Medworxx Solutions Inc. Announces Update to Strategy Roadmap; New
Opportunities in Patient Flow area internationally
TORONTO, Oct. 18 /CNW/ - Medworxx Solutions Inc (the "Company")(TSX VENTURE:MWX) announced today that it has issued an update to its strategy roadmap, highlighting new opportunities in the Patient Flow area internationally. This update is available on the Company website at www.medworxx.com for public review.
Highlights of the Company's updated strategy include:
- Compliance and Education continues to be a solid business for the Company with success in Canada and successful expansion into the US market. The Company has over 100 customers representing more than 200 hospitals using their Compliance and Education products in North America. Continued growth in both Canada and the US is expected.
- The Company's Patient Flow platform has historically been sold only in Canada. The Company now feels there is opportunity to expand internationally.
- After less than four years of marketing the Patient Flow product in Canada, Medworxx has:
- Over 20% of the beds in Canada using the Patient Flow platform
- Over 100 hospitals using the Patient Flow platform
- Completed several large regional and provincial rollouts
- Data to support effective use of the solution providing a compelling Return on Investment to hospitals
- Expanded the Patient Flow platform from the initial Utilization Management System to also include a bed board and independent assessment platform
- Market research that supports the uniqueness of the Company's offering and market opportunity on a global basis.
The Company has developed an international distribution strategy that it believes will allow it to build upon the success it has already achieved in Canada. The foundation of the distribution strategy is involving management consultants in the local geographies to conduct audits of bed use in hospitals to introduce the Medworxx Patient Flow platform and the results it can deliver. This has begun in the UK market through the partnership with ModelAdvice DC Consulting Ltd UK (announced August 10, 2010).
"We are extremely excited about the opportunity to build upon the success we have had with our Patient Flow Platform in Canada," said Dan Matlow, President and CEO, Medworxx. "The results that we have seen from our customers, combined with the market opportunity for this unique product suite, should provide positive growth for our Company, and thus our shareholders."
ABOUT MEDWORXX
Medworxx is a Toronto-based software company focused exclusively on solutions for the North American healthcare marketplace. Medworxx provides healthcare solutions for patient flow, compliance and education. Its software comprises an integrated suite of solutions, including content management, learning management, policies and procedures, utilization management, bed optimization, single sign on, portal, and emergency readiness solutions.
Medworxx started business in May 2004 in Ontario with 3 employees and has since grown to approximately 40 employees. Medworxx' executive team consists of experienced sales, marketing, software development, healthcare, and finance personnel. Medworxx currently has a customer base of over 100 healthcare organizations representing more than 300 hospitals and 500,000 end users who are distributed approximately 70% in Canada and 30% in the United States. Medworxx' customers use its software platform to increase competency, reduce redundancy, reduce costs, and simplify distribution of knowledge to staff and patients, creating a net effect of increased efficiency and improved patient safety and care.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
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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For further information:
Medworxx Solutions Inc.
Dan Matlow
President & Chief Executive Officer
(416) 642-1278
Email: [email protected]
or
Medworxx Solutions Inc.
Domenic Crudo
Chief Financial Officer
(416) 642-1278
Email: [email protected]
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