KELOWNA, BC, June 2, 2016 /CNW/ - (TSX-V: QHR) QHR Corporation ("QHR" or the "Company"), a leader in the Healthcare Information Technology sector, is pleased to announce that it has acquired ownership of the Canadian rights to PatientPrep from TrueVation Technologies Inc. The purchase price is $500,000 paid in two parts, the first of which $380,000 will be paid at closing and the balance of $120,000 will be paid over a twelve-month period during which the PatientPrep product will be enhanced by further development.
The structure of the deal grants exclusive Canadian ownership of PatientPrep to QHR. TrueVation will continue to own and market the product in other countries, including the United States.
"This acquisition is aligned with our strategy of acquiring technology that adds value to our customers. What PatientPrep brings to current QHR customers is direct time savings through workflow efficiencies. With this offering now under QHR it can be offered through both our Accuro and Medeo product lines," says Mike Checkley, President and CEO of QHR Corporation.
PatientPrep is a product used by healthcare providers to collect specific health condition information from patients as they are waiting to see the provider. The product is designed to run on a tablet and contains clinical templates (there are currently 118 templates) that allow the patient to communicate their symptoms and status of their chronic conditions, which are then summarized to the physician just before the visit, saving the provider and patient time while improving documentation in the Electronic Medical Record.
Dr. Ryan Sander, Chief Medical Officer and co-founder of TrueVation Technologies, noted that "as a doctor, and long-time user of Accuro EMR, I am very confident in the benefits and fit of the 2 products together. I am already using PatientPrep in my practice and saving an average 3 minutes on every patient visit by spending less time on the background information and documentation, allowing me to spend more time on the treatment discussions."
About QHR Corporation
QHR is a leader in Healthcare Technology, empowering providers and connecting patients. With a 12-year track record offering what is now the single leading Electronic Medical Records platform in Canada, QHR has a suite of complementary offerings that empower health professionals and drive growth. QHR's technologies and services enable secure medical records management for clinical environments, empowering health providers with tools for virtual care, including secure video and messaging, as well as tools for clinic management including scheduling, billing, and patient management. Health providers choose QHR to drive efficiencies within their practice and improve the quality of care delivered to patients.
About TrueVation Technologies
TrueVation is a health technology company focused on developing innovative solutions to enhance the delivery of healthcare services. The company's flagship platform, PatientPrep, improves physician productivity and patient satisfaction by collecting and documenting condition specific medical information prior to the appointment. The company is an alumni of New York City's Blueprint Health Accelerator and is actively marketing PatientPrep across Canada and the United States. For more information, visit www.TrueVation.com.
On behalf of the Board of Directors
Mike Checkley, President & CEO
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. Forward-looking statements in this news release include those concerning the Company's belief that it is strengthening its position as the leading EMR provider in Canada, and that it can continue to expand its leadership position through organic sales growth and complementary acquisitions and partnerships. Risks that may prevent or delay the forward looking statements from coming to fruition include the possibility that the Company may not offer products that are acceptable to industry regulators or customers; competition, the availability of capital, changing regulatory requirements, the Company's ability to attract and retain key personnel, product obsolescence, work flow and market factors that could increase 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 the Company's 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE QHR Corporation
For further information: Mike Checkley, President & CEO, 250.979.1709, mike.checkley@QHRtech.com; Jerry Diener, CFO & VP Finance, 250.979.1722, jerry.diener@QHRtech.com