| To: Michael Olds who wrote (293) | 7/13/2001 3:31:31 PM | | From: tech101 | | | | ERs Now Turn to Technology To Help Deal With Overcapacity
By Laura Landro
Staff Reporter of THE WALL STREET JOURNAL
Health Journal
July 13, 2001
PATIENTS HAVING to visit emergency rooms these days may face more than medical worries. Physicians warn that the nation's nearly 5,000 hospital ERs are operating at critical capacity, and are often forced to turn away patients and divert ambulances to other locations.
"Most Americans still have no idea how dangerous it has become to be ill or injured at the wrong time," says Todd Taylor, an emergency physician in Arizona, where ER doctors recently declared they had "lost confidence" in the emergency-care system.
The crisis is a result of several health-care problems with no easy fix: millions of uninsured patients who use emergency facilities for primary care, nursing shortages, hospital closings and Medicare cuts.
Many ERs are turning to technology for help. They are using Web-based systems to reroute ambulances, and are adopting computer programs to create "paperless" emergency rooms and manage flow so patients aren't backed up on gurneys awaiting a bed.
The American College of Emergency Physicians says the number of ERs with Internet access has doubled each year over the past two years, helping hospitals break bottlenecks and instantly access lab tests, X-rays and medical data. But many ERs still rely on 1950s technology, "with barely legible scribbled charts and records on microfilm," says Robert W. Schafermeyer, president of the organization.
"You have to wonder why, if the hotel industry can tell you to the minute when a bed is open and clean, why hospitals can't do the same," adds William Cordell, director of Emergency Medical Research and Informatics at Methodist Hospital in Indianapolis and a professor at the Indiana University School of Medicine.
HIS HOSPITAL ALREADY uses a wireless system to register emergency patients at bedside and a "radar screen" tracking system in its ER. The program, designed by Cincinnati-based New Wave Software, tracks the location of patients, staff, carts and equipment. New Wave this July will begin marketing an off-the-shelf program for about $2,500 that ERs can install on existing computer systems. The company also is working on small clip-on devices and wall-mounted or ceiling-mounted sensors that will automatically record all this information.
In one major initiative, more than 100 hospitals have been working with the Boston-based nonprofit Institute for Healthcare Improvement to reinvent the way emergency departments operate. Donald Berwick, chairman of IHI, says hospitals must approach patient flow the way industrial companies manage engineering and process-improvement programs, including creating scheduling models to anticipate care needs. "You don't wait to react, but do some proactive planning to get ready for demand," Dr. Berwick says.
IHI has enlisted Medical Director James Espinosa and Chief Nursing Officer Linda Kosnick at Atlantic Health System's Overlook Hospital in Summit, N.J., to field test patient-tracking systems. One goal is to cut to less than 90 minutes the time it takes from making a decision to admit a patient to transferring that patient to a bed. Computers display on a single screen the status of eight critical steps in the admitting and treatment process, and every 15 minutes flash reports on how well the ER is performing against its time goals.
If the goals aren't met, an "intervention" clicks in. In a worst-case "red" scenario, for example, the ER is at 150% occupancy with no available hall space, with a two-hour wait to see a doctor and all other area hospitals on divert status. The system would automatically alert top hospital officials, notify other hospital departments, increase the number of lab and radiology workers and delay all elective surgeries for the moment.
"Eventually this should be imbedded in all hospital information systems," says Dr. Espinosa.
THE OVERLOOK GROUP found that "fast-track" systems work best for minor-emergency patients, who account for 30-50% of total visits. But because surveys show patients sometimes feel rushed, the visits should take at least 40 minutes but less than an hour.
At Boston's Beth Israel Deaconess Medical Center, emergency physician John Halamka, chief information officer for parent CareGroup, found that most delays occurred between the decision to admit a patient to the hospital and discharge from the ER to a hospital bed. So in a new state-of-the-art ER opened this month, an electronic wall, known as the "dashboard," shows the status of every patient, their time in the emergency department, the availability of a hospital bed, test results and the capacity status of the entire department -- all on five-foot screens. The hospital's own secure medical-record system, CareWeb, provides the lab, radiology and EKG results.
About 250 hospitals in 16 U.S. cities are now using Infinity Healthcare's EMSystem, a program developed by Milwaukee emergency physician Chris Felton. The Web-based system tracks bed availability and diversions in metropolitan areas, communicating directly to ambulances via wireless technology, e-mail paging and even direct Internet connections.
While Dr. Felton says it can stem the tide of ER overcrowding, such programs are a band-aid until the emergency-care system's bigger problems can be resolved. "Diversion itself is a symptom of a much greater ill," he says. |
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| To: Keith Fauci who wrote (296) | 8/4/2001 6:51:45 PM | | From: Michael Olds | | | | I have ugly fears that this bottom could be wide...stretching on to the end of the year...September is up next and that starts tax selling season.
I really have complete confidence in this investment, company and management, and I believe we will see progress come this upcoming report, but it may not be until we show an actual profit that there is the real upward move this company deserves. |
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| To: Keith Fauci who started this subject | 8/9/2001 4:02:46 PM | | From: Michael Olds | | | | WebMD Announces Second Quarter ResultsRestructuring and Integration Progress Continues Loss Before Restructuring and Non-Cash Items Declines 27% From Last Quarter and 57% From Prior Year
PR NEWSWIRE - August 09, 2001 16:00
ELMWOOD PARK, N.J., Aug 9, 2001 /PRNewswire via COMTEX/ -- WebMD Corporation (Nasdaq: HLTH) today announced financial results for the three months ended June 30, 2001. Revenue for the June 2001 quarter was $178.7 million compared to revenue of $184.5 million for the March 2001 quarter and $101.1 million for the June 2000 quarter. The loss, excluding restructuring, integration and non-cash expenses, for the June 2001 quarter was ($23.8) million or ($0.07) per share, compared to ($32.7) million, or ($0.09) per share for the March 2001 quarter and ($55.5) million or ($0.28) per share for the June 2000 quarter. The net loss for the June 2001 quarter was ($821.8) million or ($2.30) per share compared with ($1.039) billion or ($2.91) per share for the March 2001 quarter and ($518.3) million or ($2.64) per share for the June 2000 quarter.
The Company recorded charges related to its restructuring and integration efforts of $11.2 million for the quarter ended June 2001. This charge relates to payments made to customers of discontinued product lines to exit contractual obligations and "stay put" arrangements for employees given future termination dates.
As of June 30, 2001, the Company had approximately $588.2 million in cash and short-term marketable securities.
Revenue categories are as follows (in millions):
Q2 2001 Q1 2001 Q2 2000
Transaction services $ 96.9 $ 97.5 $ 55.0
Physician services 65.1 65.1 9.2
Portal services 15.9 19.9 26.8
Other products 0.8 2.0 10.1
Total revenue $ 178.7 $184.5 $ 101.1
Transaction Services revenue was $96.9 million for the June 2001 quarter compared to $97.5 million in the March 2001 quarter and $55.0 million in the June 2000 quarter. Total electronic transactions were 536 million for the June 2001 quarter compared to 549 million in the March 2001 quarter and 274 million transactions in the June 2000 quarter. The increase in revenues and transaction volumes compared to the June 2000 quarter was a result of the acquisition of ENVOY Corporation, which was completed on May 26, 2000 and, therefore, included in the June 2000 results for only a partial period.
Physician Services revenue was $65.1 million for the June 2001 quarter compared to $65.1 million in the March 2001 quarter and $9.2 million in the June 2000 quarter. The physician services revenues for the June 2000 quarter consisted solely of revenues from sponsored subscriptions to the company's physician portal offering. This source of revenue was eliminated effective December 31, 2000 as a result of the termination of the company's agreement with Dupont and the revisions to the company's agreement with Microsoft.
Portal Services revenue was $15.9 million for the June 2001 quarter as compared to $19.9 million for the March 2001 quarter and $26.8 million in the June 2000 quarter. The decrease in revenues compared to the March 2001 quarter was attributable to a combination of the deferral of certain committed advertising sponsorship until the fourth quarter of 2001 and the impact of the softening internet advertising market. The decrease compared to the June 2000 quarter was attributable to the company's relationships with News Corporation, Microsoft and Dupont that were restructured or terminated effective as of the end of December 2000 and the impact of the softening of the internet advertising market on both the company and certain of its customers.
Other revenues were $0.8 million for the June 2001 quarter as compared with $2.0 million for the March 2001 quarter and $10.1 million in the June 2000 quarter. The decline reflects the continuation of the phasing out of certain non-core product offerings. As stated previously, these other revenues will be fully phased out during 2001.
Operating expenses before restructuring and integration, depreciation, amortization and other non-cash expenses was $210.6 for the June 2001 quarter compared to $228.1 million in the March 2001 quarter. Each category of expense declined on both an absolute dollar and a percentage of revenue basis. The reduction in expenses reflects the benefits of both the Company's integration initiatives and the restructuring of many of the Company's strategic relationships.
Interest income was $8.1 million for the June 2001 quarter compared to $10.9 million in the March 2001 quarter. The decline was due to a decline in interest rates during the quarter and to a reduction in cash available for investment.
The loss before restructuring, integration, depreciation, amortization and other non cash charges was ($23.8) million for the June 2001 quarter compared to ($32.7) million for the March 2001 quarter and ($55.5) million in the June 2000 quarter. In commenting on the results for the June 2001 quarter, Marv Rich, President, observed, "The results for the June 2001 quarter reflect the continuing efforts to integrate the acquired companies and achieve the benefits originally contemplated by these acquisitions. The loss before restructuring, integration and non-cash items declined by 27% compared to March 2001 and 57% compared to June 2000. These improvements were attained even though revenues declined compared to the March 2001 quarter. Our current revenue expectations for 2001 are approximately $715 - $725 million. These expectations reflect the impact of exiting certain uneconomic hospital to physician connectivity relationships, consolidation of duplicate transaction services offerings, continued softness in the internet advertising market and the impact of an uncertain economy on the spending decisions of physicians. Nonetheless, we anticipate a continued decline in our operating expenses and remain confident that we will finish the year with a positive exit rate. At that time, we will have created an organization with the infrastructure necessary to achieve significant growth rates and be profitable in 2002 and beyond."
Several strategic relationships were favorably revised during the quarter including AOL, Excite, VitalWorks and Practiceworks. Martin J. Wygod, Chairman and CEO of WebMD, said, "Although the process has been lengthy and there are still several outstanding important issues to resolve, we have made tremendous progress in evaluating and restructuring numerous strategic relationships. I believe that the modifications that have been made provide maximum strategic and economic value to both WebMD and our partners. Having reduced our loss before restructuring, integration, non-cash charges and interest income by approximately $300 million on an annualized basis since the beginning of our integration initiatives and having restructured agreements that now reflect true strategic partnerships, the management team can focus squarely on capitalizing on the substantial opportunities ahead of us."
ABOUT WEBMD
WebMD provides connectivity and a full suite of services to the healthcare industry that improve administrative efficiencies and clinical effectiveness enabling high-quality patient care. The Company's products and services facilitate information exchange, communication and transactions between the consumer, physician and healthcare institutions.
All statements contained in this press release, other than statements of historical fact, are forward-looking statements, including those regarding: future financial results and other projections of measures of future financial performance of WebMD; the amount and timing of the benefits expected from WebMD's integration plan and of the costs of executing such plan; potential changes in WebMD's business relationships; and future deployment of applications. These statements are based on WebMD's current plans and expectations and involve risks and uncertainties that could cause actual future events or results to be different from those described in or implied by such forward-looking statements. These risks and uncertainties include those relating to: market acceptance of WebMD's products and services; operational difficulties relating to combining acquired companies and businesses; the profit potential of WebMD's strategic relationships and customer contracts; economic conditions and regulatory matters affecting the Internet and healthcare industries; and the ability of WebMD to attract and retain qualified personnel. Further information about these matters can be found in WebMD's Securities and Exchange Commission filings. WebMD expressly disclaims any intent or obligation to update these forward-looking statements.
WebMD CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data, unaudited)
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2001 2000 2001 2000
Revenue $178,714 $101,074 $363,205 $166,955
Costs and expenses:
Cost of operations 119,366 78,194 244,710 137,559
Development and
engineering 9,141 14,684 21,513 26,258
Sales, marketing, general
and administrative 113,809 124,136 242,367 224,662
Depreciation and
amortization 755,073 416,428 1,514,870 755,138
Restructuring and
integration charge 11,211 -- 219,894 --
Interest income, net 8,103 14,064 19,007 26,893
Net loss $(821,783) $(518,304) $(1,861,142) $(949,769)
Basic and diluted net loss
per common share $(2.30) $(2.64) $(5.21) $(5.11)
Weighted-average shares
outstanding used in computing
basic and diluted net loss
per common share 357,878 196,471 357,342 185,756
WebMD CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data, unaudited)
Three Months Ended
June 30, March 31, June 30,
2001 2001 2000
Revenue $178,714 $184,491 $101,074
Costs and expenses:
Cost of operations 119,366 125,344 78,194
Development and engineering 9,141 12,372 14,684
Sales, marketing, general and
administrative 82,063 90,372 77,782
Interest income, net 8,103 10,904 14,064
Loss before restructuring, integration
and non-cash charges (23,753) $(32,693) $(55,522)
Basic and diluted net loss per
common share $(0.07) $(0.09) $(0.28)
Depreciation and amortization of
intangibles, including prepaid
content and services, deferred
compensation and restructuring
and integration charge. 798,030 1,006,666 462,782
Net loss $(821,783) $(1,039,359) $(518,304)
Basic and diluted net loss per
common share $(2.30) $(2.91) $(2.64)
Weighted average shares outstanding
used in computing basic and diluted
net loss per common share 357,878 356,806 196,471
WebMD CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data, unaudited)
Six Months Ended
June 30, June 30,
2001 2000
Revenue $363,205 $166,955
Costs and expenses:
Cost of operations 244,710 137,559
Development and engineering 21,513 26,258
Sales, marketing, general and
administrative 172,435 158,596
Interest income, net 19,007 26,893
Loss before restructuring,
integration and non-cash charges (56,446) $(128,565)
Basic and diluted net loss per
common share $(0.16) $(0.69)
Depreciation and amortization of
intangibles, including prepaid
content and services, deferred
compensation and restructuring
and integration charge. 1,804,696 821,204
Net loss $(1,861,142) $(949,769)
Basic and diluted net loss per
common share $(5.21) $(5.11)
Weighted average shares outstanding
used in computing basic and
diluted net loss per common share 357,342 185,756
WebMD CORPORATION
RECONCILIATION TO NET LOSS
(In thousands, unaudited)
Three Months Ended
June 30, March 31, June 30,
2001 2001 2000
Loss before restructuring, integration
and non-cash charges $(23,753) $(32,693) $(55,522)
Non-cash and restructuring and
integration charges:
Depreciation and amortization 755,073 759,797 416,428
Amortization of prepaid content
and services 8,208 8,175 20,706
Amortization of deferred
compensation 23,538 30,011 25,648
Restructuring and integration charge 11,211 208,683 --
798,030 1,006,666 462,782
Net loss $(821,783) $(1,039,359) $(518,304)
WebMD CORPORATION
RECONCILIATION TO NET LOSS
(In thousands, unaudited)
Six Months Ended
June 30, June 30,
2001 2000
Loss before restructuring,
integration and non-cash charges $(56,446) $(128,565)
Non-cash and restructuring and
integration charges:
Depreciation and amortization 1,514,870 755,138
Amortization of prepaid content
and services 16,383 39,260
Amortization of deferred
compensation 53,549 26,806
Restructuring and integration charge 219,894 --
1,804,696 821,204
Net loss $(1,861,142) $(949,769)
WebMD CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, unaudited)
June 30, December 31,
2001 2000
Assets
Cash and cash equivalents $491,855 $490,797
Short-term marketable securities 96,376 --
Accounts receivable, net 182,107 195,071
Assets held for sale 214,556 214,556
Other current assets 36,862 44,209
Total current assets 1,021,756 944,633
Marketable securities 8,560 219,686
Property and equipment, net 75,459 90,356
Prepaid content, services and
distribution 118,240 229,081
Intangible and other assets, net 5,306,652 6,971,875
Total Assets $6,530,667 $8,455,631
Liabilities and Stockholders' equity
Notes and accounts payable $15,524 $19,563
Accrued expenses 252,477 272,932
Deferred revenue 51,473 45,891
Total current liabilities 319,474 338,386
Long-term liabilities 11,894 25,260
Stockholders' equity 6,199,299 8,091,985
Total Liabilities and
Stockholders' Equity $6,530,667 $8,455,631 |
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| To: Still Rolling who wrote (301) | 8/9/2001 5:11:09 PM | | From: Michael Olds | | | | That damn vcall could bring down the internet bubble by itself. I sware I never have managed to hear a call through them. I'm sure it's a plot by the big guys!
haha
thanks
I'll listen to the call on the phone tomorrow. |
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| To: Keith Fauci who started this subject | 8/10/2001 10:52:35 AM | | From: Michael Olds | | | | Got my heart down out of my throat...my personal take on the story is the hopeful thought that there is accumulation going on. The never reliable Accumulation/Distribution indicator is clearly showing the same thing, going on for the last few days.
I see buys going off well above the ask in large blocks, not so many large blocks going off at the bid or below and most of the trades going off at the bid are small lots. Smart buyers.
To my mind this report was not disappointing, just no up surprise and that is what the little guys were hoping. There is going to come a point when the funds etc realize that MW is steadily delivering within a range and we are headed straight for being a very fine investment vehicle.
mo |
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