Prognosis HIS to Acquire Creative Healthcare Systems

HOUSTON, Aug. 30, 2011 /PRNewswire/ -- Prognosis Health Information Systems, Inc., has signed a definitive agreement to acquire Creative Healthcare Systems, Inc., the developers of MedGenix, a powerful financial management and patient accounting system. The expected result: Hospitals of all sizes will be able to tap into an integrated, comprehensive computing solution that will optimize both clinical care and financial operations.

Prognosis successfully meets the needs of critical access and community hospitals with its ChartAccess® Comprehensive EHR, an innovative solution specifically engineered for speed and available at an affordable cost. With this system, many hospitals have moved from project kick off to go-live in just 120 days, putting them on the fast track to "meaningful use" attestation.  As a result, several hospitals have already leveraged the ONC-certified solution to qualify for incentive funds under the American Recovery and Reinvestment Act. The flexible web-native system is intuitive and easy-to-use, offering built in analytics and health information exchange (HIE) capabilities, which can help hospitals provide consistent, high-quality patient care.

This clinical success achieved with the Prognosis EHR can now be packaged with financial solutions success. MedGenix will enable Prognosis to add 18 powerful revenue management modules including patient accounting, accounts payable and A/R collection tools to its portfolio. The MedGenix system stands out from other available financial systems as the advanced solution can produce one single unified patient statement with information from inpatient, outpatient and long-term care providers.

In the spirit of the Healthcare Financial Management Association's Patient Friendly Billing Project, hospitals can provide an enhanced patient experience with the system's "one patient, one record and one statement for all care received" functionality.  With many other systems, patients are bombarded with a series of individual statements from each provider.

"Hospitals today – both big and small – are seeking to implement comprehensive, enterprise-wide solutions that can help them optimize both their clinical and financial operations," said Jay Colfer, Prognosis Executive Vice President of Client Solutions. "With this acquisition, Prognosis will be able to do just that. As a result, hospitals don't have to worry about multiple systems, multiple contracts and multiple integration issues. Instead, they can simply implement our comprehensive system."

Steve Everest, current CEO of Creative Health Systems, will lead all revenue management operations as the companies come together under the Prognosis brand. All existing staff members will retain their positions and continue to be based in Springfield, Mo. Becoming a part of Prognosis, however, will result in enhanced product offerings and service, according to Everest. For example, Prognosis will quickly add its easy-to-use graphical interface to the MedGenix applications, making for a seamless user experience.  The revenue management team will be expanded to support anticipated growth in the financial arena.

"Becoming a part of Prognosis better positions us to truly meet hospitals' needs and better serve the healthcare industry. We can now provide the complete solution under the Prognosis brand going forward," Everest said. "Hospitals will be able to take advantage of our financial applications without having to worry about looking for and supporting a separate EHR. Plus, with the expanded resources, we will be able to more quickly meet customer needs."

The deal is expected to close in late September. Financial terms of the acquisition are not being released.

"We started this company with the intention of creating powerful solutions that would make the dream of electronic health records a reality for all providers, regardless of size," said Ramsey Evans, CEO of Prognosis.  "We've been extremely successful in the clinical realm but have realized that with a challenging economy and health reform, hospitals need to make a concerted effort to focus on revenue management improvement. With this acquisition, we are giving hospitals the power to experience both financial and clinical success."

About Prognosis Health Information Systems

Prognosis Health Information Systems, Inc. (PHIS), Houston, aims to improve the quality and safety of patient care through ChartAccess, a certified Comprehensive EHR. Designed to be fully operational in less than six months at a predictable, affordable cost, the solution enables hospitals to meet meaningful use and improve patient outcomes by leveraging built-in American Recovery and Reinvestment Act (ARRA) milestone and quality measure tracking functionality. PHIS uses 21st-Century technologies to offer small community hospitals a pure browser-based system that can run on-premise or in the cloud. For more information, go to www.prognosishis.com.

About Creative Healthcare Systems

Creative Healthcare Systems, Inc. (CHS), Springfield, Mo., introduced MedGenix, an innovative financial management and patient accounting solution, in 1993. It is now installed and running strong in many community hospitals, clinics, long term care facilities and home health agencies across the United States. A thorough understanding of the financial challenges of community based organizations has enabled the company to deliver cost-effective, advanced technology solutions that truly help healthcare providers achieve financial success.

SOURCE Prognosis Health Information Systems, Inc.