QuadraMed Increases Development Capacity Expanding Resources for Product Growth
05 Febbraio 2008 - 11:13PM
Business Wire
QuadraMed� Corporation (Amex:QD) today announced a strategic
initiative to increase overall product development capacity and to
further accelerate delivery of its �Care-based Revenue Cycle�
product strategy to the healthcare market. �In an effort to provide
high quality, feature rich products to our clients in the least
amount of time QuadraMed has re-allocated financial and personnel
resources to expand our product development capacity. Having access
to a large pool of skilled and cost-effective technical resources
is a key challenge for any product development function. Therefore,
we have partnered with one of the world�s largest technology
organizations to assist us with Quality Assurance, Technical
Publications and Software Programming. This initiative will
supplement the efforts of our existing dedicated and talented
product development team,� said Keith Hagen, president and CEO of
QuadraMed. To support this new directive, QuadraMed has partnered
with Tata Consultancy Services (TCS). TCS is a leading global IT
services and consulting firm with approximately 100,000 employees
worldwide. With its global headquarters located in India, TCS was
named to �Forbes Asia Fabulous 50 List� and was positioned by
Gartner, Inc. in the leaders� quadrant of the �Magic Quadrant for
Business Intelligence Services, North America, 2007� report.
Additionally, TCS was ranked #23 in BusinessWeek�s annual listing
of the world�s leading IT companies. TCS has a track record of
scalability, a strong focus on quality and experience delivering a
wide range of services. Added Mr. Hagen, �QuadraMed�s strategy is
to drive revenue growth by delivering on the 'Care-based Revenue
Cycle' vision which we announced in 2006. This product strategy is
focused on creating industry leading integrated Access Management,
Care Management, Health Information Management and Patient Revenue
Management solutions. We are looking to re-allocate resources to
further accelerate our ability to bring this vision to market.
These products are core to QuadraMed�s future growth and success
and this is where our resources will continue to focus. Our
partnership with TCS provides us with the scalability and
flexibility needed to meet our customers� growing needs and TCS�
resources will allow QuadraMed to focus on key product strategies
to deliver enhanced product features, functionality and regulatory
compliance. Thus these steps are designed to ensure that we can
meet future market demands while maintaining strong industry
competitiveness. The goal of this initiative is to increase
development capacity to maximize our competitive position. Our
overall development team will increase by 11% with most of that
increase focused on developing new products and new features.�
Related to this capacity expansion and resource re-allocation
initiative, QuadraMed has eliminated sixty eight positions in
various technical, administrative and other non-technical areas. A
number of the affected staff had been assigned to product related
projects now considered to be �non-core� to QuadraMed�s long term
growth and success. Concurrent with this, new positions were
created to meet the changing needs for various skill sets related
to the company�s go-forward product plan. In addition, the company
is currently working to fill twenty open positions in technical and
related areas. QuadraMed has taken steps to provide benefits for
departing employees through the end of the month and has offered
severance payments along with a commitment to pay 2007 bonuses to
those impacted in accordance with the 2007 Incentive Compensation
Plan, when payments under the plan are made in March 2008. After
all the actions detailed above have occurred, QuadraMed will employ
647 full time employees, which includes the twenty open positions.
The company expects to report a one time severance cost in Q1 2008
of approximately $0.9 million. The foundational components of the
QuadraMed Care-Based Revenue Cycle include solutions for Access
Management, Care Management, Health Information Management (HIM)
and Revenue Cycle Management. These integrated end-to-end solutions
comprise a product line designed to optimize the quality and safety
of patient care. Moreover, the solutions help clients leverage
quality care into financial health, resulting in fast, accurate
reimbursement at the lowest administrative cost. For more
information about QuadraMed products and related services, visit
www.quadramed.com or call 800.393.0278. About QuadraMed Corporation
QuadraMed Corporation advances the success of healthcare
organizations through IT solutions that leverage quality care into
positive financial outcomes. QuadraMed provides real world
solutions that help healthcare professionals deliver outstanding
patient care efficiently and cost-effectively. Behind the company�s
products and services is a staff of approximately 650 professionals
whose experience and dedication have earned QuadraMed the trust and
loyalty of clients at over 2,000 healthcare provider facilities.
For more information about QuadraMed, visit
http://www.quadramed.com/ Cautionary Statement on Risks Associated
with QuadraMed Forward-Looking Statements This press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 by QuadraMed that
are subject to risks and uncertainties. The words "believe,"
"expect," "anticipate," "intend," "plan," "estimate," "may,"
"should," "could," and similar expressions are intended to identify
such statements. Forward-looking statements are not guarantees of
future performance and are to be interpreted only as of the date on
which they are made. QuadraMed undertakes no obligation to update
or revise any forward-looking statement except as required by law.
QuadraMed advises investors that it discusses risk factors and
uncertainties that could cause QuadraMed�s actual results to differ
from forward-looking statements in its periodic reports filed with
the Securities and Exchange Commission ("SEC"). QuadraMed�s SEC
filings can be accessed through the Investor Relations section of
our website, www.quadramed.com, or through the SEC�s EDGAR Database
at www.sec.gov (QuadraMed has EDGAR CIK No. 0001018833). QuadraMed
is a registered trademark of QuadraMed Corporation. All other
trademarks are the property of their respective holders.
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