Acquisition to provide new enterprise analytics capabilities for QSI's Subsidiary, Mirth
IRVINE, Calif.--(BUSINESS WIRE)-- Quality Systems, Inc. (NASDAQ: QSII), announced today it has acquired Gennius, a leading provider of healthcare data analytics. The acquisition is expected to enhance the Company's current enterprise analytics competencies while broadening its business intelligence capabilities for addressing new value-based care requirements.
Founded in 2002, Cambridge, Mass.-based Gennius is a healthcare analytics company with capabilities to harmonize data to prepare and compute utilization and quality analyses of integrated patient, administrative, and financial data across medical settings and time periods. Its solutions generate comprehensive performance information needed to successfully support provider organizations under new coordinated delivery and reimbursement models.
Gennius' data analytics engine embeds industry specifications as well as payer contract requirements into functionality that provides prioritized actionable insight into patient care, population health and ACO community performance. This includes computing and submitting measurement results for reporting programs, such as Meaningful Use (MU), Accountable Care Organizations (ACO), Group Practice Reporting Option (GPRO) and Physician Quality Reporting System (PQRS).
"Gennius is pleased to join forces with QSI and its subsidiaries, Mirth and NextGen Healthcare," said Bernadette Downey, former chief executive officer for Gennius, Inc. "By combining our engineering expertise and methodologies with Mirth's premier open source connectivity tools and powerful visualization console, we are able to provide customers with access to an unparalleled enterprise system. The system affords users an in-depth data-driven approach to care and helps healthcare community teams align their efforts, succeed in meeting their financial goals and deliver on their population health initiatives."
"Utilization and quality of care remain consistent focuses of value-driven organizations. To remain viable, value-driven organizations like ACOs must find ways to leverage agile solutions that can scale and adapt to industry demands, dictated by evolving value-based and coordinated care initiatives," said Steve Plochocki, president and chief executive officer for QSI. "By integrating Gennius' extensive data analytics and reporting capabilities with NextGen Healthcare and Mirth solutions, we are bringing to market the analytics-based enterprise system needed to provide actionable data intelligence to all agents involved in the community of care delivery. This further strengthens the position of the company and that of our clients for continued success and growth amid the new pay for performance arena."
About Quality Systems, Inc.
Irvine, Calif.-based Quality Systems, Inc. and its NextGen Healthcare subsidiary develop and market computer-based practice management, electronic health records and revenue cycle management applications as well as connectivity products and services for medical and dental group practices and small hospitals. Visit www.qsii.com and www.nextgen.com for additional information.
Certain statements in this news release are forward-looking statements within the meaning of the federal securities laws, including but not limited to those statements made by Bernadette Downey related to the Company's future products and offerings and those statements by Steve Plochocki related to developments and trends in the healthcare industry and the Company's future products and offerings. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from the Company's expectations and projections. Factors that could cause the anticipated results to differ from those described in the forward-looking statements include the possibility that products will not achieve or sustain market acceptance; the impact of incentive payments under The American Recovery and Reinvestment Act on sales and the ability of the Company to meet continued certification requirements; the development by competitors of new or superior technologies; the timing, cost and success or failure of new product and service introductions, development and product upgrade releases; undetected errors or bugs in our software; changing economic, political or regulatory influences in the healthcare industry; availability of third-party products and components; competitive pressures including product offerings, pricing and promotional activities; the Company's ability or inability to attract and retain qualified personnel; possible regulation of the Company's software by the U.S. Food and Drug Administration; and general economic conditions. Additional risks and uncertainties are set forth in the Company's public filings with the U.S. Securities and Exchange Commission, including the discussion under the heading "Risk Factors" in the Company's most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. The Company expressly disclaims any intent or obligation to update these forward-looking statements except as required by law.
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Media and Public Relations:
Michelle Rovner, 215-657-7010
Quality Systems, Inc.
Susan J. Lewis, 954-389-3700
Source: Quality Systems, Inc.
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