Quality Systems Inc. is dipping into the world of cloud computing and recently shared some of its new products at its annual users’ group meeting.
The Irvine-based company makes software that doctors and dentists use to manage their practices.
It said in a news release that its new products are intended to offer “higher levels of patient engagement, better coordinated care through open interoperability, and [to support] value-based care delivery.”
Quality’s new products include:
• The Mobile Patient Portal, which allows clients’ patients to view current and historical medical records and laboratory results and refer to educational resources to better understand and track their courses of treatment.
The company said the product “saves practice staff members significant time as patients can update their medical histories, allergies, insurance and demographic information and also request medication refills without contacting the physician or practice directly.”
• NextGen Now, cloud-based software that’s slated for launch next year. Quality said the product is built on a framework that includes database tools, clinical documentation, development tool sets and standards.
It said NextGen Now combines functionalities of the NextGen Ambulatory Electronic Health Record and Practice Management software for cloud computing.
The company used the meeting to “demonstrate firsthand how we are rapidly helping our clients adapt to the changing face of healthcare and technology integration,” Chief Executive Steve Plochocki said.
Quality’s users’ group meeting took place last month at the Mandalay Bay Resort in Las Vegas. Users participated in more than 250 educational sessions and received hands-on product training.
Smile Brands Group Downgraded
Irvine-based Smile Brands Group Inc.’s credit ratings were recently downgraded by Moody’s Investors Service.
Moody’s said it downgraded the provider of dental business services to a Caa1 corporate family rating; a Caa1-P probability of default rating; and to a B2 senior secured bank credit facility rating. The agency added that its outlook on Smile is negative.
In Moody’s rating system, companies with a Caa1 rating are “judged to be speculative of poor standing, subject to very high default risk and may be in default on some but not all of their long-term debt obligations.”
Moody’s said in a news release that its action reflected Smile’s “weak operating performance and deteriorating credit metrics, attributable to a challenging consumer spending environment, and declining operating margins resulting from higher labor, marketing and corporate overhead expenses.”
It added that the downgrade also reflected its concerns “related to the minimal cushion under financial covenants in the company’s bank credit facilities.”
Smile “faces minimal headroom under its financial maintenance covenants due to recent earnings volatility and the tightening of contractual requirements in the near term,” despite an equity infusion by New York-based Welsh, Carson, Anderson & Stowe, its majority owner.
Privately held Smile launched a $310 million loan package last year to refinance debt tied to its $600 million buyout by private equity investor Welsh Carson in 2010.
Moody’s said it believed Welsh Carson would continue to provide equity support to Smile “in advance of any potential covenant breaches over the next year, which would otherwise require a waiver or an amendment.”
Device Maker Gets Investment
Parker Hannifin Corp. recently said that it completed a minority investment in Irvine-based prosthetic maker Freedom Innovations LLC. Financial terms weren’t disclosed.
Cleveland-based Parker Hannifin employs more than 1,700 people through its Parker Aerospace unit in Irvine. It makes motion and control technologies and systems for mobile, aerospace and industrial markets.
Freedom makes various types of prosthetics. The latest deal expands a partnership the two companies started last year.
Parker Hannifin said the deal is related to Parker’s development of Indego, a powered lower limb exoskeleton that allows users to stand or walk. It plans to launch the product in the U.S. in the latter half of 2015 after launching in Europe.
“This partnership and investment will also provide Freedom meaningful incremental resources to accelerate and expand our strategic growth initiatives, product development and global commercial franchise. We are excited about the opportunity to bring additional Freedom products to more patients and providers globally,” Freedom Chief Executive Maynard Carkhuff said in a statement.
MemorialCare Hospitals Get “A’s”
Fountain Valley-based MemorialCare Health System said its hospitals received an “A” score in a safety survey by San Francisco-based Leapfrog Group. MemorialCare’s facilities include Orange Coast Memorial Medical Center in Fountain Valley and Saddleback Memorial Medical Center, which has campuses in Laguna Hills and San Clemente.
