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Boyd Custom Software
Joyce Conner-Boyd
Walden University
Financial Management
Dr. Letsch
Table of Contents
I. Executive Summary…………………………………………………………………… 5
II. Company Description…………………………………………………………………..5
1. Company Background…………………………………………………………..5-6
2. U.S Legislation & Regulations………………………………………………….6-7
I. Incentive Programs…………………………………………………………....6
II. Standards……………………………………………………………………..7
3. Company Vision………………………………………………………………...7
4. Company Mission……………………………………………………………….7
5. Leadership Team……………………………………………………………...…7-8
6. Board of Directors……………………………………………………………....8-9
7. Legal Structure………………………………………………………………......10
8. Human Resources…………………………………………………………...…...10
9. Organizational Culture…………………………………………………………...10-12
2.10 Risk Factors…………………………………………………………………..…13-14
III. Impact of Global Economy on the Business…………………………………………......13-21
1. Opportunity Summary…………………………………………………………….14
2. Situational Summary…………………………………………………………........14-17
I. U.S Legislation & Regulation………………………………………………..…..15
II. Healthcare Market Statistics……………………………………………….........16
III. Electronic Health Record…………………………………………….……16-17
IV. What is Meaningful Use?...............................................................................17
V. Health I.T Sector………………………………………………………...….17
VI. Mobility………………………………………………………………...….18
VII. Saas………………………………………………………………….……19
3. Risk Analysis…………………………………………………………………..19-23
I. Competitive Analysis………………………………………………………..20-21
II. SWOT Analysis…………………………………………………………….21
IV. Global Opportunities for Growth……………………………………………………..21-24
1. Opportunities Summary……………………………………………………….21-22
2. Market Analysis……………………………………………………………….22-24
V. Workforce Management………………………………………………………….…..25-26
1. Management Summary…………………………………………………….…..25
2. Organizational Structure………………………………………………….…....25
3. Management Gap Analysis……………………………………………….…...26
4. Risk Analysis…………………………………………………………….…....26
VI. Sourcing………………………………………………………………………………26-28
1. Key Solutions………………………………………………………………….27-28
VII. Business Operations……………………………………………………………….….29-30
7.1 Opportunities……………………………………………………………….….29
7.2 Operations Risk……………………………………………………………..…29-30
VIII. Ethics & Legal: Social Responsibility…………………………………………….…30-31
8.1 Legal……………………………………………………………………….….30
8.2 Ethics…………………………………………………………………..……...30-31
8.3 Social Responsibility…………………………………………………………..31
VIIII. Marketing Plan……………………………………………………………..……..…31-44
9.1 Market Research……………………………………………………….……..…31
9.2 Market Statistics……………………………………………………………....…32-33
9.3 Healthcare Market…………………………………………………….……...….33-34
9.4 Competitive Analysis…………………………………………………………….35
9.5 Target Market…………………………………………………………………….35
9.6 Market Strategy…………………………………………………………………..35
9.7 Marketing Objectives……………………………………………………….……36
9.8 Marketing Database…………………………………………………………..….36
9.9 Marketing Initiatives…………………………………………………….………37
9.10 Marketing Milestones…………………………………………………….……37-43
9.11 Marketing Metrics………………………………………………………….….44
9.12 Marketing Budget………………………………………………………..….…44
X. Innovation and Technology…………………………………………………………44
10.1 Innovation Description…………………………………………………………44-47
10.2 S-Curve Analysis………………………………………………………………47
10.3 Innovation Implementation……………………………………………………47-48
10.4 Innovation Diffusion…………………………………………………………..48-49
10.5 Use of Technology…………………………………………………………….49-51
10.6 Risks & Opportunities for Innovation & Use of Technology………………….53-54
10.7 Value-Add Proposition………………………………………………………..54-55
10.8 Change Management & Innovation………………………………………..….55
XI. Finance & Accounting………………………………………………………….…..55-59
11.1 Profit & Loss Sheet……………………………………………………………55
11.2 Contribution Graph……………………………………………………………57
11.3 Operating Profit Graph………………………………………………………..57
11.4 Net Cash Flow Graph…………………………………………………………57
11.5 Cumulative Cash Flow Graph…………………………………………………57
XII. Finance Management…………………………………………………………………59-70
12.1 Financial Statement……………………………………………………………60
12.2 Financial Statement……………………………………………………………61-62
12.3 Common Size Financial Statement……………………………………………63
12.4 Written Analysis………………………………………………………………64
12.5 Per Share Analysis……………………………………………………………65
12.6 Ratio Analysis………………………………………………………………..65-66
12.7 Competitive Analysis………………………………………………………...67-68
12.8 Variable Cost to Revenue Ratio……………………………………………...69
12.9 Contribution Margin to Sales Ratio………………………………………….69
12.10 Profit after Interest to Sales………………………………………………...70
12.11 Net Cash Flow to Profit after Interest……………………………………...70
References…………………………………………………………………….…71-73
Appendix………………………………………………………………………. 74-103
Boyd Custom Software
I. Executive Summary
To be completed last
II. Company Description
1. Company Background
The world around us continues to change at an expedited rate. Some of this change is unpredictable and completely out of our hands, we know that now more than ever. Yet, our response is completely within our control. This document is meant to provide a clearer understanding of the strategic plan of BCS, including but not limited to our overall goals and each of our responsibilities as it relates to creating our new business venture of Boyd Custom Software. BCS is a software development company that primarily collaborates up with independent software vendors within the healthcare industry to advance and evolve health information technology.
In most sectors of healthcare, progress is measured in decades, but the realm of health information management (HIT) is unique. Today however, HIT not only in the U.S., but globally has undergone a complete transformation. A host of innovations has emerged and the field has advanced at a speed previously unimaginable. A global movement is taking place to establish Health Information Exchanges (HIE) to electronically move health related information among organizations in accordance to recognized standards. In an effort to proactively drive the global crusade for development of a borderless health information exchange and cost control of homeland healthcare in general, the U.S Federal Government has established initiatives within the Healthcare Industry, Healthcare Information Management providers and ISVs. These enterprises are focused on making necessary changes required to move from paper to electronic data exchange amongst other technology driven ingenuities to take advantage of the government funds available.
On Feb. 17, 2009, Congress passed the American Recovery and Reinvestment Act of 2009 at the urging of President Obama, who signed it into law four days later. A direct response to the economic crisis, the Recovery Act has three immediate goals:
➢ Create new jobs and save existing ones
➢ Spur economic activity and invest in long-term growth
➢ Foster unprecedented levels of accountability and transparency in government spending
The Recovery Act intends to achieve those goals by:
➢ Providing $288 billion in tax cuts and benefits for millions of working families and businesses
➢ Increasing federal funds for education and health care as well as entitlement programs (such as extending unemployment benefits) by $224 billion
➢ Making $275 billion available for federal contracts, grants and loans
US Legislation and Regulations
➢ The Health Information Technology for Economic and Clinical Health (HITECH) Act provides the US Department of Health and Human Services (HHS) with the authority to establish programs to improve health care quality, safety, and efficiency through the promotion of health information technology (HIT), including electronic health records and private and secure electronic health information exchange.
➢ Under HITECH, eligible health care professionals and hospitals can qualify for Medicare and Medicaid incentive payments when they adopt certified EHR technology and use it to achieve specified objectives.
➢ Two regulations have been released, one of which defines the “meaningful use” objectives that providers must meet to qualify for the bonus payments, and the other, which identifies the technical capabilities, required for certified EHR technology.
I. Incentive Program for Electronic Health Records: Issued by the Centers for Medicare & Medicaid Services (CMS), this final rule defines the minimum requirements that providers must meet through their use of certified EHR technology in order to qualify for the payments.
II. Standards and Certification Criteria for Electronic Health Records: Issued by the Office of the National Coordinator for Health Information Technology, this rule identifies the standards and certification criteria for the certification of EHR technology, so eligible professionals and hospitals may be assured that the systems they adopt are capable of performing the required functions.
Boyd Custom Software (BCS) provides customized electronic medical record (EMR) software designed for ISV’s and clinicians that are proactively participating in the needed requirements to stay compliant with the Health Information Technology for Economic and Clinical Health (HITECH) Act. BCS not only works with independent software vendors such as McKesson, G.E, and Allscripts, but in addition, BCS has a software suite that includes an electronic medical record system, ICD-11 conversion, meaningful use tracking, HIPAA 5010 compliant software as well as a security and compliance software package. The BCS suite of products was developed in close collaboration with: clinical experts that perform the day-to-day functions; state HIE chapters, who are testing the functionality; and the Department of Health and Human Services (HHS), who maintain the authority of compliance. Because of this collaboration, BCS has a highly intuitive software product that directly mimics the manual procedures followed by the clinical experts, making it user friendly and giving it a powerful competitive advantage. This software allows clinicians to dramatically increase the ease, accuracy, and efficiency of their complex, time-consuming, and error prone reporting processes. BCS has distinguished itself in this market by providing an easy to use interface, a highly efficient data entry and report generation process, and an outstanding level of responsiveness to customer design and support needs. BCS’ core competency that creates its competitive advantage is simply – customer intimacy. BCS understands and meets their customers’ needs better than any of their competitors. BCS software has been certified by the SEO as a product approved for purchase and use within the healthcare field, which is a necessity for companies that wish to compete in this market. BCS will be established in 2012 as a sole proprietorship under the control of founder Tim Aligheri, and with the addition of full-time management and a board of advisors to the company, will be restructured as a limited liability company, effective January 1, 2013. BCS will be a national company with a U.S HQ based in Atlanta, Georgia.
2.2 Company Vision
If your ultimate goal is to attain the highest return on investment, than you need a partner that understands today’s healthcare challenges and provides the most advanced solutions. Our goal is to become a leading partner and innovator in evolving the global healthcare industry on its’ quest for a worldwide health information exchange.
3. Company Mission
Boyd Custom Software is a software development and consulting partner focused on bringing innovative healthcare initiatives from concept to reality. Our engineers thrive on every project from the simplest to the most complex healthcare challenges. We relish the challenge of helping our client’s grow their initiatives and succeed beyond their highest expectations.
Our healthcare solutions support the entire healthcare ecosystem, with flexible technology and innovative approaches making information more understandable and easier to access and use for healthcare organizations. We blend our technical expertise with your insights to create an all-inclusive positive user experience. If your ultimate goal is to attain the highest return on investment, than you need a partner that understands today’s healthcare challenges and provides the most advanced solutions, do not trust your project with anyone but Boyd Custom Software.
4. Leadership Team Management Staff Structure
The Boyd Custom Software management team brings significant experience in the software industry and has a thorough understanding of the issues involved in developing, marketing, and supporting software products. Resumes of the management team are available upon request. Additionally, advisory boards of leading business professionals will help ensure the company’s success.
Although our team is relatively small, our focus is to promote a culture that exhibits the good of the whole rather than the good of the individual. I see myself as a situational leader. Situational leadership allows me to analyze the needs of a situation I am dealing with, and adopt the most appropriate leadership style. We all lead others at work and at home. A situational leader allows the ability to adopt different leadership styles depending on the situation, (Dubrin, 2007). Situational leadership has a four-stage model: participating, telling, delegating, and selling, (Dessler, 2003).
With each stage, there are times when our executive team will leverage leadership styles in combination of varying individual instances. Although it is important to have a relationship with your peers or team, it is also important to remain in that leading role model.
Joyce Boyd will be the President & CEO of the company. Ms. Boyd has over sixteen years of experience in operations and senior level management in the healthcare industry. She has been in field operations, executive management, sales, new business implementation and development, strategic operations as well as mergers and acquisitions.
Joyce spent thirteen years with Smart Document Solutions where the CEO, COO, chose her; CFO & CIO to initiate change management cross functionally and restructure operations in preparation for sale. Joyce instituted a national rating system corporate wide measuring customer, individual and regional performance via Key Performance Indicators. Concurrently, she implemented new programs and controls resulting in increased productivity of $3MM, reduced labor rates by 3% and increased customer retention rating to 98%.
In 2007, the Thurston Group purchased SDS forming HealthPort Technologies. Mrs. Boyd was chosen by the Chairman of the Board to lead the Acquisition and integration of their largest competitor, ChartOne Corporation.
In the fall of 2008, Joyce led the M&A team in the acquisition of ChartOne completing a scheduled 18-month integration rollout in 6 months while maintaining a 98% customer retention rating.
Joyce is recognized in the field of Healthcare Management as the leading expert in Release of Information, Healthcare IT and HIM Operations. Over the years, she has worked with a multitude of HIT and HIM departments large and small, to provide guidance and expertise to maximize efficiencies and marry the drive for operational success via information technology platforms to deliver HIM compliancy. Ms. Boyd believes in developing true partnerships among healthcare industry partners throughout the relationship, not just at the point of establishing vendor contracts.
Tim Aligheri, founder of RCS, will serve as the Chief Technology Officer. At BCS, Tim will complete all programming for the BCS solutions, including yearly updates and custom solutions for particular customer demands. He will continue to build relationships at the international level within the healthcare market in preparation for global expansion. In addition, Tim may take part in other efforts as time permits, such as sales, implementations, training, and support.
2.5 Board of Advisors
Jim Day served as the Chief Financial Officer, Treasurer, and Secretary of Enterprise Systems, Inc., a healthcare information services company, from November 1987 to January 1995, and Senior Vice President Finance and Treasurer from January 1995 to March 1997, when he retired. Jim graduated from the University of Illinois in 1963 with a Bachelor of Science degree in Accounting, and became a Certified Public Accountant in 1974.
Steve Roberts is an experienced executive with diverse expertise with hospitals, point of care providers, and pharmaceutical organizations. Steve has a record of significant achievement in measuring and managing the operations across all departments of the organization with a focus on revenue optimization, client relationship management and satisfaction, strategic business planning and selling, project management, and team building. Steve has worked for large organizations such as; Henry Schein, Healthport, GE Healthcare, Allscripts, McKesson and System Integration. Steve holds an MBA from Northwestern University, Kellogg Graduate School of Management.
Joseph Smith is an entrepreneur who founded The Stern Corporation in January 1994. They design, fabricate and install heating, ventilation, and air conditioning systems for commercial, industrial, and institutional projects. Mr. Stern’s experience includes 37 years in the industry, managing projects for many notable Chicago high rise buildings, including the Sears Tower, the world’s tallest building and the 333 South Wacker, the world’s tallest concrete structure. Since its founding, The Stern Corporation has done approximately 4.5MM in revenues.
Glen Johnson joined Allscripts, Inc. as Chief Executive Officer in August 1997. Allscripts is a privately held company that provides point-of-care medication management and dispensing solutions. Previously, Tullman was CEO of Enterprise Systems, Inc., a leading healthcare information services company providing resource management solutions primarily to large integrated healthcare networks. Enterprise recorded 1996 revenues of $52.3 million. Tullman led the company’s Initial Public Offering and secondary offerings. Enterprise was recently acquired by HBO & Company of Atlanta, in a stock transaction valued in excess of $250 million. Prior to joining Enterprise, Tullman was President and Chief Operating Officer of CCC Information Services, Inc., of Chicago, Illinois. Under his leadership, the company grew from $17 million to over $100 million and is publicly traded.
will be responsible for the day-to-day operational and strategic direction of the company. She will be actively engaged in all facets of the business, including sales, implementation, training, finances, operations, and support.
2.6 Legal Structure of the Business and Ownership
BCS is currently structured as a sole proprietorship, with Tim Aligheri as the owner. Plans are in place to change the BCS legal structure to a limited liability company, effective January 1, 2012. Tim Aligheri and Joyce Conner-Boyd will each own 50% of the company. The board of advisors will arbitrate any issues that require third party involvement. Initial plans are that BCS will remain a privately held company. To exit the business, the owners would most likely exit through the sale of the company to an interested investor (i.e., a larger software company or the private equity group). Tim and Joyce have a formalized agreement if one should decide to exit the business prior to the other.
7. Human Resource Requirements
In an increasing economic environment, it has become difficult to assemble a capable well-functioning work force and even harder to maintain one. Businesses are aware of the value add of human resources. Established well- have the ability to select and nurture employees to closely fit a company’s culture and performance requirement.
Human Resource Management is taking on a consultative role to management within organizations. Many established personnel procedures are being abandoned to increase organizational flexibility, and provide greater agency level responsiveness to both internal and external clientele needs. By embracing a human resource management department that can assist our line managers to accomplish recruitment, selection, retention, training, and compensation.
BCS is committed to providing its employees a stable work environment with equal opportunity for learning and personal growth. Creativity and innovation are encouraged for improving the effectiveness at Boyd Custom Software. Above all, employees will be provided the same concern, respect, and caring attitude within the organization that they are expected to share externally with every each of our customers.
Our goal is to recruit top-level developers to enhance and create a value-add experience for our clients. We have begun the process of collaborating with top-level engineering schools nationwide as well as globally to have deeper access to the talent pool within our domain of expertise. Once recruited, our technical team will then participate in an internal university to leverage domain knowledge as it relates to the healthcare industry as well as any obstacles in the area of language and cultural competence barriers.
Employment agreements have been leveraged in an attempt to retain top talent to mitigate the competitive risk that is at a premium among the engineering and information technology fields of expertise. As well, our organization provides the following benefits;
➢ Sign on bonus
➢ Relocation expense
➢ Full medical and dental plans
➢ Life insurance
➢ LT & ST disability insurance
➢ Domestic partner insurance coverage
➢ 401K
➢ Vacation pay
To create a true well balanced corporate culture, our employees are immediately set up with career coaches and are put on a plan to define, recognize an execute on their short term and long term career goals.
8. Organizational Culture
Organizational culture can be defined as a system of shared beliefs and values that develop within and organization and guides the behavior of its members. It includes routine behaviors, norms, dominant values, and a feeling or climate conveyed. The purpose and function of a corporate culture is to foster internal integration, bring staff members from all levels of the organization much closer together, and enhance their performance. Company culture is not only made up of values but also of philosophy, a particular attitude toward life. BCS' philosophy consists of eight primary attitudes:
1. Employees are number one. The way you treat your employees is the way they will treat your customers.
2. Think small to grow big.
3. Manage in the good times for the bad times.
4. Learning from mistakes is an aspiration!
5. Be yourself
6. Have fun at work
7. Take the competition seriously, but not yourself.
8. It is difficult to change someone's attitude, so hire for attitude and train for skills
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To be successful as a sole contributor within BCS; follow the norms, the patterns of attitude, behavior, and practice that influence the vigor with which employees work and how far they are willing to go for the company. There are five company norms that stand out and that should be recognized as adding flavor to the culture.
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1. Visionary thinking - Visionary thinking is what gave our company its'start. Big dreams have encouraged employees of the company to provide legendary service and to give ordinary people extraordinary opportunities. Visionary thinkers continually provide inspiration for its future success.
2. Celebrations - The Company throws a party whenever possible to honor and reward people, giving them the experience of our BCS culture.
3. Hiring the right people - Hire for the culture not the job. We are a company that is fearless; we should actively be hiring people who are not afraid to express their individuality.
4. Competition - In terms of dealing with competition, BCS has two noticeable practices, to keep a warrior attitude and to keep multiple scenarios. Be aggressive with our pricing and leverage strategic planning however, as a company we have learned to forecast and plan by preparing for a variety of possibilities.
5. Simplicity & Freedom - The Company encourages simplicity by avoiding unnecessary paperwork and elaborate documentation. Do not just type an email or a memo to get the matter addressed. Sit down with your counterparts, communicate the issues and solve them together. Freedom is encouraged by the informal work attire. Comfortable and casual clothing is the norm at all company functions, even meetings, and is thought to provoke a playful and creative spirit within the company.
As our organization grows, it will become critical that we execute on the eight steps needed to successfully transform a business, (Kotter, 2007). These eight steps are as follows; (1) Establishing a great sense of urgency, (2) Creating a powerful guiding coalition, (3) Creating a vision, (4) Communicating the vision, (5) Empowering others to act on the vision, (6) Planning for and creating short-term wins, (7) Consolidating improvements and producing still more change, and (8) institutionalizing new approaches, (Kotter, 2007, p. 99). It is imperative that the senior team is steadfast in their mission to create a positive corporate culture, one that is not only defined by the executive team but one that is believed in by the HR department. Regardless of the title one may hold, HR plays a vital role in the execution of any business decision.
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9. Risk Factors
One source of risk to the future success of BCS is the entrance of a new, superior product. As indicated above, the barriers to entry in this market are very high, and BCS will be aware of new entrants and respond accordingly. Due to the level of customer intimacy BCS provides and the level, which is required to service this market, BCS believes it is offering the best product and best service, and will continue to be the market leader.
Another source of risk remains to be state and federal legislation changes. The Federal Government does not have the internal resources to develop products that have the full breadth of features and functionality that the healthcare industry is demanding, nor do they have the bandwidth to support the market during this surge in health information technology. Therefore, the most likely event is that the Federal Government would grant exclusivity to one vendor or purchase that vendor. BCS has excellent relations within the healthcare market as well as the local health information exchanges (HIE) and will continue to maintain these relations in order to gain exclusivity to be the vendor the Federal Government purchases. Gaining increased dominant market share will help ensure BCS is the vendor of choice.
Another possibility is that the Federal Government will force competition and tell BCS they can have no more than fifty percent (50%) of the market. BCS believes this is very unlikely, however, in the event that unforeseen situations arise, the structure of BCS is such that most expenses are incurred in direct relation to sales and customer service can be eliminated in the short or long run as the situation requires.
Various levels of risk are present depending upon which projected financial scenario will take place. The worst-case scenario will present a situation where the management team will make a loan to the company until such time when cash flow permits the repayment of principal and interest. During this time the additions of personnel to BCS will also be scaled back to reflect the lack of new sales.
III. Impact of Global Economy on the Business
All cultures are driven by their economies, and the ideals of each culture are the basis of how their people do business. The global healthcare IT market is anticipating growth from $99.6 billion in 2010 to $162.2 billion in 2015, at a CAGR of 10.2% from 2010 to 2015.
Government support in the form of stimulus packages is the most significant strength for the market. Implementation of nationwide health records in the U.S., Europe, China, and all the other major markets has a dependency on these government initiatives. With the changing terms between clients and vendors, the markets offer huge opportunity for domain specific players. Healthcare IT providers generate more than 60% of their revenue through license updating and the remaining through new client acquisitions.
The healthcare IT market is witnessing many developments with the introduction of healthcare reforms in developed nations. IT implementation has already streamlined healthcare and hospital procedures such as billing, medical imaging, and diagnostic information. However, the market still offers more scope for development, especially with increasing government incentives in the sector.
1. Opportunity Summary
In almost every culture, Healthcare is being viewed as, “broken”. Demand is ubiquitously outpacing supply and to date, information technology investments in healthcare have been limited. Internationally we are experiencing an unprecedented participation and collaboration to create health information exchange networks (HIE). However with this said, there is an inherent lack of infrastructure within and across healthcare organizations. Information content is very diverse and complex, and is not consistently represented by practitioners. Historically, healthcare as a market sector has viewed IT as an expense rather than an investment; overall ROI was not recognized. Creating a culture of continuous innovation and iteration will move the country beyond the 19th century “mainframe” model to the personal health model of the 21st century. Rather than view the unsustainable healthcare system as a threat, the U.S needs to generate new opportunities, jobs, and competition in the race to build a nimble care model that supports the health information exchange movement. Today’s U.S. healthcare system is being challenged to transform itself in the face of escalating trends influencing costs, quality and access. Total healthcare spending reached almost $2.5 trillion in 2009 or 17.3% of the U.S. economy with continued growth in expense forecasted (see Appendix A).
3.2 Situational Summary/Critical Success Factors
In an effort to proactively drive the global crusade for development of a borderless health information exchange and cost control of homeland healthcare in general, the U.S Federal Government has established initiatives within the Healthcare Industry, Healthcare Information Management providers and ISVs. These enterprises are focused on making necessary changes required to move from paper to electronic data exchange amongst other technology driven ingenuities to take advantage of the government funds available.
U.S Legislation and Regulations are an apparent critical success factor as it relates to the healthcare information technology market, as it is the ARRA act that is driving the stimulus money to engage in HIT.
On Feb. 17, 2009, Congress passed the American Recovery and Reinvestment Act of 2009 at the urging of President Obama, who signed it into law four days later. A direct response to the economic crisis, the Recovery Act has three immediate goals:
➢ Create new jobs and save existing ones
➢ Spur economic activity and invest in long-term growth
➢ Foster unprecedented levels of accountability and transparency in government spending
The Recovery Act intends to achieve those goals by:
➢ Providing $288 billion in tax cuts and benefits for millions of working families and businesses
➢ Increasing federal funds for education and health care as well as entitlement programs (such as extending unemployment benefits) by $224 billion
➢ Making $275 billion available for federal contracts, grants and loans
I. US Legislation and Regulations
➢ The Health Information Technology for Economic and Clinical Health (HITECH) Act provides the US Department of Health and Human Services (HHS) with the authority to establish programs to improve health care quality, safety, and efficiency through the promotion of health information technology (HIT), including electronic health records and private and secure electronic health information exchange.
➢ Under HITECH, eligible health care professionals and hospitals can qualify for Medicare and Medicaid incentive payments when they adopt certified EHR technology and use it to achieve specified objectives.
➢ Two regulations have been released, one of which defines the “meaningful use” objectives that providers must meet to qualify for the bonus payments, and the other, which identifies the technical capabilities, required for certified EHR technology.
I. Incentive Program for Electronic Health Records: Issued by the Centers for Medicare & Medicaid Services (CMS), this final rule defines the minimum requirements that providers must meet through their use of certified EHR technology in order to qualify for the payments.
II. Standards and Certification Criteria for Electronic Health Records: Issued by the Office of the National Coordinator for Health Information Technology, this rule identifies the standards and certification criteria for the certification of EHR technology, so eligible professionals and hospitals may be assured that the systems they adopt are capable of performing the required functions.
II. Healthcare Market Statistics
➢ See Appendix B
Practice Fusion’s EHR and Health IT Statistics
Technology advancements are rapidly changing the healthcare sector. Here are a few of the most important US physician statistics and medical technology figures.
Physicians & Technology
➢ There are over 800,000 physicians in America. (AMA 2009)
➢ 7 million people in the US work in healthcare practitioner and technical occupations altogether. (Bureau of Labor 2008)
➢ Only 10% of physicians reported having a fully functional electronic health records system in use, 20% report having some basic system. (CDC Report, January 2009)
➢ "Astonishingly, twenty years after the digital revolution, only 1.5% of hospitals have integrated IT systems today—and half of those are government hospitals." (Washington Monthly - 2009)
Economic Stimulus
➢ Under the American Recovery and Reinvestment Act of 2009, physicians who adopt "meaningful use" of an electronic health record system by 2011 will qualify for $44,000 or more in Medicare incentives.
➢ With an estimated 404,000 eligible medical professionals in 2011, CMS predicts that between 10% and 36% will adopt an EHR in 2011, 15% to 44% in 2013, and 21% to 53% in 2015. (Health and Human Services)
III. What is Electronic Health Record (EHR)?
➢ The Electronic Health Record (EHR) is a longitudinal electronic record of patient health information generated by one or more encounters in any care delivery setting. Included in this information are patient demographics, progress notes, problems, medications, vital signs, past medical history, immunizations, laboratory data and radiology reports. The EHR automates and streamlines the clinician's workflow. The EHR has the ability to generate a complete record of a clinical patient encounter - as well as supporting other care-related activities directly or indirectly via interface - including evidence-based decision support, quality management, and outcomes reporting, (see Appendix C)
➢ "Initial EHR costs averaged $44,000 per full-time-equivalent (FTE) provider, and ongoing costs averaged $8,500 per provider per year. The average practice paid for its EHR costs in 2.5 years and profited handsomely after that; however, some practices could not cover costs quickly, most providers spent more time at work initially, and some practices experienced substantial financial risks." (Health Affairs Journal 2005)
➢ Nearly 62% of surveyed physician group practice administrators consider selecting and implementing a new electronic health records system as a considerable or extreme challenge. EHR projects ranked high on the top challenge list for the second straight year in the survey from the Medical Group Management Association in Englewood, Colo. The top considerable or extreme challenge, cited by 73% of practices, is dealing with operating costs that are rising quicker than revenue; the second is maintaining physician compensation levels in an era of declining reimbursements. EHR implementation was cited as the third most pressing challenge. (MGMA 2009)
➢ Primary care physicians report that use of an electronic health record improves the quality of care delivered to patients, including reduced medication errors, improved test result follow-up and better communication with other clinicians. (Journal of General Internal Medicine 2009)
IV. What is meaningful use?
➢ Meaningful use (MU), in a health information technology (HIT) context, is an as-yet to be determined critical level for the use of electronic health records (EHR) and related technology within a healthcare organization. According to the provisions of the Healthcare Information Technology for Economic and Clinical Health Act (HITECH), healthcare organizations that have achieved meaningful use by 2011 will be eligible for incentive payments; those who have failed to achieve that standard by 2015 may be penalized.
➢ The attached chart outlines the proposed criteria for Stage 1 of demonstrating meaningful use. To receive the maximum reimbursement, physicians and hospitals must achieve Stage 1 of meaningful use of EHR for at least a 90-day period within the 2011 fiscal year and for the entire year thereafter. These are some of the pain points that SoftServe can help solve for the healthcare market.
V. Health IT Sector
I. The health information technology industry is booming due to the economic stimulus boost. The Health IT sector grew 30%, compared to 2% S&P 500 growth, in Q2 2009. It remained about 30%for 2010 as well. (Healthcare Growth Partners 2009)
3.3 Key Services
I. Information Technology
➢ The healthcare information technology market alone is estimated to reach $53.8 billion by 2014 and to grow at a CAGR of around 24% during 2012-2014.
➢ The market is expected to grow because of the tremendous demand for general applications, which includes electronic medical records, electronic health records, computerized physician order entry system and non-clinical systems.
➢ The main driving element for global healthcare information technology market is the changing government regulations and government initiatives to bring down the healthcare costs.
Based upon the above-mentioned data and having a HIMS flagship customer (Allscripts), SoftServe’s research suggests targeting, (see Appendix D):
➢ Healthcare Information Management Independent Software Vendors
➢ Healthcare Information Management Enterprise Providers
➢ Healthcare Information Management Consultant
VI. Mobility (see Appendix E)
Kalorama research finds:
➢ The US is the key economy driving growth within the global Healthcare IT market. It contributed 37% towards the global Healthcare IT market in 2008. The contribution is expected to increase to 48% by 2015. The US Healthcare IT market is forecast to grow in double-digit rates for the next seven years to exceed $18 billion by 2015.
➢ Smartphone and other mobile applications or “apps” are being utilized in many areas of healthcare: education, health management, data management, health information, and other workflow processes.
➢ The Market for Electronic Medical Record Systems was valued at $15.7 billion in 2010.
➢ Not only is the medical community using smartphones and their applications for basic work at a higher rate than the general population, but also they are reporting using smartphones in replacement for some of the work that would have previously been done on a desktop or laptop computer.
➢ Worldwide enterprise electronic medical record (EMR) software markets will grow substantially as vendors are able to leverage the EMR expertise to provide competitive advantage from automation of process using IT infrastructure.
VII. Software-as-a-Service (SaaS)(see Appandix F)
In-Stat has forecasted:
➢ Public cloud computing model SaaS (software-as-a-service) spending by US businesses will increase by 112% between 2010 and 2014.
➢ Spending is expected to grow significantly across all service options of cloud computing, including IaaS and PaaS.
➢ Within SaaS, the professional services and healthcare verticals will see the largest growth in spending, each growing over 30% during the forecast period.
➢ Additional research data on cloud computing market includes:
✓ SaaS (software-as-a-service) spending will increase 112% between 2010 and 2014.
✓ IaaS (infrastructure-as-a-service) spending will approach $4 billion in 2014.
✓ PaaS (platform-as-a-service) spending will increase 113% to roughly $460 million in 2014.
3.3 Risk Analysis
In evaluations by analysts (and feedback from prospects and others in industry), BCS currently is viewed as being behind others in the industry primarily due to lack of infrastructure, concentrated market expertise, and limited reference site accessibility both within the domestic and international market.
BCS is prepared to address many of these concerns, but may still be viewed as at par vs. significantly ahead of the market. Referencable accounts may be seen as a true differentiator, but it remains to be seen as to whether customers will collaborate with BCS over other software development companies because of this feature. With that said, this will still be seen by many as significant progress and an improvement in BCS’s position in the baseline healthcare vertical market share.
Highly skilled engineers and software developers and highly sought out within the national and international market place. With this said, the need to be able to recruit and retain top level talent will remain to be a significant risk factor as we progress within this industry space.
I. Competitive Landscape
Competition can be segmented by who is only playing in the healthcare ISV market vs. who is extending there as a vertical market segment strategy/client base.
|Independent Software |Globallogic |
|Vendors |Accenture |
| |Ziliant |
|Healthcare Vertical Market|EPIC1 |
|Vendors |McKesson |
| |Eclipsys |
| |Misys |
| |Cerner |
| |Allscripts |
One of the most important strategic challenges continues to be who to align with (in some case indirect competitors) in the healthcare or independent software vendor marketplaces. The basic BCS approach should be to have a cross-functional relationship with multiple industry leaders and to play more of a stealth role in regards to software development, as we are not creating a product for distribution to sell. The overall strategy has been informally discussed but not formally communicated.
II. SWOT Analysis
➢ See Appendix G
A high level SWOT analysis has been provided to outline the Market Opportunities and Threats.
IV: Global Opportunities for Growth
4.1 Opportunity Summary
Will e-health be a necessity for future consumers to utilize? Research supports this hypothesis. Given the information and research put into the advantages and disadvantages, pros and cons, and barriers and benefits of e-healthcare, it is quite evident that e-healthcare and essentially, e-commerce will be the primary medium of healthcare exchange in the future. Patients will be able to talk to doctors, doctors to providers, employers to providers, etc. and a network of information will be formed known as the health information exchange (HIE). We are in and still advancing towards a world dominated by the internet and high –tech devices and systems. There is no stopping this movement. The only way for businesses to please consumers and to satisfy their own needs, is to turn towards e-healthcare.
BCS has a the industry knowledge and technological framework to gain enough of the market share to engage in a profitable and successful organization within the health information industry be it as a supporter of ISV’s or as a software application developer that brings a product to market.
4.2 Market Analysis
The health information technology industry is booming due to the economic stimulus boost. The Health IT sector grew 30%, compared to 2% S&P 500 growth, in Q2 2009. It remained about 30%for 2010 as well. (Healthcare Growth Partners 2009)
➢ "Initial EHR costs averaged $44,000 per full-time-equivalent (FTE) provider, and ongoing costs averaged $8,500 per provider per year. The average practice paid for its EHR costs in 2.5 years and profited handsomely after that; however, some practices could not cover costs quickly, most providers spent more time at work initially, and some practices experienced substantial financial risks." (Health Affairs Journal 2005)
➢ Nearly 62% of surveyed physician group practice administrators consider selecting and implementing a new electronic health records system as a considerable or extreme challenge. EHR projects ranked high on the top challenge list for the second straight year in the survey from the Medical Group Management Association in Englewood, Colo. The top considerable or extreme challenge, cited by 73% of practices, is dealing with operating costs that are rising quicker than revenue; the second is maintaining physician compensation levels in an era of declining reimbursements. EHR implementation was cited as the third most pressing challenge. (MGMA 2009)
➢ Primary care physicians report that use of an electronic health record improves the quality of care delivered to patients, including reduced medication errors, improved test result follow-up and better communication with other clinicians. (Journal of General Internal Medicine 2009)
Market and Research predicts:
➢ The healthcare information technology market is estimated to reach $53.8 billion by 2014 and to grow at a CAGR of around 24% during 2012-2014.
➢ The market is expected to grow because of the tremendous demand for general applications, which includes electronic medical records, electronic health records, computerized physician order entry system and non-clinical systems.
➢ The main driving element for global healthcare information technology market is the changing government regulations and government initiatives to bring down the healthcare costs.
Kalorama research finds:
➢ The US is the key economy driving growth within the global Healthcare IT market. It contributed 37% towards the global Healthcare IT market in 2008. The contribution is expected to increase to 48% by 2015. The US Healthcare IT market is forecast to grow in double-digit rates for the next seven years to exceed $18 billion by 2015.
➢ Smartphone and other mobile applications or “apps” are being utilized in many areas of healthcare: education, health management, data management, health information, and other workflow processes.
➢ The Market for Electronic Medical Record Systems was valued at $15.7 billion in 2010.
➢ Not only is the medical community using smartphones and their applications for basic work at a higher rate than the general population, but also they are reporting using smartphones in replacement for some of the work that would have previously been done on a desktop or laptop computer.
➢ Worldwide enterprise electronic medical record (EMR) software markets will grow substantially as vendors are able to leverage the EMR expertise to provide competitive advantage from automation of process using IT infrastructure.
In-Stat has forecasted:
➢ Public cloud computing model SaaS (software-as-a-service) spending by US businesses will increase by 112% between 2010 and 2014.
➢ Spending is expected to grow significantly across all service options of cloud computing, including IaaS and PaaS.
➢ Within SaaS, the professional services and healthcare verticals will see the largest growth in spending, each growing over 30% during the forecast period.
➢ Additional research data on cloud computing market includes:
✓ SaaS (software-as-a-service) spending will increase 112% between 2010 and 2014.
✓ IaaS (infrastructure-as-a-service) spending will approach $4 billion in 2014.
✓ PaaS (platform-as-a-service) spending will increase 113% to roughly $460 million in 2014.
BCS five year projection (See Appendix H):
V. Workforce Management
In order to be an effective manager in the work force today, one must have a very good understanding of the various ways in which people interact and communicate with one another. It is critical that our leaders display the ability to effectively communicate with their associates and subordinates as well as train and encourage others to demonstrate those same communication skills. By doing so, we will promote a healthy and efficient work environment that everyone will enjoy. With this, there are a few critical success factors to take into account;
➢ Diversity
➢ Varying Ethnicity
➢ Effective Communication techniques
➢ Cultural Competence
5.1 Management Summary
The Boyd Custom Software senior team has over thirty years of healthcare and information technology experience collectively. Although we draw a significant amount of our experience from our senior executives, we are a progressive organization that is driven by the awareness and advancement of market trends by our junior executives that have completed their MBA’s within the culture of the latest technology trends.
Our executive team has been thoroughly involved in cross-cultural training in preparation for a long-term global strategy plan.
5.2 Organizational Structure
➢ See Appendix I
5.3 Management Gap Analysis
Currently we have a significant gap as it relates to the overall structure of our organization. As we continue to grow and solidify market share, our core team will grow concurrently with the revenue.
5.4 Risk Analysis
Due to the need to slim down overhead expense and the strategic emphasis on gaining market share, a scope risk exists in today’s current setting. As a start-up company, we are lacking in bench, and therefore may experience a delay in starting projects until the appropriate domain knowledge experts are hired.
There is a tremendous learning curve as it relates to cross-cultural competence and communication with in the software industry. Although the initial start-up will take place within the United States, in order to control costs, we will need to leverage an on-shore/off-shore model to gain the highest profit models.
Due to the utilization of foreign development centers and developers, a significant gap is apparent as it relates to human resource areas of expertise such as;
➢ Pay scale
➢ Benefits
➢ Insurance
➢ 401-K
A significant amount of pre-planning will need to be strategically defined and executed to not only stay in compliance with international rules and regulations but to also create a sustainable workforce cross-culturally.
VI. Sourcing
BCS will not be utilizing vendors in this new venture due to the nature of our domain knowledge.
6.1 Key Solutions
BCS has three main solution modules designed to automate the reporting requirements of the healthcare industry. The first solution module concentrates on the health information technology industry.
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The second module is SaaS and Cloud Solutions, which provide accelerated software deployment with less risk, lower upfront costs, and greater reliability, security and privacy.
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The third module is Mobility, the need for assessment of current situations, data access requirements, user mobility profiling, and security.
VII. Business Operation
7.1 Opportunities:
Seventy-nine percent of respondents indicated their software development budgets would increase in 2011; with nearly half-indicating their budget is likely to grow greater than 10% as compared to last year. Only 5.25 believed their 2011 budget would decrease by 10% or more as compared to 2010. This is an even more bullish outlook for budget growth than reported in 2010.
Almost 86% of respondents surveyed identified their organization’s top priority being new product and application development. That is up from 70% of respondents surveyed last year. This demonstrates continued commitment to the core mission of developing new applications.
Survey data indicates growing interest and early-market activity in Saas/Cloud and mobile applications in the healthcare market. The majority of respondents indicated business case planning, solution architecture and implementation as their greatest challenges and need for assistance.
7.2 Operations Risk:
There are some key risks to the success of our venture within the healthcare industry.
➢ National and International Laws and Regulations – BCS has joined key industry conferences and societies to stay abreast of any changing legislation as it relates to our market.
➢ Global Economy – technology, although it is a necessity can be highly influenced by the financial health of a country. Well-developed nations are engaging in health information technology but that limits the functionality of a global health information exchange.
➢ Cross-Cultural Competence and Talent Pool – we are embarking in a highly competitive arena, it will be critical that we engage in a short and long term strategic plan to recruit the best of the best within the technology industry. Human Resource Management will become a critical aspect to our long-term growth and sustainability plans.
➢ Ethics and Legalities- As we begin to engage in multi-cultural and global employment we will need to be cognizant of the countries that we are engaging in business with and make every effort to refrain from unethical practices from both an employment standpoint and a legal standpoint.
VIII. Ethics and Legal: Social Responsibilities
8.1 Legal
U.S Healthcare Industry is historically surrounded with regulations legalities. Although the anticipated percentage of liability is extremely low for a third party vendor, the proactive steps will be taken to ensure the security and compliance of these regulations and the sustainability and reputation of SoftServe in the Healthcare industry.
➢ HIPAA Compliance – A major Critical Success Factor for SoftServe is to maintain compliance with current U.S regulations such as the HIPAA 5010 requirements. Business Associate Agreements will be executed with all clients to stay in compliance with 3rd party vendor regulations.
➢ Confidentiality Compliance – Internal policies and procedures will be defined and implemented such as confidentiality agreements with internal staff to ensure HIPAA compliance.
➢ Internal Training – Additional courses within in SSU specifically designed and focused on U.S Healthcare regulations and compliance requirements.
➢ Liability Insurance – Minimal organizational expenditure to ensure the protection of the organization when engaging in global healthcare initiatives.
8.2 Ethics
As a growing organization, the need for a clear set of business ethics is mandatory in order to sustain consistent growth within the healthcare environment. We will continue to foster a sense of ethical advancement as we are closely regulated by the legislation per HIPAA requirements.
As we move into the global market, it is critical that we are cognizant of the following obstacles;
➢ Labor laws
➢ Moral codes of conduct
➢ Management styles
➢ Accounting practices
➢ Cultural Dimensions
8.3 Social Responsibility
BCS is continuing to engage in advancements as it relates to social and environmental responsibility. A critical part of our external social responsibility is to enable healthcare. The number of citizens over. The age of 60 is likely to double in developed countries over the next three decades. At BCS are goal is to play a vital role to enhance the quality and reduce the cost of healthcare by leveraging applications such as electronic health records and health services. By utilizing health information technology, we are enabling sustainability worldwide. The reduction of paper products could result in a 15 percent reduction of global CO2 emissions by 2020.
VIIII. Marketing Plan
9.1 Marketing Mix
Our marketing team is poised to deliver a strategical plan as it relates to the 4 P’s that are reflective of the conponents within the marketing mix. These components, (product, price, promotion, place and an additional people) will be leveraged throughout the course of our plan to strengthen our market presence and overall market share to deliver a steady stream of wealth to our investors.
I. (Product/Service) BCS offers a software development service. Focusing primarily in a vertical healthcare market space.
II. (Place) We support Independent Software Vendors (ISV’s) that provide products and services to the Healthcare Industry
III. (Price) BCS pricing is competitive for the marketplace. We do not generally offer bulk discounts as our specialty is a service not a product however, we do have “discounted” pricing for multi-year strategic partnerships.
IV. (Promotion) Our organization will leverage multiple forms of mass media to gain the footprint needed within the market space to leverage our services. Ad campaigns, websites, white papers, and social networking just to name a few.
V. (People) Currently we are leveraging existing customers within the healthcare industry to execute on testimonials as to our superior capabilities within the software development sector.
9.2 Market Research
Market Analysis and Research
• U.S Healthcare spending is estimated to reach $3,000,000,000.00 by 2013.
• The Healthcare Information Management Systems (HIMS) market is estimated to reach $53.8 billion by 2014 and to grow at a CAGR of around 24% during 2012-2014.
• World healthcare IT market is estimated to grow from $99.6 billion in 2010 to $162.2 billion in 2015 at a CAGR of 10.2% during 2010-1015.
• Electronic Medical Records (EMR) is expected to be the highest growing market with a CAGR of 16.7% from 2010-2015.
• Computerized Physician Order Entry Systems (CPOE) is expected to be the second largest growing market with a CAGR of 16.5% from 2010-1015.
• Point Of Care Information Systems (Cardiovascular Information Systems, Oncology Information Systems, Surgical Information Systems) is expected to grow with a CAGR of 15.1% from 2010-1015.
Market Drivers
• The growth is due to the demand for applications such as:
– Electronic medical records, electronic health records, computerized physician order entry system and non-clinical systems.
• The main driver is the changing government regulations and government initiatives to bring down the healthcare costs.
• Global Health Information Exchanges
Marketing Mix 7 P’s, (see Appendix J)
Research Conclusions
• Based upon the initial research findings and the government funding initiatives through 2015, the optimum market for BCS to target:
– Healthcare Information Management Independent Software Vendors
– Healthcare Information Management Enterprises / Providers
– Healthcare Information Management Consultants
Healthcare markets
• Pharmaceutical Market
• Diagnostics Market
• Medical Device Market
• Healthcare IT Market
• Healthcare Information Management Systems
9.3 Healthcare Market Statistics
Practice Fusion’s EHR and Health IT Statistics
Technology advancements are rapidly changing the healthcare sector. Here are a few of the most important US physician statistics and medical technology figures.
Physicians & Technology
• There are over 800,000 physicians in America. (AMA 2009)
• 7 million people in the US work in healthcare practitioner and technical occupations altogether. (Bureau of Labor 2008)
• Only 10% of physicians reported having a fully functional electronic health records system in use, 20% report having some basic system. (CDC Report, January 2009)
• "Astonishingly, twenty years after the digital revolution, only 1.5% of hospitals have integrated IT systems today—and half of those are government hospitals." (Washington Monthly - 2009)
Health IT Sector
The health information technology industry is booming due to the economic stimulus boost. The Health IT sector grew 30%, compared to 2% S&P 500 growth, in Q2 2009. It remained about 30%for 2010 as well. (Healthcare Growth Partners 2009)
Market and Research predicts:
• The healthcare information technology market is expected to grow because of the tremendous demand for general applications which includes electronic medical records, electronic health records, computerized physician order entry system and non-clinical systems.
• The main driving element for global healthcare information technology market is the changing government regulations and government initiatives to bring down the healthcare costs.
Kalorama research finds:
• The US is the key economy driving growth within the global Healthcare IT market. It contributed 37% towards the global Healthcare IT market in 2008. The contribution is expected to increase to 48% by 2015. The US Healthcare IT market is forecast to grow in double digit rates for the next seven years to exceed $18 billion by 2015.
• Smartphone and other mobile applications or “apps” are being utilized in many areas of healthcare: education, health management, data management, health information, and other workflow processes.
• The Market for Electronic Medical Record Systems was valued at $15.7 billion in 2010.
• Not only is the medical community using smartphones and their applications for basic work at a higher rate than the general population, but they are reporting using smartphones in replacement for some of the work that would have previously been done on a desktop or laptop computer.
• Worldwide enterprise electronic medical record (EMR) software markets will grow substantially as vendors are able to leverage the EMR expertise to provide competitive advantage from automation of process using IT infrastructure.
In-Stat has forecasted:
• Public cloud computing model SaaS (software-as-a-service) spending by US businesses will increase by 112% between 2010 and 2014.
• Spending is expected to grow significantly across all service options of cloud computing, including IaaS and PaaS.
• Within SaaS, the professional services and healthcare verticals will see the largest growth in spending, each growing over 30% during the forecast period.
• Additional research data on cloud computing market includes:
– SaaS (software-as-a-service) spending will increase 112% between 2010 and 2014.
– IaaS (infrastructure-as-a-service) spending will approach $4 billion in 2014.
– PaaS (platform-as-a-service) spending will increase 113% to roughly $460 million in 2014.
9.4 Boyd Custom Software/Healthcare Market
I. Health Information Technology
II. Saas/Iaas/Paas
III. Mobility
HIMS Pain Points and Challenges
|Streamlining of processes |Regulatory compliance fulfillment |
|Increasing speed of information flow |Scientific information management |
|Distributed access to medical information |Reducing medical errors |
|Healthcare data, warehousing and analytics | |
Boyd Custom Software Focus within HIMS
• Electronic health record (EHR): part of an automated order-entry/patient-tracking system providing real-time access to patient data and a continuous record of their care.
• Electronic medical record (EMR) is a stand-alone computerized medical record that allows storage, retrieval and modification of records.
• Computerized provider order entry (CPOE): CPOE is a medication ordering and fulfillment system.
• Clinical decision support system (CDSS): CDSS provides physicians and nurses with real-time diagnostic and treatment recommendations.
• Electronic materials management (EMM): Is used to track and manage inventory of medical supplies, pharmaceuticals, and other materials.
• Interoperability: This concept refers to an electronic communication among organizations so that the data in one IT system can be incorporated into another.
9.5 Competitive Analysis
• See Appendix L “LIST OF TOP HEALTHCARE SOFTWARE COMPANIES”
9.6 Healthcare Initial Target Market
• See Appendix M “TOP 100 COMPANIES TO TARGET”
9.7 Healthcare Marketing Strategy
• Focus on one segment of the healthcare industry (HIMS)
• Research the best opportunities within the market (By revenue, product type, location, etc.)
• Research associations to join, certifications to acquire and tradeshows and conferences to attend or speak
• Add healthcare prospects to Eloqua Marketing Automation System through a series of initiatives
• Create healthcare marketing collateral for field effectiveness
• Create new Healthcare Banner and Solutions page for our website
• Create white papers written by 3rd parties
• Publish case studies - Allscripts, Clarient, PDT, InSight Health, Henry Schein and Consult-a-Doctor
• Execute marketing programs: email, direct mail, workshops, industry events, public relations, etc.
• Measure results and alter programs based upon results
9.8 Healthcare Marketing Objectives
• Lead Generation
• Brand Awareness
• Field Effectiveness
• Healthcare Sales Accepted Leads (SALs)
• Face-to-Face Meetings
• Closed Sales
• Conduct market research in the healthcare software industry for services needed
• Create a strong brand strategy and messaging
• Develop aggressive sales, marketing and PR programs for increasing creditability, visibility, and revenue
• Develop lead generation programs that provide face-to-face meetings
• Deliver a total of 60 marketing qualified sales leads quarterly. This number would now include healthcare with all other industries
• Develop business partnerships with companies that offer complimentary services with a focus in healthcare
9.9 Marketing Database
• Eloqua Healthcare ISV’s & Enterprises to date
– 700 Total Healthcare Companies
• 630 ISVs
• 70 Enterprises
– 2,300 contacts with titles: CEO, CIO, CTO, CIO, CTO, EVP / SVP / VP / Director of IT/Software Development / Product Development/Product Management, etc.
9.10 Marketing Initiatives
• Messaging
• Nurturing programs
• Face-to-face meetings
• Strategy and initiatives to reach influencers
Messaging
• Differentiators
– Highly intelligent engineers and developers with a successful track record in healthcare industry
– Software Development Lifecycle Services that use best practices and processes creating an industry first customized SDLC Playbook
– Consulting services that include strategy, solutions, development and support
– Existing satisfied and reference healthcare clients
• Focus on Healthcare’s largest pain points that include:
– Streamlining processes
– Increasing speed of information flow
– Distributed access to medical information
– Healthcare data - warehousing and analytics
– Regulatory compliance fulfillment
– Reducing medical errors
– Fast return on investment
• Develop messages that anticipate prospective healthcare buyers/payers thoughts, needs and questions. Tailor message to different audiences.
– Healthcare ISVs
– Healthcare Enterprises
– Healthcare Consultants
– Decisions Makers CEO, CFO, CIO, CTO VP IT, etc.
• Focus key messages on how Boyd Custom Software Services can save or make healthcare ISV’s and Enterprises money and the business value to develop software to streamline processes from paper to electronics.
• Develop a healthcare section under “Solutions” on our website illustrating the benefits, differentiators and revenue generating or revenue savings opportunities.
• Strengthen our position as thought leaders in the healthcare software development industry by writing and publishing white papers, briefing analysts/venture firms and securing appropriate speaking opportunities.
Communications Strategy
• Consistently communicate Boyd Custom Software healthcare news and information in a simple format for brand awareness, educational purposes and general knowledge to employees, partners, customers and prospects. This will include newsletters, emails, letters, meetings, website, etc.
• Create specific healthcare value propositions for different audiences:
o Enterprises
o Healthcare ISVs
o Healthcare consultants
• Target vertical markets through print and web advertising, PR, case studies, articles, white papers, tradeshows/conferences, speaking opportunities, seminars, and direct marketing
Marketing Collateral
• Created Healthcare sales presentation and brochure for Sales Team
Advertising
• Researching magazines and websites to advertise Boyd Custom Software Healthcare Solutions
– LinkedIn
– Healthcare IT News
– Healthcare Finance
– HDM Revenue cycle management watch
– HITSP Healthcare information tech standards panel
Nurturing Programs
Healthcare Specific Email and Direct Mail Campaigns:
1. Introduction of PDT partnership (August/September)
• Sent press release announcing the partnership 8/15/11
• Place article in BCS Digest and PDT’s newsletter from Juan/Mark announcing the partnership 8/25/11
• Send promotional Flyer with SmartStart consulting offer to HIMSS and Continua Alliance Membership database scheduled for September
2. Mobility Campaign (November)
• Send new white paper on E-medicine from Tim Aligheri via email
• Send new case study via direct mail
• Make outbound calls to follow up on the direct mail
3. SaaS Campaign (January 2012)
• Send new white paper written by Fred Pennic on Healthcare and the Cloud via email
• Send the Allscripts case study as a follow up direct mail
• Make outbound calls to prospects to follow up direct mail
4. Business Analysis/SmartStart Campaign (February 2012)
• Send Outsourcing 2.0 white paper from Kris Kosyk via email
• Send Healthcare outsourcing article via direct mail
• Make outbound calls to follow up direct mail
5. BCs Healthcare Software Development (March 2012)
• Create new survey with healthcare related questions
• Send from BCS and from ExecutiveBrief to healthcare enterprises and ISV
• Send appropriate follow up based upon the survey answers
Corporate Website Enhancements
• TBD
Corporate Website Continued
• Search Engine Optimization (SEO):
– Create a list of healthcare keywords and use SEO techniques to improve organic search results within the major search engines. Began work on healthcare SEO 8-22-11 with completion on first audit scheduled for 10/1/11.
– Create healthcare technology blog/tech tips
Public Relations
• Published ABC and BCS Partnership Press Release on August 15th and will continue to write releases with healthcare newsworthy stories
• Publish 3rd party healthcare technology articles and whitepapers on ExecutiveBrief’s website and newsletter and use them for BCS purposes in campaigns, social media, etc.
• List BCs profile in Healthcare technology directories
• Publish White Papers e-medicine and Healthcare in the Cloud
Healthcare Customer Case Studies
• Allscripts (completed)
• InSight Health
• PDT
• Henry Schein
• Consult-a-Doctor
• Clarient
Healthcare White Papers
• Tim Aligheri from Jackson Healthcare completed white paper on e-medicine
• Fred Pennic (colleague of Joyce) in process of writing paper on Healthcare and the Cloud
Speaking Opportunities
In an effort to increase our thought leadership in the healthcare industry we will secure speaking opportunities in software development emerging areas including Software Development and Methodologies: Some possible speakers include:
|Gene Guertin |Bonny Cassidy |
|Frank Murphy |Jerry Baker |
|Terry Cameron |John Connors |
|Bill Fricke | |
Industry Analysts
Marketing will schedule meetings with Industry Analysts that focus on healthcare such as:
• Gartner
• Forrester
• IDC
Social Networking
• Develop Healthcare technology thought leadership through social media
• Publish links to SS healthcare materials and pages
• Promote healthcare solutions and services
• Become an active member of healthcare community in social networks.
Healthcare Associations
Researching the following associations for membership benefits:
HIMSS AMMI SIIM
AHIOS AMIA WHCC
KLAS AHIMA
PAHCOM ARMA
ADVAMED MGMA
AHDI NBCH
Strategic Partnerships
• Our goal is to form a close partnership with key strategic partners to help introduce us to our target markets indirectly.
• Work to identify a number of strategic consultants with expertise in areas where BCS may have gaps and creating the partnership programs for 2012.
Healthcare Events
Marketing will research and identify the top healthcare industry events to attend, exhibit and speak at to increase brand awareness and enhance our thought leadership.
BCS Hosted Healthcare Events
• 3 Partner Workshops:
– February, CA/Utah Outsourcing 2.0 and SaaS/SDK
– March, Austin Mobility
– April, Boston SaaS/SDK
BCS Innovations User Conference
• Invite 2-3 customers (Henry Schein and Jackson Healthcare)
• Invite 2-3 prospects from other healthcare ISV’s or enterprises
Healthcare Industry Events
BCS plans to attend events, conference and tradeshows in 2011 to prepare for exhibiting as well as speaking at events in 2012 and beyond.
• Allscripts ACE.12, 8-29-12 to 8-31-12
• Health 2.0, 9-25-12 to 9-27-12
• AHIMA, 10-1-12 to 10-6-12
• MGMA, 10-23-12 to 10-26-12
• Global PharmaCloud, 11-2012
• WHIT v.7.0, 11-7-12 to 11-8-12
• HIMSS 2012, 2-20-12 to 2-24-12
• eCloud Conference & Expo, 4-2012
• hCloud Conference & Expo, 4-2012
Education/Certification
Marketing will research and join healthcare associations and organizations to increase brand awareness and to keep abreast of new and emerging technologies, development techniques and methodologies.
• Harvard Business School of public health – Leadership for productivity and health management issues innovation and solutions ($1,200)
• Leadership strategies for information technologies in healthcare – Boston January and May
• Health Level Seven (HL7) Certification
– A global authority on standards for interoperability of health information technology.
– By joining HL7, we will gain access to their standards, and help to create the best and most
– widely used standards in healthcare.
9.11 Marketing Milestones (See Appendix L)
|Identity/Brand |Case Studies |
|Industry Events |Customer Referrals |
|Speaking Opps |Associations |
|White Papers |Certifications |
|Editorial Coverage |Qualified SALs |
|Marketing Collateral |Closed Sales |
9.12 Marketing Metrics
|New Healthcare Suspects |Healthcare Sales Accepted Leads |
|New Healthcare Inquires |Healthcare Leads in Sales Pipeline |
|Healthcare Marketing Qualified Leads |Healthcare Closed Sales |
| | |
| | |
| | |
| | |
9.13 Marketing Budget Q1’ 2012
• $150,000
o Lead list database purchase $10,000
o Association membership $20,000
o Events $30,000
o Workshop $15,000
o Advertising/Sponsorships $30,000
o Certifications $10,000
o White Papers $20,000
o Articles $20,000
Market Threats
• See Appendix O
• See Appendix P
X. Innovation and Technology
10.1 Innovation Description
High traffic internet/web applications come in multiple flavors. Such as large consumer sites managing high volumes of simultaneous consumer visitors and ecommerce transactions and the popular multi-tenant business applications, such as and Success Factors.
In some organizations, the process of building and running these applications, sites, and systems on horizontally scaling server farms has driven a tighter collaboration between the software development and IT operations disciplines. Dev Ops refers to methods and processes for driving a holistic, continuous build and release process for medium and large scale software services running on IT infrastructure. Holistic and continuous here means a repeatable process where developers, testers, and system admin configuration managers frequently, confidently, and deliberately collaborate to release new builds to the stage and production instances of their high traffic web based systems. These processes are rooted in the intersection of Agile development and IT operational standards like ITIL.
An effective Dev Ops release process can resemble a complex military drill full of critical sequential and dependent tasks. Especially when the upgrade is a major upstream release to the production instances of new application code, or a new version upgrade of the underlying data management platforms or web application servers.
At the same time, effective build and release process is also a hierarchy flattening team effort. No single technical department or discipline is prioritized. The management of the release lifecycle typically involves tight collaboration between four engineering related roles:
o Operations Team (OPS) - all activities related to support the service in operational state
o Development Team (DEV) - features development and code-base optimization
o Quality Control and Assurance (QA) - features validation and quality control
o Client service and support (CS) - provide customer support
Development Ops: A High Priority
Recent explosive growth within the healthcare industry in cloud computing and SaaS application consumption has increased the number of tenant organizations depending upon the smooth operation of centralized infrastructure and software services. This concentration of risk has combined with the successful positioning of SaaS and Cloud Computing as an alternative to on premise to create a fishbowl effect. Both small and large providers of Infrastructure as a Service and Software as a Service live in a highly transparent world when it comes to service availability. The concentration of risk for multiple tenants places high stakes on continuously executing successful operations plans.
Mainstream SaaS ISV Community
There are thousands of Healthcare ISVs around the world offering SaaS solutions. The infrastructure approach chosen by the ISV can include managed services, unmanaged colocation, data center ownership, public services like AWS, or combinations. Depending upon the nature of an application and the user base served, limited or zero tolerance for outages can be absolute requirements. Examples of SaaS applications which may exhibit such high availability and ‘survival requirements’ include SaaS based billing systems, critical patient healthcare systems, and ecommerce sites. Transparency, Rising Standards, and Publicity
When the majority of business applications were deployed inside private enterprise networks, public visibility into application downtime was non-existent. As SaaS providers deploy more and more critical enterprise applications, downtime is an increasingly public event, impacting large numbers of tenants running on various types of centralized data center facilities. The result is increasing expectations for highly available Infrastructure as a Service, rising standards for application uptime, and increasing transparency for application uptime performance.
Since individual IaaS providers do not provide instant or plug and play solutions for high availability and data durability requirements, SaaS ISVs feel increasing pressure to develop applications, processes, and automated operations to meet these requirements. In many cases ISVs should be considering new tools and methods to deliver on improved Dev Ops practices.
Following the Money: Impact of SaaS DevOps on Metrics
Aside from the risk of public embarrassment, another factor motivating SaaS ISVs to optimize service and infrastructure operations is financial. The overall financial impact of SaaS operations is felt in several aspects of topline revenue performance and operating costs.
The offering of month to month rental style contracts is considered one of the key advantages SaaS providers offer over on premise enterprise software products. Upfront ownership cost is thus lowered. This is also a major vulnerability: customers of SaaS providers can try solutions within small user populations, and if perceived problems outweigh the sold benefits, readily de-commission the solution, or delay broader rollout. More mature SaaS ISVs watch the customer churn rate carefully. It is common for Dev Ops difficulties to cause the loss of both relatively new and more established customers. Here is a short list of some of the most common Dev Ops difficulties that can increase customer churn rate (and thus reduce Monthly Recurring Revenue) or delay broad customer rollout:
o Upstream code base releases which break prior customizations
o Upstream code base releases which change prior recurring systems behavior
o Maintenance windows expanding beyond SLA, prohibiting critical customer usage activity
o System response time degradation (performance and capacity issues)
o Inability to migrate customizations and meta data configuration from stage instances to production
Customer Acquisition Cost (CAC) is another metric used by many SaaS ISVs to measure the financial performance of the business. A major component of CAC can be customer onboarding, and this process can be significantly helped or hindered by Dev Ops practices.
Here is a short list of some of the common Dev Ops related onboarding problems that can drive up CAC:
o Manual process to spin up a new tenant and/or application instances
o Manual process to move a tenant from stage to production
o Manual processes to configure standard new tenant meta data
o Manual processes to configure new tenant support in OS, web application servers, and data management layers
o Migrating and cleansing historical data required to bring a new tenant into production
Operations Roadmap for SaaS ISVs
The typical early stage SaaS ISV is often facing immediate strategic and tactical challenges in adjusting to the growing importance of operations. This can be a ‘CXO level’ problem: perhaps critical customer churn has resulted in defection, or rollout delay, by large and intolerant name brand customers, and several million dollars is needed to invest in and properly deploy more Infrastructure as a Service (IaaS) to consistently achieve the in place Service Level Agreement (SLA). Or the challenges can be organizational: traditionally skilled software engineering teams are in the early stages of adjusting to the requirements the SaaS offering has placed on integrating development and operations.
Operations Assessment
A good starting point is a thorough assessment of the current Dev Ops state relative to best practices. Ideally the assessment is conducted by a third party with a legitimate track record of substantial experience in the intersection of SaaS operations and software development. An effective assessment uncovers current practices for the following:
Capacity planning
Performance monitoring
Configuration management
Release processes
Application and Data Maintenance
Tenant Management
Backup/restore/disaster recovery
Availability
SLA implementation and measurement
Operational tools, methods, and automation state
About Boyd Custom Software
BCS is a fast growing software engineering services firm headquartered in FortMyers, Florida, USA. The BCS SaaS practice is frameworks, consulting, design, development,and operations services for helping healthcare ISVs deliver next generation Software as a Service. The increasing velocity of projects completed by BCS in the past corresponds to accelerating adoptionof SaaS in the Healthcare ISV community. Recent milestones in the BCS SaaS practice include:
cloud computing Infrastructure as a Service (IaaS)
Configuration and operations automation for thousands of instances using the SoftServe SaaS
Operations Framework (SSOF)
Design of highly available SaaS solutions incorporating Content Delivery Networks and separate, redundant IaaS from multiple 3rd party providers
Compression of definition/development/production delivery cycle time for complex SaaS applications to less than 180 days
Automated provisioning of new load balanced application server instances to clusters in minutes
Multiple SaaS operations assessments for a variety of early stage and established SaaS ISVs
BCS SaaS Operations Practice: Examples and Artifacts
The first example is an executive summary of a point in time SaaS operational state of an ISV discovered from a comprehensive operations assessment:
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The second example is an overview architecture diagram of the BCS SaaS Operations Framework, an integrated BCS toolset for automating SaaS operations in production with several existing clients:
• See Appendix Q
10.2 S-Curve Analysis
BCS utilizes the S-Curve Metric to illustrate our business growth phases throughout the enterprise life cycle. Our entrepreneurial start-up with some initial resources has experienced a wave of
growth as the market responds to our new offering. Currently BCS is in a Category 1 of the innovation category, we have a new solution to an old problem, the software development life cycle. Currently we are beginning to trend into a growth stage however it will be critical for us to continually invest in R&D to move through the chasm in order to achieve sustainable growth.
Ultimately our goal will be the utilization of progress metrics to provide a comparison between the Target S- Curve and the Actual S-Curve. The actual S-Curve is a measure of the actual man-hours and expenditures of a project on a specific completion stage date.
Historically the Actual S-Curve is anticipated to run below the lines of the Target S-Curve, since the results of constant monitoring entails compliance and observance of the targeted time and costs. Consequently, the two curved lines are expected to meet or converge towards the end of the project completion.
See Appendix R
10.3 Innovation Implementation
The BCS SaaS practice is a set of consulting and development services to help Healthcare ISVs and Enterprises design, build, deliver, and manage next generation Software as a Service solutions. The increased velocity of successful projects completed by BCS in the past corresponds to the accelerating adoption of SaaS in major healthcare information technology markets. Some key recent achievements in the BCS SaaS practice include:
o The complete incorporation of BCS Platinum extended Agile methodology into all projects, including all aspects of project framework (gap analysis, concept phase, definition phase, design phase, development phase and application phase.
o The delivery of complex social network SaaS solutions featuring large amounts of unstructured data and geographically distributed cloud computing Infrastructure as a Service (IaaS)
o The design of highly available SaaS solutions incorporating Content Delivery Networks and separate yet redundant IaaS from multiple third party providers
o The compression of definition/development/delivery cycle time for complex SaaS applications to less than 180 days
o The automated provisioning of new load balanced application server instances to server farm clusters in minutes.
As a result of these intense immersions in client SaaS projects, BCS delivery teams have developed reusable software development tools and frameworks for future SaaS project efforts. The tools cover both open source Java and Microsoft .Net development stacks. Because of the unique new requirements placed on ISVs and Enterprises to operate IaaS as part of service delivery, BCS also provides an integrated set of Operations Framework tools as well.
Agile Development: See Appendix S
10.4 Innovation Diffusion
Diffusion of Innovation, Everett Rogers defines diffusion as the process by which an innovation is communicated through certain channels over time among the members of a social system (Everett Rogers 1995). BCS believes that creating an open environment only enhances the ability to leverage our belief in Agile methodology and promotes creativity and innovation with our team.
The four elements that are present in the diffusion of innovation process remain the strategy that BCS leverages to this day. These four main elements are:
1. Innovation - an idea, practices, or objects that is perceived as knew by an individual or other unit of adoption.
2. Communication channels - the means by which messages get from one individual to another.
3. Time - the three time factors are: innovation-decision process; relative time with which an innovation is adopted by an individual or group; and innovation's rate of adoption.
4. Social system - a set of interrelated units that are engaged in joint problem solving to accomplish a common goal.
BCS has to consistantly adopt new technological innovations one way or the other in order to improve or keep their efficiency or competitive advantages in business. Our belief is that our greatest asset is our people and the innovation that is depicted in the successful projects that they complete and their proven success rate.
Our IP framework such as SDLK is in the beginning stages of the innovation stage however, we are successfully heading to a successful crossing of the chasm. See Appendix T
10.5 Use of Technology
The BCS SaaS Operations Framework (SSOF) is an integrated set of tools, components, and
automation services for achieving excellence in SaaS operations. SSOF drives efficient and repeatable
practices for provisioning, release management, monitoring, centralized security, data management,
and inventory control. See Appendix Q
Key Features
Provisioning
Add application instances to load balanced clusters in minutes, starting from ‘bare metal’. Automate
provisioning from a central control point using web user interface, command line, or API. Centralized Security
Authentication and authorization for all collected application, system, and device consoles is managed within a single LDAP compatible security service. Implement and Control Tenant Segmentation IaaS, application, and database requirements for operating varied multi-tenancy configurations all configured, managed, monitored, and controlled from a single central point.
Achieve Scalability and High Availability Goals
o Automate responses to additional capacity requirements. Automate geographical and multi-data center
replication to create hot copies of data across zones.
o Create Central Logging and Backup System. A single control point is provided for all log files of IaaS, database, and application services. A single control point is provided for initiating, managing, and monitoring all data and configuration backups.
o Leverage Best of Breed Open Source Operations Technology The SSOF integrates best of breed open source tools to automate operations.
Drive Application Lifecycle Management
SSOF functions as the collaboration hub for development and operations to manage application
lifecycle. Supports the successful management of two or more codebases. Successfully manages the
release process for patch and version changes to the application instances.
SSOF Benefits
Reduce Risk
The SSOF helps startup and established ISVs integrate SaaS development and operations to ensure
satisfactory tenant experience. SSOF drives collaboration between software developers, sys admins,
and quality assurance testers. Increase Monthly Recurring Revenue, SSOF drives successful continuous release cycles for Agile application development process, ensuring that new and existing SaaS tenants all have stable access to
the latest feature and enhancement releases on a regular basis. Helps get more new features and enhancements
running with stability on production instances faster.
Decrease Customer Acquisition Costs
SSOF automates the migration of tenants and configurations from stage to production instances. It also automates
configuration and provisioning of technology stacks required to deploy new tenants. You achieve a reduction
in the time and effort from the operations and customer success teams to get tenants running live.
10.6 Risks and Opportunities for Innovation and Use of Technology
The growth of technology globalization is influencing economic relationships that affect each individuals’ quality of life. Cities currently are striving to separate and define their identity to appeal to the seemingly smaller world community. This in turn places more pressure on smaller countries to draw more monetary resources to compete with some of the worlds more affluent nations. One could argue that the stages of globalization are an inevitable aspect of human kinds evolution. By placing more importance on worldly reciprocal relationship, it is probable that globalization is the mechanism in which the future of human kind will be measured.
Globalization is an inevitable force of human evolution that is partly driven by objectives in cutting costs in our free market economy. With this need to stimulate global economy it is understood that each country could benefit from the expansive mechanism. It is my opinion that globalization will continue to reshape the world and the relationships, and peoples that are effected. With this said, BCS will continue to follow the moral standards that take into account the highest degree of social, economic, environmental and human rights concerns.
10.7 Value Add Proposition
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BCS, with its track record of successful software development projects, is recognized as a trusted, strategic partner. Market demands among healthcare solutions require business models to improve processes, reduce costs and become more customer-centric. High quality solutions need to become synonymous with cost control measures. The bottom line is that your success depends on whether you can eliminate inefficiency, streamline processes and stay in compliance. That is where BCS can help.
We understand the many challenges facing the healthcare market:
• Streamlining processes
• Increasing speed of information flow
• Distributed access to medical information
• Healthcare data - warehousing and analytics
• Regulatory compliance fulfillment (HIPAA 50-10, ICD-10, Meaningful Use, HITECH, etc.)
• Reducing medical errors
• Fast return on investment
To offset these challenges, we offer these healthcare solutions:
• Integration solutions
• Cloud development
• Security and authentication
• Patient Portals
• EMR systems
• Mobility
• Healthcare Management systems
• Electronic Medical Records Software
BCS is a software development and consulting partner focused on bringing innovative healthcare initiatives from concept to reality. Our engineers thrive on every project from the simplest to the most complex healthcare challenges. We relish the challenge of helping our client’s grow their initiatives and succeed beyond their highest expectations.
10.8 Change Management & Innovation - TBD
XI. Finance and Accounting
BCS is a start-up company that will not require any outside financing. The initial investment will be funded by the owner in its’ entity. Offshore outsourcing is recognized as a value enhancer that enables organizations to streamline their core operations at a significant cost advantage, (Cunningham, 2006). These value enhancers enable BCS to develop software by managing labor costs while deploying world renowned quality software development.
11.1 Background Data
The below graphs supplied by JP Morgan provide significant analysis on the rise of healthcare development and technology deployment over the next several years comparing the relative strength to the S&P 500, (JP Morgan, 2011). With this said and in conjunction with the owners expertise within the industry, due diligence has been proven on a number of factors therefore the need for substantial R&D is postponed during the first year.
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11.2 Financial Projections:
The following financial projections are based on sales forecasts quarter over quarter for FY’2012. We will continue to sell value-add software solutions to independent software vendors, (ISV’s) throughout FY’ 2012 at which time we expect to have Intellectual Property (IP) ready for deployment and sales in the area of business intelligence and analytics for enterprise software solutions.
Projected revenues are based on relationships and verbal agreements with large tier 1 and tier 2 CEO’s and Executives. These relationships will allow for the launching of BCS with the need to raise limited capital resources and the basis for aggressive financial sales projections.
Average price of development is based on industry standards as it relates to off-shore development. Average hourly rate is approximately $10.00 US per hour. Each software development project requires a Senior and Junior developer as well as a BA, and PM. The average hourly rate for the team is $50 US dollars and an average software deployment is around 100 hours of work depending on the complexities of the project.
Variable costs will be extensive primarily due to travel abroad to engage in development agreements and the need for Business Analyst and Project Managers to travel to the client for extended periods of time throughout the smart-start period.
Fixed costs are minimal due to the off-shore model. There is limited space needed to write the code and provide Q&A for the customer. As well, there is limited recognition of depreciation values as equipment is limited and mobility devices are typically supplied by the customer.
Salaries and wages are low in comparison due to the value of the dollar in the countries to which development will be deployed such as Romania and the Ukraine. The average annual salary is $12,000 US dollars which allows for our margins to be significantly higher due to competitive US development rates and very low labor costs in comparison.
Quarter by quarter analysis shows that a moderate profit will be recognized in Q1-Q2 with a substantial increase in profit in Q3 due to the fact that the average development life cycle is 6-9 months. Q4 will recognize a period of continued capital expenditure and need for strong sales efforts to sustain profit margins. Due to the payment cycle Q4 will not recognize revenues similar to Q2-Q3.
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11.1 Profit and Loss Sheet
The income statement also known as the P&L shows the revenue, expenses and net income (loss). BCS shows an increase in our revenue during Q2 and Q3 which is reflective of the lifecycle of software development. Historically Q1 consists of consulting services which generates partial payment with more of a robust recognition of revenue in Q2 and Q3. Q4 our revenue projections are quite conservative compared to Q1-Q3. The price of development and L&M fees are reflective of our revenue projections.
Fixed Cost are consistent from Q1-Q4. The management team has taken a rather liberal approach to our cost projections for the first year.
What else should I put in here to talk about the P&L?
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XII. Finance Management
Financial statements are bases for understanding the financial position of the firm, not only currently but also historically. They can also be used in predicting possible future financial condition of a company.
On the current financial position, the balance sheet shows where a company is, in terms of size, level of liabilities, and ownerships. The income statement shows marketability of the company’s products, pricing, direct and indirect expenditures, payments of interests, taxes, owners’ dividends, level of profitability, and others.
Historically, the said financial statements show patterns and trends in the company’s financial condition. By looking into year-to-year financial statements, one would see whether the company is continuously improving, deteriorating, or fluctuating in terms of results of operations.
Various entries in the financial statements can also predict or provide signs of future financial direction of a company. The past trends may be interpolated and carried over to the future, assuming certain conditions, to show future financial health.
The balance sheet and income statement show a picture of a business organization. This picture has several parts; in the same manner, the financial statements have various parts too. Furthermore, they are used by several stakeholders. Not every stakeholder will look into all parts of the picture. Each stakeholder, though interested in the organization as a whole, focuses on a part or specific parts of the picture, depending on various factors such as his role in the company, his objectives, his priorities, and other related factors.
12.1 Financial Statement (Budget 1)
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12.2 Financial Statement (Budget 2)
The trends in previous analysis are even more glaringly apparent here. We can see the increase in the level of revenue in the first three quarters followed by its sharp decline in the fourth quarter. This is apparent in both the first and second budgets. In the second budget the contribution margin and the income increase in quarters 1 to 3, then decline sharply in quarter 4 as a result of the increased costs. Fixed Costs remain constant for each quarter, following its expected pattern. In the third budget the net cashflow follows the pattern of the contribution margin and the profits in the second budget, increasing from quarters 1 - 3 then declining in quarter 4.
Financial Statement on Page 62
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12.3 Common Size Financial Statement
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12.4 WRITTEN ANALYSIS
Budget 1:
• The Variable cost to revenue ratio has remained relatively stable throughout the quarters. It should be noted that in the third quarter when revenues were at their highest, the variable costs were at their lowest. This is unusual for a cost that is generally expected to move in the same direction as revenue.
• The average price of development took a considerable dip in the fourth quarter.
Budget 2
The proportion of variable cost to sales appear stable in the first three quarters. However, in the third quarter the variable cost increased exponentially. While variable cost was increasing in the third quarter the sales level was moving in the opposite direction. The opposite movements of variable cost and sales led to a huge decrease in the contribution margin in the fourth quarter. The ratio of fixed cost to sales also increased in the fourth quarter.
The increase in fixed and variable cost in the fourth quarter led to a tremendous decline in profits for the firm.
POINTS TO NOTE:
1. The movement of the variable and fixed cost in the fourth quarter is reflective of the strategic plan to expand in this quarter, thereby, expecting high expansion costs.
2. Interest expense remained fixed in each quarter indicating that even if the firm is planning expansion, it does not expect to increase its debt financing in order to expand.
Budget 3
As far as cash flow goes, the firm appears to be expecting to collect over 80% of its net profit amount for the first three quarters and nearly 60% for the year.
12.5 Per Share Analysis
BCS is a well-funded private equity start-up company. At this point in time, there is insufficient data to supply a robust analysis on EPS, DPS, BVPS or CVPS nor a need. As the organization continues to gain market share and revenue growth the executive team will decipher the options; preferably to either acquire organizations with complimentary products/services to capitalize on synergistic value at which time additional investors may be necessary or the more strategic short term goal to maximize revenue in preparation for sale.
12.6 Ratio Analysis
Currently BCS is a start-up, proper trending analysis will be executed at the end of FY’1. At this point in time, the financial team will begin to trend historical calculations via ratio analysis and trend analysis year over year.
Ratio Analysis Graph on Page 66
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12.7 Competitive Analysis:
Boyd Custom Software quarterly revenue growth has been negative, which is not reflective of the industry standard, which is positive. BCS is obviously a start- up company that is currently much smaller than most of its competitors, this is evident by the differences in revenue and income levels.
Even though its actual earnings before interest and taxes is lower than that of the industry,
Boyd Custom Software is experiencing a very good level of operating margin, 7.99% in comparison with the industry's 6.62%.
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12.8 Variable Cost to Revenue Ratio:
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12.9 Contribution Margin to Sales Ratio:
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12.10 Profit after Interest to Sales:
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12.11 Net Cash Flow to Profit after Interest
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Appendix A
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Appendix B
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Appendix C
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Appendix D
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Appendix E
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Appendix F
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Appendix G (SWOT Analysis)
|Strengths |Weaknesses |
|Mobile application development/deployment |Market Recognition |
|SDLC |Resources |
|Mobility |Executive Commitment |
|SaaS/Cloud |Changing Technology |
|IT agility |Bench strength |
|Interoperability | |
|Agile Framework | |
| | |
|Opportunities |Threats |
|Become leading software developer and leverage this |More focus/movement into this market by acute players|
|as competitive differentiator |Current client base alienation |
|Strong referencable sites are – this will continue to|HIPAA |
|create opportunities |Security |
|Targeting application specific opportunities |Un-defined security rules |
|Potential positive changes in regulatory environment | |
|New Technologies (mobility, PDA’s etc) | |
Appendix H (Financials)
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Appendix I(Organizational Chart)
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Appendix J(7’P’s)
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Appendix K(Ansoff Matrix)
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Appendix L(Gantt Chart)
Task Name |Duration |Start |Finish |Predecessors |Resource Names | | | | | | | | |Create healthcare marketing brochure |10 days? |Mon 5/23/11 |Thu 6/2/11 | | | |Create new Healthcare Banner and Solutions page for our website |5 days? |Mon 5/30/11 |Fri 6/3/11 | | | | | | | | | | |Healthcare Specific Email and Direct Mail Campaigns: |98 days |Tue 7/26/11 |Fri 12/2/11 | | | | Introduction of PDT partnership |6 days |Tue 7/26/11 |Tue 8/2/11 | | | | Send formal press release over the newswires |1 day |Tue 7/26/11 |Tue 7/26/11 | | | | Send informal article in BCS Digest and PDT’s newsletter |1 day |Thu 7/28/11 |Thu 7/28/11 | | | | Send promotional Flyer with SmartStart |1 day |Tue 8/2/11 |Tue 8/2/11 | | | | SaaS Campaign |14 days |Tue 8/16/11 |Fri 9/2/11 | | | | Send new white paper written by Fred Pennic on Healthcare and the Cloud via email |6 days |Tue 8/16/11 |Tue 8/23/11 | | | | Send the Allscripts case study as a follow up direct mail |1 day |Thu 8/25/11 |Thu 8/25/11 | | | | Make outbound calls to prospects to follow up direct mail |1 day |Fri 9/2/11 |Fri 9/2/11 | | | | Mobility Campaign |15 days |Thu 9/8/11 |Tue 9/27/11 | | | | Send new white paper on E-medicine from Tim Aligheri via email |1 day |Thu 9/8/11 |Thu 9/8/11 | | | | Send new case study via direct mail |1 day |Thu 9/15/11 |Thu 9/15/11 | | | | Make outbound calls to follow up on the direct mail |7 days |Tue 9/20/11 |Tue 9/27/11 | | | | Business Analysis/SmartStart Campaign |15 days |Tue 10/18/11 |Fri 11/4/11 | | | | Send Outsourcing 2.0 white paper from Kris Kosyk via email |6 days |Tue 10/18/11 |Mon 10/24/11 | | | | Send Healthcare outsourcing article via direct mail |1 day |Tue 10/25/11 |Tue 10/25/11 | | | | Make outbound calls to follow up direct mail |5 days |Mon 10/31/11 |Fri 11/4/11 | | | | SDLC Playbook |12 days |Thu 11/17/11 |Fri 12/2/11 | | | | Send case study from RenewData via email |2 days |Thu 11/17/11 |Fri 11/18/11 | | | | Send an article on software development and healthcare via direct mail |1 day |Tue 11/22/11 |Tue 11/22/11 | | | | Make outbound calls to follow up direct mail |5 days |Mon 11/28/11 |Fri 12/2/11 | | | | SoftSer Healthcare Software Development Trends Survey |27 days |Mon 9/12/11 |Fri 10/14/11 | | | | Create new survey with healthcare related questions |6 days |Mon 9/12/11 |Mon 9/19/11 | | | | Send from Bfrom ExecutiveBrief to healthcare enterprises and ISV |6 days |Tue 9/20/11 |Mon 9/26/11 | | | |
Appendix M
LIST OF TOP HEALTHCARE SOFTWARE COMPANIES
This is an extensive list of companies developing software solutions for the healthcare industry. They all have healthcare software development as their key expertise and provide solutions for practice management, electronic medical records, diagnosis and treatment support, medication management, medical billing and a whole lot more. The companies are listed in alphabetical order. There is a link to each of them with a short description about their profile and services.
Abraxas Medical Solutions
Offers medical office workflow automation software solution
Accumedic Computer Systems
Solutions for practice management, behavioral health and electronic medical records
Accurate health systems
Provide software solutions to administrative problems ranging from nurse rounding to patient satisfaction to revenue cycle solutions
Akhil Systems
Healthcare software solutions for HIS, EMR, LIS, RIS, PACS and PIS for hospitals, nursing homes, diagnostic centers and pharmacy shops
American Health Care Software
Continuum of care information system, clinical care system, human resources management system and financial management solutions
American Healthnet
Provides a variety of healthcare management software solutions for the healthcare and hospital industry
Antek Healthware
Medical technology solutions provider that delivers advanced clinical laboratory and medical billing software solutions
API Healthcare
Solutions for time and attendance, scheduling/staffing, human resources, payroll, education tracking and access control software
BioAnalytical Technologies
Provides software products, services and solutions in the domains of Health care, Life Sciences and Biotechnology
Bowlink Technologies
Software solutions to send, receive, and exchange patient healthcare information using an electronic document management system
health-e-
Carestream Health
Practice management software designed to manage financial information and maintain accurate clinical records for dental or specialty practice
Casenet
Healthcare case management software to automate clinical, administrative, and technical components of medical management programs
CBORD Group
Provider of hospital room service, nutritional analysis software, menu planning, dietary software, food kiosks, and other healthcare technology
Cielo MedSolutions
Provides software solutions for clinical quality management (CQM), patient registry and population management
Claricode
Creates medical software for healthcare providers, physicians and nurses
Clinical Solutions
Supplier of decision support and clinical software solutions for use in both call centre environments and face to face encounters with patients.
CureTrac
Web-based software solutions for bariatric surgery outcomes reporting, cancer research, diagnosis and treatment support
Diabco
Offers medical billing software solutions and management tools for Home Medical Equipment Providers, Physicians and Billing Service Companies
ar-
e-MDs, Inc
Manage Electronic Medical Records (EMR) and Electronic Health Records (EHR) systems with medical management and practice management software
e-
edgeMED Healthcare Solutions
Specializes in medical billing software patient billing software, medical office software, electronic medical records
EMRPEOPLE
Provides medical software to healthcare practices including Electronic Medical Record Software (EMR), EHR and Medical Billing Software
HCS Healthcare Systems
Delivers integrated clinical software solutions for healthcare facilities specializing in pharmacy, radiology and physician applications
Health Care Software Inc
Interactant is a healthcare information system featuring integrated clinical and financial applications including billing and clinical tools
Healthcare Software
Software solutions that improves medication management and communication processes
.au
HealthFusion
Software service for practice management, claims clearinghouse, e-Prescribing, and electronic medical solutions
Healthland
Provides Electronic Medical Record (EMR), clinical and financial software systems to small community and critical access hospitals
HealthLine Systems
Provides credentialing, contact center and quality management software and support to the healthcare industry
Helix Health
Provides software solutions for practice management, pharmacy management, point-of-sale, centralised electronic health records and transaction processing
Heron Technology
Software solutions for integrated disease surveillance, patient administration system and diagnostic imaging software
ICPA
Provides infection control software, employee health software and syndromic surveillance
Indura Systems
Provides integrated software information management system for the home health care industry
IntelliSoft
Provider of healthcare credentialing, credentialing application completion and contract management software solutions
iSOFT
Supplier of healthcare software solutions used for managing patient information and driving improvements in healthcare services
MedAppz
MedAppz iSuite can be used to schedule appointments, chart patient information, write prescriptions, bill your patients and file claims
Medical Republic
Hosted software solutions for health care practice management and billing companies
MediPro
Provider of electronic medical records software, Lytec medical billing software, electronic health records and practice management software solutions
Meditab Software
Medical Software for medical office, Pharmacy software, Dental Software, Radiology management software, EMR, electronic health records
MediTract
Provides contract management software solutions for healthcare organizations
MedStar Solutions
Provides software solutions for Medical Practice Management software, Medical Billing System, radiology software, Electronic Medical Records, EMR and EHR
MedWorxs
Provides software solutions for electronic health record and practice management
Momentum Healthware
Solutions for electronic health records, dietary management and decision support systems with historical and predictive analytics to effectively manage operations
MRecord
Digital dictation, transcription and enterprise voice recognition platform for the healthcare industry
Navicure
Provider of web-based account receivables management solutions
Nightingale Informatix
Provider (ASP) of Electronic Medical Record (EMR) and Practice Management software
nightingale.md
One45 Software
Healthcare education software provider for multi-point competency based evaluations, patient/procedure logs, LCME/ACGME tracking, and performance reporting
Opus Healthcare Solutions
Develops web-based clinical software & mobile / smartphone applications for healthcare organizations, physician group practices and reference laboratories
Premier Computer Systems
Develops medical staffing software solution for healthcare staffing agencies
RiverSoft
Software for Home Healthcare Agencies to automate your scheduling, billing, etc.
SoftTech Health
Provides solutions for document control for hospitals, accreditation/audit Management, solutions for lab, nursing, risk management and pharmacy
StatCom
Provides solutions for patient flow logistics, tracking, bed management, patient-stay management, discharge planning and hospital support services
Syntermed
Advanced imaging technologies to assist radiologist, nuclear medicine physicians and other healthcare professionals
Technosoft
Experience in developing and maintaining custom made healthcare software solutions
techno-
VisionTree
Provides web-based, patient-centric data collection and health management solutions for patient management and clinical trial administration
Wellogic
Web-based clinical application that provides solutions for clinician, patient, and payor Portals, Health Information Exchanges (HIEs), Electronic Health Records (EHRs)
Origin Healthcare Solutions
Provides practice management and EMR Solutions that apply to registration, billing, appointment scheduling, patient charting, document imaging and routing
OSSCube
Web based custom healthcare software solutions like CCHIT, EMR, EHR, HIS, HL7, 21 CFR 11
Patient Placement Systems
Web based health care software that automates discharge planning and accelerates continuing care admissions
PCG Software
Develops cost containment, financial recovery and fraud & abuse software for healthcare industry
Plexis Healthcare Systems
Solutions for medical claim processing‚ dental and vision claim processing, EDI and healthcare web portal software
Appendix N
Top Companies to Target
McKesson Technology Solutions | Alpharetta, GA |
HIT Revenue: $3,064,000,000 (09) $2,984,000,000
(08) $2,239,000,000 (07)
Major Revenue: 19% Software; 5% Hardware; 76% Services
Employees: 13,300 Type Company: Public Founded: 1974
Information technology and connectivity business, providing IT solutions
--------------------------------------------------------------------------------
Dell | Round Rock, TX | 800-274-1550 |
HIT Revenue: $2,500,000,000 (09) Major Revenue: 50% Hardware; 50%
Services
M&A 2009: Acquired Perot Systems
Employees: 10,000+ Type Company: Public Founded: 1985
Delivers technology solutions that connect hospitals, physicians and payers. Solutions include electronic medical record (EMR), mobile clinical computing, infrastructure services, virtual hosting,
consulting, applications and revenue cycle solutions. Firm now includes
Perot Systems.
--------------------------------------------------------------------------------
CareFusion | San Diego, CA | 858-617-2000 |
HIT Revenue: $2,400,000,000 (09)
M&A 2009: Divested Mediqual,11/09
Type Company: Public Founded: 2009
A global medical device manufacturer that helps customers measurably improve patient care by focusing on two of the biggest issues affecting healthcare - medication errors and healthcare-associated infections.
--------------------------------------------------------------------------------
GE Healthcare* | Chalfont St. Giles, U.K. |
HIT Revenue: $1,900,000,000* (09)
GE Healthcare's broad range of products and services enable healthcare providers to better diagnose and treat cancer, heart disease,
neurological diseases, and other conditions earlier.
--------------------------------------------------------------------------------
Cerner Corp. | Kansas City, MO | 816-201-1024 |
HIT Revenue: $1,670,000,000 (09) $1,680,000,000
(08) $1,520,000,000 (07)
Major Revenue: 22% Software; 9% Hardware; 69% Services
Employees: 7,775 Type Company: Public Founded: 1979
Cerner solutions optimize processes for consumers and healthcare organizations ranging in size from single-doctor practices, to health systems, to entire countries, for the pharmaceutical and medical device industries, and for the healthcare commerce system.
CSC | Falls Church, VA | 703-876-1000 |
HIT Revenue: $1,566,000,000 (09) $1,640,000,000
(08) $1,366,000,000 (07)
Major Revenue: 5% Software; 95% Services
Employees: 6,000 Type Company: Public Founded: 1959
Serves all segments of the healthcare industry, providing strategic planning, operations improvement, systems integration and outsourcing services.
--------------------------------------------------------------------------------
Siemens Healthcare* | Malvern, PA | 610-249-0003 |
HIT Revenue: $1,400,000,000* (09)
One of the first companies to bring together medical imaging and therapy, laboratory diagnostics, and healthcare IT solutions across the
continuum of care - from prevention and early detection, to diagnosis,
therapy and ongoing care.
--------------------------------------------------------------------------------
Emdeon | Nashville, TN | 615-932-3000 |
HIT Revenue: $918,448,000 (09) $853,599,000 (08) $808,537,000
(07) Major Revenue: 97% Software; 3% Services
M&A 2009: Acquired The Sentinel Group, 6/09; Divested Control-O-Fax, 9/09
Employees: 2,350 Type Company: Public Founded: 1998
Provides revenue and payment cycle solutions that connect payers, providers and patients to integrate and automate key business and administrative functions throughout the patient encounter.
--------------------------------------------------------------------------------
Cognizant | Teaneck, NJ | 201-801-0223 |
HIT Revenue: $860,427,276 (09) $688,233,756 (08) $507,896,394
(07)
Major Revenue: 100% Services
Employees: 17,000+ Type Company: Public Founded: 1994
Provides global business process outsourcing, IT and consulting services and serves as a strategic partner to leading payers, providers and intermediaries, delivering industry-specific solutions that drive
sustainable value and operational improvements.
--------------------------------------------------------------------------------
Philips Healthcare | Andover, MA | 978-659-3000 |
HIT Revenue: $787,000,000 (09) $732,000,000 (08) $356,000,000
(07)
Philips' clinical informatics and patient care solutions are designed to complement electronic health records (EHRs) by providing actionable
patient data to support advanced clinical decision making, simplify clinician workflow, improve financial outcomes, and help improve and save lives.
--------------------------------------------------------------------------------
Epic | Verona, WI | 608-271-9000 |
Core product is a central database that links clinics, hospitals, and remote Web-based settings with clinical, scheduling, and billing information.
--------------------------------------------------------------------------------
Allscripts-Misys Healthcare Solutions, Inc. | Chicago, IL | 800-654-0889 |
Provides connectivity solutions to physicians, hospitals and post-acute and home care organizations.
--------------------------------------------------------------------------------
Eclipsys | Atlanta, GA | 404-847-5000 |
Provides advanced integrated clinical, revenue cycle and performance management software, clinical content and professional services that help healthcare organizations improve clinical, financial and
operational outcomes.
--------------------------------------------------------------------------------
The Trizetto Group, Inc. | Newport Beach, CA | 949-719-2200 |
Serves the healthcare payer industry, providing enterprise and component software, hosting, outsourcing services and consulting that optimize payers' operations.
--------------------------------------------------------------------------------
Wipro Technologies | East Brunswick, NJ | 732-509-1500 |
Serves payers, providers and life sciences with IT services in the areas of consulting, application development, implementation, maintenance and IT infrastructure and provide outsourcing services for business processes.
--------------------------------------------------------------------------------
Ingenix | Eden Prairie, MN | 888-445-8745 |
Offers health information, technology, services and consulting to help physicians, hospitals and health systems resolve challenges facing their organizations, implement and use health IT systems more effectively, and improve clinical and financial performance.
--------------------------------------------------------------------------------
3M Health Information Systems | Salt Lake City, UT | 800-367-2447 |
Helps h unications technology and consulting services that optimize caregiver efficiency, drive better decisions, foster prevention and empower patients.
--------------------------------------------------------------------------------
MedAssets, Inc. | Alpharetta, GA | 678-248-8194 |
Offers data-driven software and services to help increase revenue capture, decrease supply costs, and improve cash flow and profit margins for hospitals and other non-acute healthcare providers.
--------------------------------------------------------------------------------
Vangent, Inc. | Arlington, VA | 703-284-5600 |
Leads development of NHIN Connect architecture and provides technology to improve care and reduce costs.
--------------------------------------------------------------------------------
MedQuist, Inc. | Mount Laurel, NJ | 866-542-7253 |
MedQuist's technology-enabled clinical documentation workflow solutions including mobile voice capture devices, speech recognition, coding, web-based workflow platforms, and global outsourced transcription options help healthcare facilities lower operational costs.
--------------------------------------------------------------------------------
NextGen Healthcare | Horsham, PA | 215-657-7010 |
Provides integrated clinical, financial and connectivity solutions to physician practices, hospitals, health systems and other care centers nationwide.
--------------------------------------------------------------------------------
HealthPort Technologies, LLC | Alpharetta, GA | 800-737-2585 |
A major provider of release of information services and health information solutions and technology to healthcare facilities, physicians and requestors nationwide.
Appendix O (Balanced Scorecard)
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Appendix P(PEST)
[pic]
Appendix Q
[pic]
Appendix R
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Appendix S
[pic]
Appendix T
[pic]
Appendix U
[pic]
Appendix V
[pic]
Appendix W
[pic]
Appendix X
[pic]
-----------------------
Strategy
• Applications to mobilize
• Short, mid and long-term goals
• Industry requirements
• Mapping of mobilized business processes into back office
• Mobile application roadmap
Solutions
• Mobile applications requirements
• Mobile platforms & devices
• Back-office design
• Implementation strategy
Development
• Scoping
• Project planning
• Requirements definition
• Design/Development
• Porting from Legacy systems
• Integration and testing
• Acceptance
BCS, through the pioneering use of cutting-edge technologies, along with the unmatched skills of our software engineers, consistently develops breakthrough solutions that meet and exceed complex healthcare management requirements. Our healthcare solutions support the entire healthcare ecosystem, with flexible technology and innovative approaches making information more understandable and easier to access and use for healthcare organizations. We blend our technical expertise with your insights to create an all-inclusive positive user experience.
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