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VisualMED Clinical Solutions Corporation markets state-of-the-art Clinical Information Systems and related products to healthcare institutions and associated sectors of the healthcare market.
Gerard Dab, the company’s founder, has been our Chairman and Chief Executive Officer and a director of our company since October 2004. Mr. Dab holds an Honors BA and an MA from McGill University. After an academic career and serving as an executive with advertising company Foote, Cone & Belding of Chicago, he served as president of Productions Publi-Cité Inc. of Montreal, a film and television finance company, from November 1982 to June 1992. From June 1992 to April 1998, Mr. Dab was executive producer of “Finance,” a weekly television program on Canada’s TVA network of VHCC. From July 1998 to September 2004, Mr. Dab was President and Secretary, and since November 1999, he has been Chairman of the Board, Chief Executive Officer and a director of VHCC.
Louis J. Lombardo has been a director of our company since October 2004. Mr. Lombardo served as Executive Vice President, Client Service Delivery, for American Express Travel Related Services Company of New York, New York, a financial and travel service company, from 1985 to 1998. Since 1998, he has served as President of Lombardo Consulting, L.P., a privately held management and operational consulting firm. Mr. Lombardo holds a B.S. from City College, New York, New York, and a M.B.A. from New York University. Mr. Lombardo was a director of VHCC from 2000 to 2003.
Michel Maksud has served as our Vice President of Technology since October 2004. Since July 2000, Mr. Maksud has been Chief Software Architect of Medicool Health Systems Inc. conducting research and development in the field of healthcare information technology. From December 1990 to July 2000, Mr. Maksud was the Vice President of Research and Development and Chief Software Architect of Purkinje, a healthcare information technology company located in Montreal, Quebec.
Nikitas Tsoukalas, holds a degree in Business Administration from Concordia University in Montreal. Soon after graduation he joined and became a manager of his family hospitality and real estate business. He brings the company significant financial experience and operational skills. He has traveled widely, speaks a number of languages and has a keen knowledge of international markets.
Mr. Gerard Dab, Chairman
Mr. Louis Lombardo
Gerard Dab (514) 582-5220 gdab@visualmedsolutions.com
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200 Memorial Parkway
Atlantic Highlands NJ 07716
USA
Tel. (732) 872-2727
Fax (732) 872-2728
Attorneys in Canada and United States
Accountants in Canada
During 2009, VisualMED completed a key restructuring that saw the significant reduction of operating expenses and a move to become a flow-through revenue generating company through licensing, marketing, distribution and sale of its technologies by third parties.
Our technology is running in 7 healthcare facilities, and our threshold for critical market penetration of 12 facilities is now being pursued by an array of licensees and authorized resellers. In the interim, our new stand alone modules are more easily affordable to prospective clients, including small practices, clinics and private specialty facilities whose decision making timeframe is much shorter than regular hospitals: typically months instead of years. Our new modules are much faster to implement and reduce integration time to one of the most efficient in the industry. These systems are fully scalable, helping us to target the small and medium-sized clients that form the bulk of our current and potential market.
Our platform supports a variety of new applications in the field of pharmaceutical research, clinic research, and personal health information systems that are being managed by authorized value-added resellers.
One of the most important segments of our activities has been licensed to Greenwich Science Partners Inc, an Alberta holding and its affiliate Integrated Clinical Care Corp. a Nevada Corporation, to whom some of our research and development efforts have been outsourced, and from which 12.5% of all revenues flow to VisualMED. In the same vein we have licensed some Canadian rights to VisualMED distribution inc of Montreal including the management of our academic center solution VisualOncology at McGill University affiliate Segal Center of the Sir Mortimer B. Davis Jewish General Hospital. VisualMED Distribution continues to explore opportunities in Italy. Canadian executive health specialist Plexo Inc continues to have exclusive Canadian rights in the executive and employee health market. Other licenses have been granted to companies such as Omnitech, Medical.MD, Mtuitive and Cardinal Health.
The ASCO organization (American Society of Clinical Oncology) is a major venue for Integrated Clinical Care Corp., and the company is currently in the process of closing some 5 agreements with doctor owned clinic in the United States, backed by the success of the technology at the ASCO annual EHR showcase and subsequent industry validation.
The sales effort will continue to target regions where current legal regulations encourage the adoption of our clinical management modules.These markets are being aggressively pursued through the creation of sales consortiums that bring together local healthcare consultants, hardware vendors and local systems integrators. We are proud to report that current installations continue to operate at full capacity with zero downtime at all of our client facilities.
Negotiations are still on going with several hospital management groups in Europe. We have begun the slow process of establishing a relationship with the new Italian government, and physicians and local authorities of two Italian provinces. The French healthcare shareable Electronic Medical Record initiative has been put on hold during the political transition in that country, however we hope to form new relationships with the new government.
System-wide improvements were made to our technology platform to make VisualMED compatible with ASP and internet distribution. In order to support our commitment to the internet- and clinics-based ASP market, we have had to acquire additional rights to technology and specialized applications from Visual Healthcare Corp. Even though this acquisition was costly, at more than $7 million, the potential for revenue growth amply justifies this strategic acquisition. As the “hospital market” decision making process is extremely slow the company requires this type of technology to enter markets that are governed by a faster turnaround timeframe. These new technologies and applications allow for extremely low integration costs, executed over a matter of days. We expect these factors to significantly boost our market presence in the short term. Some 40% of our source cods are now in .NET, and we plan to complete the transfer of our code into that language.
Management believes that the diversification of our revenue sources into markets other than those governed by institutions and governments represents a watershed change in orientation intended to offset the disappointing revenue growth from the hospital sector. We are now offering our tools to a growing segment of the private healthcare sector which views embracing new technology as a necessary tool to compete against the much slower reacting public sector.
Industry Overview
There are over 15,000 hospitals in the United States and Canada, and more than 10,000 hospitals in Europe, which make up most of the potential market for VisualMED systems and other products derived from the VisualMED proprietary technology platform. According to the Leapfrog Group, relatively few American hospitals have experimented with physician-based clinical support order entry. Fewer than 10% of hospitals have some form of CPOE with decision support, or other similar Clinical Information System. However new federal legislation in the United States and abroad, reflecting a shift in public policy with regard to healthcare information technology (IT), has begun to favor the widespread deployment of IT solutions in the healthcare field.
The Healthcare Information Technology Industry – Recent Developments
A coalition of some of America’s largest employers and healthcare purchasers helped to create the Leapfrog Group, a nonprofit organization dedicated to promoting information solutions for hospitals. According to the Leapfrog Group, CPOE systems with clinical decision support are deemed to be the core component of an effective clinical information system to replace paper-based records. To date, more than 500 hospitals in the United States have registered with the Leapfrog Group, pledging to move towards the new standards set by the organization for managing healthcare through information technology.
The current Economic Stimulus package, The American Recovery and Reinvestment Act, ARRA, contains important provisions and appropriations to promote a major overhaul of the country’s healthcare system. Included are some $36 Billion earmarked for physicians and hospitals that have not yet adopted Electronic Health Records. Much of these funds are tied to incentive programs funding physicians and facilities with elevated Medicaid patient flow and with Medicare acceptance.
There is a sense of urgency to promote fast development of these programs, and so incentive programs are heavily front-loaded. There is a 5-year window for applicants to receive funding from the program beginning in 2011. Those that file as of the first available opportunity in the first year, however, stand to receive a significantly larger share of the incentive budget.
The underlying principles and application standards will be rolled out by HHS throughout the launching period of the program and all the rules will have to be properly understood.
For healthcare providers that wish to participate in this Obama Administration's healthcare reform program, we guarantee total compliance with all of the norms that have been and will be established for reimbursement of Health Information Technology (HIT) purchases under the terms of the American Recovery and Reinvestment Act (ARRA). Our clinical modules reflects the full extent of HIT meaningful use as it is currently defined and advocated by leading foundations and research institutions.
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