
markets. Highlights of the Company's year over year progress
include: -- Since initiating the patient flow strategy, the Company
has built to consistent double digit growth quarter on quarter. --
Medworxx Patient Flow Solutions now serves 25% of Canadian hospital
beds, including implementations at the Provincial, Local Health
Integration Network (LHIN), regional and local levels. -- A
partnership program geared to performance improvement consultants
is launching to bring the Medworxx Patient Flow Solution to UK,
Australia, US and other international markets. -- Medworxx
Compliance and Education Solutions continue to grow, adding 7 new
hospital clients in the first half of 2011 and building on a strong
base of recurring revenue. Medworxx is exploring options for the
platform that include strategic partnerships to increase
distribution primarily within the United States, a strategic sale
of the assets, expansion outside of the healthcare markets, and
divestiture or spin-out of these assets as a standalone business
unit. -- New brand launch of Medworxx Patient Flow website,
branding and messaging staking claims in market. -- Patient flow
clients affirm value in 2011 Client Insight Survey on flagship
Medworxx Utilization Management System (UMS) with responses
including 96% agreement that data enables strategies to reduce days
where patients are ready for discharge but remain in hospital. --
Market drivers continue to gain force with the recognition that
improving key patient flow areas lead directly to reduction in
inappropriate time spent in hospital. Recent Provincial reports and
hospital quality improvement plans directly reference Medworxx
clients as success examples. "We announced 12 months ago that we
are pointing a lot of our efforts in the patient flow market
direction and we're seeing the strategy come to fruition," said Dan
Matlow, President and CEO, Medworxx. "We're on track to
building depth in our international presence on this solid
foundation of Canadian growth." The company is also reporting the
grant 1,021,150 options to certain officers, directors and
employees of the company, pursuant to the company's employee stock
option plan. They replace 355,373 of options expired in 2011 for a
net new allocation of 665,777 options. Each option under the plan
is exercisable to acquire one common share at a price of 16 cents
per share. The options granted have been approved by the board of
directors and are due to expire on September 7, 2016. The plan has
been approved by the company's shareholders. For more information
on the materials, reports and survey results detailed, visit the
Patient Flow area of www.medworxx.com . About Medworxx Medworxx is
a Toronto-based software company focused on solutions for the North
American and international healthcare marketplaces. Medworxx
provides healthcare solutions for patient flow, compliance and
education, with software comprising an integrated suite of
solutions, including content management, learning management,
policies and procedures, utilization management, bed optimization,
single sign on, portal, and emergency readiness solutions. Medworxx
started business in May 2004 in Ontario with 3 employees and has
since grown to over 35 employees. Medworxx' executive team consists
of experienced sales, marketing, software development, healthcare,
and finance personnel. Medworxx currently has a customer base of
approximately 100 healthcare organizations representing almost 300
hospitals a who are distributed approximately 75% in Canada and 25%
in the United States, with a growing UK presence. The TSX Venture
Exchange does not accept responsibility for the adequacy or
accuracy of this release. This press release contains
forward-looking statements. Often, but not always, forward-looking
statements can be identified by the use of words such as "plans",
"expects" or "does not expect", "is expected", "estimates",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might" or
"will" be taken, occur or be achieved. Forward-looking statements
involve known and unknown risks, uncertainties and other factors,
such as competition, technological changes, the changing needs of
hospitals, the financial condition of the Company's current and
potential customers, foreign currency exchange rates, as well as
general economic conditions, which may cause the actual results,
performance or achievements of the Corporation and Medworxx to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Actual results and developments are likely to differ,
and may differ materially, from those expressed or implied by the
forward-looking statements contained in this press release. There
can be no assurance that forward-looking statements will prove to
be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements Medworxx Inc. CONTACT: Julia Zarb, PhDSVP Marketing
& Strategy, Medworxx Inc.Suite 700, 121 Richmond St West,
Toronto, Canada M5H 2K1T: 1.800.321.1591 | T:416.642.1278 x322 | M:
416.418.3641Jzarb@medworxx.com | www.Medworxx.com
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