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Media Release -- November 9, 2006 ORMED HEALTHCARE CLIENTS DOUBLE E-COMMERCE ACTIVITY
Healthcare supply chain leader Ormed Information Systems Ltd. today announced a 100 per cent increase in the rate of e-commerce through its leading edge ORMED X™ B2B portal over the same period last year. Transaction volume topped the $75 million mark this week, capping an increase to volumes of $27 million between March and October 2006, up from $13 million during the same period the previous year. “As a society concerned about escalating healthcare costs, we should all be encouraged to see hospitals and their merchants taking steps to reduce supply chain costs, inefficiencies, and errors,” says Ormed president and CEO Chris Sherback. “What we’ve seen so far is just the tip of the iceberg. Even with growth at this rate, this represents a small portion of the total activity of Ormed healthcare clients, and an even smaller portion of the total opportunity available for cost savings across the country.” ORMED X e-commerce transactions require less manual data entry, generate less paperwork, result in fewer delays, and eliminate the possibility of miscommunication. Stringent financial controls, effortless reporting, and demand consolidation make more of a hospital’s finite budget available for patient care. In addition to the efficiencies of real-time e-commerce through ORMED X, last summer Ormed brought a successful pilot project to conclusion and launched for open access by healthcare providers and their merchants new technology that streamlines the supply chain to reduce costs even further. By completely automating the invoice reconciliation and payment functions, the ORMED X Easy Pay™ program fully automates invoice reconciliation and payment for healthcare providers and speeds payment for merchants without impacting the buyer’s cash flow. “People just don’t realize how expensive manual, paper-based purchasing and accounts payable can be… what a drain on a hospital’s limited revenues this is,” Sherback points out. “Some of the inefficiencies we’re addressing are so ensconced in business practice that most hospitals and merchants aren’t aware of how much it’s costing them to print and fax thousands of purchase orders every year… go back and forth by phone, fax, and e-mail... re-enter the same basic data multiple times as each transaction evolves from requisition to tender document to purchase to acknowledgement to shipping notice to invoice to payment. And then there’s all that reconciliation work to do. “The old way is just too labor-intensive to be efficient,” he concludes. “E-Commerce is absolutely the best way to streamline the source to settlement cycle and reduce costs and financial stress on our healthcare system.”
About Ormed Information Systems Ltd. (www.ormed.com) With roots in healthcare MIS solutions and a focus on hospitals and healthcare regions since 1989, Ormed develops, implements, and supports fully automated and integrated ORMED MIS software with built-in e-commerce through the ORMED X B2B portal and ORMED X Easy Pay program. Ormed is the largest Canadian supplier of financial and supply chain management solutions to Canadian healthcare facilities, with more than 350 healthcare clients in North America.
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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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