RENO, Nev., May 18, 2011 /PRNewswire/ -- Visual Healthcare
Corp. (the "Company") (NASDAQ OTC: VSHC) announces its decision to
start selling a stand alone version of its powerful adverse drug
event prevention technology to medical facilities and hospitals.
The company is rolling out this new focused version as a direct
response to the Obama administration 1
billion dollar patient-safety program aimed at reducing
preventable medical errors.
The stand alone version, still running on an Oracle (ORCL) data
base, will be installed in a matter of weeks and operational
immediately as it requires minimal training for clinicians. The
resulting cost savings are passed on to the hospital which can then
recoup its investment in less than a year. Adverse drug events
represent a serious financial concern as they cost an average of
some $7,000 per case, adding up to an
annual burden in the millions.
"We will be signing deals in the next 30 days which could have
an impact as early as the current quarter," says Chairman
Gerard Dab. "Pressure from the
White House is having a strong impact on the marketplace. Early
adopters seeking to move ahead will be signing some 20 deals having
a value of more than 15M in the next 12 months. Subsequently as
budgets increase, growth of this product line will continue to be
exponential," concludes Mr. Dab.
This watershed program follows the publishing of a study showing
that one in three patients admitted to hospitals suffers a medical
error or accident. Through this program, President Obama is
challenging hospitals to dramatically cut mistakes and readmissions
due to preventable errors or negligence by 40 percent and cutting
preventable hospital readmissions by 20 percent. The first tranche
of 1 billion is being funneled to the industry under the Patient
Protection and Affordable Act.
"Reducing the massive incidence of drug errors in hospital can
only be achieved by automation and using smart systems like ours,"
says Mr. Dab. "We have waited long years to have the need for
our technology recognized by Public Policy. This program
demonstrates the seriousness of the Obama commitment to modernizing
the healthcare industry."
Visual Healthcare platforms for Adverse Drug Event applications
are used successfully by over one thousand clinicians and have been
demonstrated to reduce both morbidity and cost associated with
hospital errors by more than 30% and deadly errors by 50%.
ABOUT VISUAL HEALTHCARE
Visual Healthcare Corp., since 1998, designs, creates and
develops innovative information platforms, specifically conceived
for the automation of a wide range of scientific disciplines. These
include pharmaceutical research, clinical trials, laboratory
automation, true quality assurance tools, total quality control
applications. They also include quantitative analytic tools
such as proprietary frameworks for electronic health records,
electronic prescription, infection and disease control, and smart
cancer registries. The company's extensive portfolio of proprietary
technologies is the result of a unique collaboration between senior
clinicians from the McGill University
Faculty of Medicine and affiliated tertiary care centers, medical
software architects, and a Fortune 100 healthcare service company,
investing some $50 million in the
process. The Company licenses its technology to operating companies
in exchange for an equity stake or a royalty stream. It owns
significant stakes in various companies including VisualMED
Clinical Solutions Corp. (NASDAQ OTC: VMCS), a leader in the field
of electronic health records.
For more information, please visit:
www.visualhealthcarecorp.com.
FORWARD- LOOKING STATEMENTS
Except for historical information provided herein, this press
release may contain information and statements of a forward-looking
nature concerning the future performance of the Company. These
statements are based on suppositions and uncertainties as well as
on management's best possible evaluation of future events. Such
factors may include, without excluding other considerations,
fluctuations in quarterly results, evolution in customer demand for
the Company's products and services, the impact of price pressures
exerted by competitors, and general market trends or economic
changes. As a result, readers are advised that actual results may
differ from expected results.
Contact:
Gerard Dab, CEO
Visual Healthcare Corp.
514-582-5220
SOURCE Visual Healthcare Corp.