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Media Release -- March 24, 2006 ORMED X B2B INTERNET PORTAL TOPS $50 MILLION MARK
Ormed Information Systems Ltd., a leading provider of supply chain management solutions for healthcare, today announced that e-commerce transactions through its ORMED X™ B2B Internet portal topped the $50 million mark this week, capping the highest quarter volume since the portal first went active and following last year’s 132 per cent increase over the previous year. A secure Internet portal where healthcare buyers and vendors conduct e-commerce in real-time, ORMED X creates unique efficiency in the hospital supply chain that improves the quality of patient care by ensuring vital equipment and supplies are made available where and when they are needed, and at a cost that makes good use of the hospital’s budget. The company is currently ramping up for the live launch of its new ORMED X Easy Pay™ program that fully automates and integrates the buyer’s purchasing and accounts payable and the vendor’s accounts receivable to reduce unnecessary steps and costs and speed up the payment process. Ormed president and CEO Chris Sherback sees increasing adoption of e-commerce among hospitals and their vendors as a healthy sign for the healthcare system overall. “Supplies can make up as much as 25 per cent of a hospital’s operating budget and can cause unnecessary costs and risk to patients if not handled properly,” he says. “An efficient supply chain driven by e-commerce goes a long way toward improving patient care and reducing the financial stress on our healthcare system.” Sherback reports that ORMED X activity has sharply increased during the past six months as buyers and suppliers prepare for Easy Pay, and new vendors take advantage of a connection to ORMED X to improve their access to Ormed’s client base of more than 350 healthcare facilities across Canada and the United States. “While we are impressed with this growth, particularly in light of the Easy Pay program, it still represents a very small percentage of the total purchasing being done by hospitals and, therefore, the untapped potential of e-commerce to increase efficiency and reduce healthcare costs,” says Sherback. “By automating and integrating essential business processes, ORMED X re-engineers the supply chain from item sourcing to settlement, freeing hospital caregivers to concentrate their efforts on patient care,” he explains. “E-Commerce also reduces the data entry time, errors, arduous reconciliation work, and information overload that typically plagues hospital support staff, and aids in reducing overall supply costs and inventory investments.”
About Ormed Information Systems Ltd. Since 1989, Ormed has developed and implemented easy-to-use, robust MIS solutions that transform inefficient business processes by connecting people and processes, in real-time, to create new efficiencies and cost savings. With built-in e-commerce through the ORMED X B2B portal and ORMED X Easy Pay, integrated ORMED MIS software makes accurate information accessible to any authorized user at any desktop, reduces errors and costs, and facilitates collaborative and fully informed decision-making. Ormed is the largest Canadian supplier to Canadian healthcare facilities, with more than 350 healthcare clients in North America. For more information, please visit www.ormed.com.
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Media Contact: Pam Patten
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I think their reporting system is just wonderful. It's very advanced, very thorough, and it meets our needs very well.
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