Message from the President
ZoomMed’s reputation is rapidly growing in the Healthcare IT industry, as it is successfully addressing a promising market by offering Prescribing Health Professionals a new approach as well as state-of-the-art technology that will lead to re-tooling and re-servicing a growingly mature but still very lucrative market.
ZoomMed has recently licensed and sold most of their Canadian operations to Telus Health Solutions, the dominant private health related IT Network in Canada. Telus will be using the ZRx e-Prescribing technology as a core element of its Health Information exchange platform, similar to the SureScripts® transactional network in the U.S.A.
The $6.8 million proceeds of this business transaction with Telus Health Solution will allow ZoomMed to focus on its U.S.A. operations and accelerate its market penetration. As announced previously, this penetration will be through strategic partnerships, license agreements and acquisitions. The first step is the selection of an investment partner, already strategically positioned in the industry, which recognizes the exceptional potential of our product based on its technological supremacy and ready to partner with us in its exploitation. Then with this key partner, we will proceed to select the most strategic distributing/ EHR channels with which we will enter into appropriate license agreements. Finally, acquisitions of strategically positioned targets are also being seriously considered.
Up until now, all of the existing e-prescribing applications were designed as one piece of a giant Jigsaw puzzle for practice management and the EHR, with the main purpose of blending with the other pieces and feeding the consequent information exchange in a pattern required by this structure. In this model, the e-Prescribing application is just one IT module among others. However, in the day-to-day practice of a physician, e-Prescribing is not just one function among others. It is a core function and an omnipresent reality in his therapy interaction with the vast majority of his patients. The success of ZoomMed’s ZRx Prescriber is based on this approach, which was rapidly recognized as the correct one by the Medical community and the Telus agreement in Canada.
Given this appropriate priority, the ZRx Prescriber was structured with features that fully respond to physicians expectations as to what should be the ideal e-Prescriber. Both from the perspective of state-of-the-art Information Technology and the day-to-day functional and portability requirements of a practicing physician, the ZRx Prescriber provides a clear advantage that is being rapidly recognized by the broader medical community. By the way, this technological edge is also obvious to potential strategic partners and distributors already very active in the market.
The ZRx Prescriber was designed with the guidance of a committee of physicians. Their requirements called for a speedy and intuitive e-Prescribing application that would facilitate their day-to-day functions, helping them in making the appropriate decisions and choices and protecting them against potential errors and distractions. Accordingly, the ZRx Prescriber was designed with essential PREDICTIVE and PRE-EMPTIVE features that far outweigh what the market had to offer until then. The ZRx Prescriber software acts like the latest software such as Google Search or Apple IOS auto-completing keyboard. Unlike static e-Prescribers, the ZRx cloud-based Prescriber solution dynamically analyzes each user’s prescribing pattern and displays the expected medication. Furthermore, the pre-emptive features of the ZRx Prescriber, such as drug interactions and potential allergies, are automatically displayed to the physician without him having to solicit and activate an external review module. And most important for the very active physician, it allows him to write legible and secure prescriptions and deal with renewals in a few seconds, in fact faster than with a pen. Not surprisingly, the dominant acceptance factor of the ZRx Prescriber by physicians is that it clearly and safely simplifies and accelerates their prescribing practice. For them, it is a rare IT application, which they recognize as a clear operational advantage in their daily practice over and above the traditional information reporting benefits usually associated with other practice management applications.
The ZRx Prescriber is Surescripts® certified and has been tested and certified under the ONC HIT Certification Program. It is currently in the process of certification for Electronic Prescriptions for Controlled Substances (EPCS).
The ZRx Prescriber is a cloud-based state-of-the-art application. Its business model allows it to be offered under financially advantageous conditions to both physicians and EHR providers that will be integrating the ZRx e-prescribing module in their overall EHR solution.
The evolution of modern phamaco-therapy, of the legal environment of medical practice and of associated modern IT platforms, has seriously complicated the requirements of a safe and well performing prescribing solution expected by both physicians and regulatory bodies. Many applications on the market have been developed in the not so recent past in a technological environment that is difficult and costly to update. Furthermore, for an EHR supporting a full portfolio of intertwined applications, it is becoming more and more burdensome to provide their e-prescribing module with all the attention and resources required by such an increasingly complex and constantly evolving core application.
Consequently, a key element of ZoomMed’s business model will be to enter into license agreements with EHR providers where the ZRx Prescriber would become their core e-Prescribing application to become fully integrated in their overall EHR platform. ZoomMed’s Soap Web Services Technology will allow them easy and seamless 2-way integration. ZoomMed has an established and proven track record in this regard with over 65 successful EHR integrations in North America over the years. These licensed integration agreements would also allow many EHR providers to finally be in a position to provide their clients with a mobile solution to e-Prescribing. ZoomMed’s business model will provide EHR vendors with a clear financially advantageous option compared to building, updating and maintaining their own e-Prescribing application. Furthermore, the ZoomMed solution is less expensive than any other solution on the market.
Our business plan is clearly defined and we intend to proceed rapidly to implement it. It will focus initially in the U.S.A. but it has undeniable international potential.