Medworxx Solutions Inc. ("Medworxx")(TSX VENTURE:MWX),
a leader in clinical patient flow and compliance and education
solutions, announced today it has filed with the Canadian securities
authorities its Consolidated
Financial Statements and Management's
Discussion and Analysis report for the year ended December 31, 2013.
These documents may be viewed under the Company's profile at www.sedar.com.
Highlights of the results for the year ended December 31, 2013
include:
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The Annualized Contract Value of recurring revenue at December 31,
2013 was $4.8M as compared to $4.4M at December 31, 2012, an increase
of 9.0%.
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Revenue from the Patient Flow Platform for the year ended December 31,
2013 increased to $4,068,962 from revenues of $3,410,872 for the year
ended December 31, 2012, an increase of $658,090 representing growth
of 19.3%.
-
Revenue from the Compliance and Education Platform for the year ended
December 31, 2013 decreased to $1,786,779 from revenues of $2,463,080
for the year ended December 31, 2012, a decrease of $676,300
representing a decline of 27.5% (mostly due to a $757,064 sale of a
worldwide, non‐exclusive, non‐transferrable license of the Policy and
Document Management Software to a major US software company in Q3
2012). Excluding the one-time $757,064 sale, the Compliance and
Education Platform increased by 4.7% over the same period last year.
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Revenue for the year ended December 31, 2013 was $5,927,790,
representing a decrease of 2.4% over revenues of $6,071,224 in the
same period last year.
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In January 2013, Medworxx launched the web‐based, integrated Patient
Flow Solution Medworxx 5.0 which is comprised of Medworxx Clinical
Criteria (formerly Utilization Management), Medworxx Bed Management
(formerly Bed Board), and Medworxx Forms and Assessments (formerly
Assessments), which is available as a software‐as‐a‐service (SaaS)
single solution.
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In Q1 2013, South Tees Hospitals NHS Foundation Trust in the UK
licensed the Medworxx Patient Flow Solution, adding a further 1,000
beds onto the Patient Flow platform.
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The Scarborough Hospital (TSH) purchased Medworxx Patient Flow
Platform, which results in TSH utilizing the Medworxx Bed Management
module to optimize patient flow for 547 patient beds and to simplify
communications among care and support teams for streamlined bed
placement, housekeeping and portering. The TSH Bed Management
implementation is the first stage of the Central East Local Health
Integration Network (Central East LHIN)’s multi‐stage patient flow
improvement strategy to support health service providers in Central
East Ontario.
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Medworxx signed an agreement with TELUS Health to offer their
customers the Medworxx Patient Flow Platform, enabling healthcare
practitioners to better analyze and monitor patient health in an
acute-care environment. TELUS has a significant footprint – it is used
by about 40,000 clinical and healthcare professionals in Canada,
primarily in Quebec and the Ottawa region, as well as in the U.S. and
Australia. Medworxx Patient Flow is a natural integration point with
Computerized Physician Order Entry (CPOE) and Medworxx will bring
value to their customers through the synergistic technology.
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Medworxx also formalized a new Medworxx Patient Flow – Appropriate
Length of Stay Audit (“ALSA”) program, which helps to unlock unique
patient flow data and help organizations better understand patient
flow issues. ALSA uses the proven Medworxx software as an audit and
diagnostic solution prior to hospitals implementing the solution
operationally.
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In Q2 2013, Greater East Midlands Commissioning Support Unit (GEM), a
large UK Trust, licensed Medworxx Patient Flow – ALSA program for its
annual reviews delivered within its region covering a 4.5 million
population and 13,000 beds in acute-care or community‐based hospitals
and in non‐hospital environments. They purchased a perpetual-use
license to use the Patient Flow software to review audit results, plus
annual maintenance and support. GEM is committed to performing up to
11 audits per annum for three years.
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A number of existing customers purchased additional Medworxx Patient
Flow modules, including: Hotel Dieu Grace Hospital/Erie St. Clair
LHIN, ON, Canada; Windsor Regional Hospital, ON, Canada added Bed
Management and Forms & Assessments; Trillium Health Partners, ON,
Canada added Forms & Assessments; and Nova Scotia Department of
Health, NS, Canada added Forms & Assessments for the entire province
of Nova Scotia.
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A number of contracts were signed in the year for the Medworxx
Compliance and Education Platform, including: Carle Foundation
Hospital, IL, USA; Providence Care Kingston, ON, Canada; St. Joseph's
Health Centre Guelph, ON, Canada; Woodstock General Hospital ON,
Canada; Almonte General Hospital ON, Canada; and Sonic Healthcare
Global, TX, USA. Royal Victoria Regional Health Centre (formerly Royal
Victoria Hospital), ON, Canada, a client since 2010, and Erie County
Medical Center, NY, USA, a client since 2007, also expanded their use
of Medworxx and have licensed additional users.
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With strong traction in Canada and robust growth in the UK, Medworxx
has begun to market actively in Australia. With 82,800 hospital beds
in Australia, there is a significant opportunity for hospitals to
achieve significant quantifiable increases in efficiency by
implementing the Medworxx Patient Flow Platform. Medworxx has also
partnered with global management consulting firm Kurt Salmon to use
the Medworxx Patient Flow Platform – ALSA program to conduct audits of
healthcare organizations in France as part of their management
consulting process.
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George Elliott was appointed as Chairman of the Medworxx Board of
Directors effective August, 2013.
"2013 was a large step-forward year for Medworxx," said Dan Matlow,
President and CEO, Medworxx. "Our expansion strategy for the Patient
Flow Platform gained significant momentum in the United Kingdom,
Australia, France and the United States. Our expansion strategy included
the formal introduction of our Appropriate Length of Stay Audit program
into the global marketplace. We are excited to see ALSA adoption not
just in Canada but in international markets as well.”
About Medworxx
Medworxx delivers health information technology solutions to over 350
hospitals internationally, including Canada, United States, United
Kingdom, France and Australia. Medworxx helps hospitals meet patient
flow challenges and requirements for compliance and education. Medworxx
Clinical Criteria —the flagship component of Medworxx Patient Flow,
which also includes electronic bed management and independent assessment
components—is currently used to manage 34% of the acute-care beds in
Canada as well as acute-care beds in a rapidly increasing number of
Trusts and CCGs in the UK. Founded in 2004, Medworxx Inc. is based in
Toronto, Canada, and publicly traded on the TSX Venture Exchange: MWX.
Visit: www.medworxx.com
The TSX Venture Exchange has not reviewed this press release and
neither approved nor disapproved the information contained in this press
release.
Disclaimer
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.
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