The purchase price of the transaction included approximately $350.000 in cash, 1,5 million shares of Optio common stock and assumption of VertiSoft's existing debt. Since its founding more than a decade ago, VertiSoft, a privately held software firm based in Roswell, Georgia, has pioneered clinical document management systems and has earned an ongoing industry reputation for providing superior customer service.
"The acquisition of VertiSoft complements Optio's portfolio of health care forms automation and document output management solutions", stated C. Wayne Cape, chairman, president and chief executive officer of Optio Software. "Just as important, it enables us to offer compelling new value to help health care institutions better manage the millions of documents, patient records and other information created across the continuum of care every day, while reducing costs, improving patient safety and enhancing the quality of patient care."
The VertiSoft acquisition also adds a new subscription-based licensing model to Optio. "VertiSoft customers have already eagerly embraced subscription-based licensing to help them overcome capital budget constraints and rapidly adopt the information technology solutions they need today", stated Mr. Cape. "We anticipate that this affordable solution will appeal to many of our 700-plus health care customers as well. At the same time, we believe it will also help strengthen Optio's own long-term financial position through the addition of VertiSoft's existing multi-year contracts."
Optio will offer VertiSoft solutions under the new name of the Optio QuickRecord Suite. This integrated suite of health care applications provides a universal hub and single, secure point of Web-enabled access to all patient documents and mission-critical information from hospital information systems such as McKesson, Cerner, IDX, Eclipsys, Meditech and Siemens. The QuickRecord Suite includes Optio QuickRecord, Optio QuickChart, Optio QuickScan, Optio QuickSign and Optio QuickDelivery.
"QuickRecord solutions offers much of the functionality of an electronic medical record system at a more affordable, subscription-based price", stated Donald French, formerly president and CEO of VertiSoft and now Optio's senior vice president of health care products. "Now as part of the Optio team, we can offer solutions that are backed by Optio's strong research and development, support, sales and marketing organisations."
Thousands of physicians, clinicians and administrative staff at more than 40 hospitals in the United States and the United Kingdom use the Optio QuickRecord Suite as their standard means of health care information access and distribution. These institutions are already realizing significant benefits from the QuickRecord Suite such as productivity gains, cost reductions, increased patient satisfaction and improved quality of care.
At Scripps Health in San Diego, Optio QuickRecord is speeding the delivery of information to help physicians provide better patient care, save time and reduce costs. "Our physicians now have at their fingertips clinical results such as lab tests, x-ray results, surgical notes, dictated reports, demographic information, discharge summaries and other critical data that helps them practice better medicine", stated Dr. Joseph Traube, vice president and medical director for information at Scripps Health, which includes five acute-care hospitals, two-long-term care facilities, 13 clinics and 2600 affiliated physicians.
Other VertiSoft customers include St. Luke's in Boise, Idaho; Banner Health-Colorado Region based in Greeley, Colorado; Platte Valley Medical Center in Brighton, Colorado; and St. Joseph's Hospital of Atlanta.
Optio QuickRecord Suite is a key component of Optio's integrated portfolio of mission-critical health care solutions. More than 700 health care organisations use Optio forms automation and output management solutions to leverage their investment in leading hospital information systems. Optio's output management solutions are also used by more than 5000 customers in virtually every industry and enterprise resource planning (ERP) environment to produce, enhance, distribute and exchange documents and other critical information via print, fax, e-mail and the Web. Founded in 1981, Optio Software has world headquarters in Alpharetta, Atlanta, Georgia, EMEA headquarters in Paris and sales offices in Germany and the United Kingdom.