KELOWNA, BC, July 14, 2015 /CNW/ - (TSX-V: QHR)
QHR Corporation ("QHR" or the "Company"), a leader in the
healthcare information technology sector, today announced that it
has sold substantially all of the assets and operations of its U.S.
based Billing Services, Clearinghouse, Tradelink EDI businesses
(collectively, the "RCM Assets") to Medical Transcription Billing,
Corp. ("MTBC"), a U.S. publicly traded company (NASDAQ:MTBC)
with its executive offices located in New
Jersey.
Under the agreement, MTBC acquired substantially all of QHR's
RCM Assets, including customer relationships, products, related
intellectual property, and some of its employees in exchange for a
cash purchase price in an amount to be determined and paid over an
earn out period of 36 months from closing. QHR does not
anticipate that proceeds from this transaction will be material.
The primary benefit of this transaction lies in cost savings, as
part of an overall restructuring effort to save $1.6 to $2.0 million in annualized expenses.
Mike Checkley, President and CEO
of QHR, said "QHR's strategy is to focus on our core Healthcare
Technology including Electronic Medical Records (EMR), Virtual
Care, Secure Messaging, Online Booking and Patient access to
medical records. MTBC has the structure and vision to take the RCM
business forward and we see them as a great fit for the
customers."
On behalf of the Board of Directors
Mike Checkley, President &
CEO
About QHR Corporation
QHR is a leader in Healthcare
Technology, empowering providers and connecting patients.
With an 11-year track record offering what is now the single
leading Electronic Medical Records platform in Canada, QHR has a suite of complementary
offerings that empower health professionals and drive the Company's
growth. The Company's technologies and services enable secure
medical records management for clinical environments, empower
health providers with tools for virtual care including secure video
and messaging, and tools for clinic management including
scheduling, billing, and patient management, Health providers
choose QHR to drive efficiencies within their practice and improve
the quality of care delivered to patients.
Legal Notice Regarding Forward Looking Statements
This news release may contain "forward looking statements"
within the meaning of applicable Canadian securities legislation.
These statements are subject to risks that may cause the actual
results to be materially different in future periods from those
expressed or implied by such forward looking statement.
Forward-looking statements in this news release include those
concerning the Company's belief that the sale of its RCM Assets
will result in cost savings and improve overall
profitability.
Risks that may prevent or delay the forward looking
statements from coming to fruition include the possibility that the
Company may suffer unanticipated costs or expenses in effecting its
proposed restructure, that it may not offer products that are
acceptable to industry regulators or customers; competitors may
offer better or cheaper products; it may not be able to raise
sufficient capital to improve products to remain competitive;
changing regulatory requirements may prevent the Company's products
from being sold as expected; it may not be able to attract or
retain key personnel; its technology may become obsolete; orders
could be cancelled or delayed and market factors may increase costs
more than expected. QHR is a technology business development
enterprise where investment and product enhancements must be
carefully managed to achieve long-term revenue growth and
profitability. It is the Company's policy not to update forward
looking statements except to the extent required under applicable
securities laws. Further information on the Company is available at
www.sedar.com or at the Company's website,
www.QHRtechnologies.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE QHR Corporation