FOR IMMEDIATE RELEASE
Medsphere Named to Red Herring 100 List of Top Tech Firms
Company Provides Affordable Open Source-Based Electronic Health Record Platform
ALISO VIEJO, California, May 22, 2006 - Medsphere Systems Corporation, the leading commercial provider of open source-based electronic health record (EHR) systems and services, today announced that it has been selected as a winner of the annual "Red Herring 100 North America" award by Red Herring magazine. The list recognizes 100 privately held companies in North America that play a leading role in innovating the technology business.
"With venture capital flowing again, we're seeing a lot of innovative new companies taking on the established players with disruptive technologies and innovative business plans," said Joel Dreyfuss, Editor-in-Chief of Red Herring. "The Red Herring 100 North America companies, among them Medsphere, are pushing and breaking the boundaries of the technology business and we are excited to report on their success stories."
Medsphere was recognized for its efforts to lower the financial barriers to adoption of electronic health records with Medsphere OpenVista®, a commercial implementation of the open source VistA EHR system developed and used by the U.S. Department of Veteran Affairs in all of its facilities. The VistA system has played a key role in raising the quality of care in VA hospitals, which today regularly outperform their non-VA counterparts according to industry and peer-reviewed studies.
Medsphere OpenVista is designed to bring comparable improvements in healthcare outcomes to non-VA facilities by leveraging the open source architecture of the VA's VistA system to provide an affordable alternative to costly proprietary EHR solutions. OpenVista's integrated suite of clinical and administrative modules covers the breadth of patient care functions including patient information management, health information management, laboratory, pharmacy, radiology, nutrition and food service, and a robust clinical information system complete with clinical documentation, computerized provider order entry and clinical reminders.
"Electronic health records have been shown to facilitate improvements in the safety, quality and efficiency of healthcare delivery, but less than 10% of acute care hospitals and clinics have adopted them," said Medsphere CEO Kenneth W. Kizer, MD MPH. "This Red Herring award reflects the potential of our technology to drive broader EHR use and thereby yield important benefits such as a reduction in medical errors."
As one of the Red Herring 100 winners, Medsphere has been invited to attend the exclusive Red Herring Spring 2006 CEO summit, May 23-25 in Monterey, California. This invitation-only conference will explore "The Pursuit of Disruption" and how it spawns unexpected opportunities, novel alliances, and great success stories.
Red Herring's lists of top private companies are an important part of the magazine's tradition of identifying new and innovative technology firms and entrepreneurs. Companies like Google and eBay were spotted in their early days by Red Herring editors as some that would change the way we live and work.
After receiving more than 1,000 submissions and nominations for the 2006 North American list, Red Herring's editorial staff evaluated the contenders through a careful analysis of financial data and subjective criteria, including quality of management, execution of strategy, and dedication to research and development. The full list of Red Herring 100 North America companies is posted at http://www.redherring.com.
About Red Herring Spring 2006
Red Herring Spring 2006 will assemble 300 of the continent.s most innovative and successful CEOs, investors, and corporate developers and feature a dynamic group of over 100 speakers that are pushing and breaking the boundaries of the business of technology. Themed "The Pursuit of Disruption," it will be held May 23-25 in Monterey, California. Please contact Michael Felber at 650.428.2900 or email mfelber@redherring.com to request an invitation to attend the event. More information is available online at http://www.herringevents.com/rhspring06.
About Red Herring Magazine
Red Herring magazine is a sophisticated insider's guide to the business of technology, featuring unparalleled insights on the emerging technologies driving the economy, from the Internet to wireless communications and digital entertainment. Red Herring's journalists report on how innovation and entrepreneurship are transforming business and how the business of technology is transforming the world, providing readers with a deep understanding of venture capital and capital markets. Recognized as an essential resource in today's fast-changing business world, Red Herring gets the right answers before anyone else even thinks to ask the questions. More information on Red Herring is available on the Internet at http://www.redherring.com.
About Medsphere Systems Corporation
As the Open Source source for healthcare, Medsphere is revolutionizing the industry by delivering commercially supported software based on the U.S. Department of Veterans Affairs' proven VistA electronic health record (EHR). Medsphere offers healthcare an economically sustainable and comprehensive solution in OpenVista®, a portfolio of products and professional services for hospitals, clinics, and integrated delivery networks. The company addresses the capital constraints of the healthcare industry through an innovative subscription-based pricing model. Medsphere's experienced team of healthcare technology professionals and unique suite of implementation tools deliver a fluid transition to a comprehensive healthcare information technology solution. Founded in 2002, Medsphere is backed financially by Azure Capital Partners, Thomas Weisel Venture Partners, and the Wasatch Venture Fund. For more information, visit www.medsphere.com.Contacts
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Corporate: Rick Jung Chief Operating Officer Medsphere Systems Corporation (949) 297-8182 office rick.jung@medsphere.com |
Media: Marisa Borgasano Schwartz Communications (415) 512-0770 (office) medsphere@schwartz-pr.com |