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Investor Research Center September 17, 1999 MEDICALOGIC INC (MDLI) S-1 Filing (SEC form S1) Our business is connecting physicians and patients through the Internet. For physicians, we offer a line of enterprise and Internet-based electronic medical record products and services for use at the point of care in the exam room, with configurations suitable for practices of all sizes. For patients, we will provide a Web site that will allow them to access certain healthcare information from their physician-generated medical record, enter personal medical information and effectively communicate with their physician. For both physicians and patients, we will provide focused healthcare content and commerce opportunities, keyed to information in a selectively shared database that unites physicians and patients. Together, these products, services and databases will comprise our Internet Health Services Center. We believe we can increase the efficiency and quality of healthcare and enhance the physician-patient relationship through our Internet Health Services Center. Founded in 1985, MedicaLogic has been developing, marketing and supporting electronic medical records for over a decade and has products in daily use by physicians across the country. While most healthcare information systems have primarily supported financial and administrative functions, we have focused exclusively on the challenge of providing clinical solutions that are used by physicians at the point of care to create and access the electronic medical record. Our customers include academic medical centers such as Baylor College of Medicine in Houston, Texas, integrated healthcare delivery systems such as Providence Health System in Portland, Oregon, and other customers such as the NASA space shuttle program. More than 7,000 health professionals, including approximately 3,000 physicians, now maintain electronic medical records with our enterprise electronic medical record software, constituting an estimated base of over 7 million electronic patient records. Our technology will use the Internet to link healthcare consumers to physicians using either our enterprise or Internet-based electronic medical record. We believe we are the leading provider of electronic medical record software in the healthcare industry. Our Market Opportunity The patient medical record developed and maintained by the physician is of paramount importance in the U.S. healthcare system. Despite increased needs by the healthcare industry for more accurate and accessible clinical information, the vast majority of clinical data is still recorded in handwritten or hand-typed notes filed within paper charts which cannot be accessed, aggregated or organized electronically. We believe the Internet has made computerized tools more useful and more affordable than traditional client-server applications to the 600,000 practicing physicians in the United States and will facilitate the widespread adoption of an electronic medical record. The Internet is also an efficient means to distribute medical information to healthcare consumers, whose interest in such information is growing rapidly. According to a 1997 survey in the Journal of the American Medical Association, 43% of U.S. adults who used the Internet were seeking health information. According to Cyber Dialogue, 78% of Internet users with health insurance are interested in managing their health insurance benefits online and 23% of all Internet users are interested in purchasing prescription drugs online. Also according to Cyber Dialogue, 90% of all Internet users have health insurance. Our Solution Our solution is the Internet Health Services Center, which will provide the following benefits: Improved Quality of Care. Our solution is designed to increase patient medical information flows among all healthcare participants, which ultimately will result in more accurate diagnoses and more timely and appropriate treatments. Using our solution, physicians will be able to enter and access patient-specific data online at the point of care, allowing them, for example, to review data regarding potentially harmful drug interactions, without manually searching through the often unorganized and incomplete paper records. We believe this and other benefits provided by our solution will result in improved quality of care. Empower Healthcare Consumers with Information Regarding their Healthcare. Whether they see a physician themselves on a regular or episodic basis, or act as a coordinator of healthcare for a child, elderly parent or other relative, healthcare consumers want more information and more control over their healthcare needs. Through the use of the Internet, our solution is designed to increase information flows among all healthcare participants, including patients, which ultimately gives patients greater control. Our solution will permit consumers to communicate electronically with other healthcare participants, such as physicians, payers and suppliers, giving them quicker, more efficient and more effective access to patient records, prescription drugs, payment services and information and other health-related supplies and services. Improved Physician-Patient Relationship. Our Internet solution is designed to facilitate communication between physicians and patients, which has been reduced by the widespread adoption of managed care. We believe improved physician access to information at the point of care will result in higher-quality clinical interaction between physicians and patients. Likewise, providing patients with better access to information and electronic communication with physicians will result in a better understanding of physician instructions by patients and, ultimately, a lower risk of treatment error. Reduced Healthcare Costs. Our solution is designed to reduce healthcare costs and improve the management of patient records by: o Reducing the inefficiencies of manual and paper-based transactions; o Eliminating redundant data entry; o Reducing transcription costs; o Reducing hospitalizations related to harmful drug interaction events; o Reducing duplicative and unnecessary laboratory tests resulting from inaccurate or misplaced records; o Rationalizing entry and availability of Health Care Financing Administration-mandated patient chart and account coding information; o Decreasing the communication inefficiencies created by isolated proprietary systems; and o Improving health maintenance through greater efficiency and better access to patient medical records. Our Strategy Our objective is to be the leading provider of Internet-based electronic health record information. Our strategy to achieve this objective has the following key elements: o Gain rapid adoption by physicians of our electronic medical records solutions; o Offer the most compelling Internet destination for healthcare consumers; o Become a leading driver of clinical e-commerce transactions; and o Capitalize on the value of our large, clinically-rich database. Strategic Relationships Because our products and services are used at the point of care, we are well positioned to offer electronic transaction services to both physicians and their patients. To pursue these opportunities, we will form relationships with strategic partners who can provide these electronic transaction services, including electronic processing of claims, automatic filling and refilling of prescriptions and electronic transmission of laboratory results. In addition, we will enter into strategic partnerships with vendors who will provide medical content to our customers as well as partnerships that will allow our physician customers to have access to computer hardware on which they may use our products and services. To date, we have entered into the following strategic relationships: o CVS.com. CVS.com, a leading online pharmacy, will fill orders for prescriptions received from physicians and patients using our Internet-based products. o Dell. Dell is a preferred provider of notebooks, personal computers and other hardware, and we granted Dell a nonexclusive right and license to reproduce and install our software programs and related materials on Dell branded hardware products. o Envoy. Envoy Corporation, a leader in electronic transaction processing in the healthcare industry, will provide us with a nonexclusive and nontransferable license to its services for the processing of certain healthcare transactions, including patient eligibility and referral checks and medical claims submissions. These services will become available in early 2000. | ||||||||||||
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