DAYTONA BEACH, FL — (Marketwired) — 08/10/16 — (OTC PINK: QUTR) (“Q”) the proven and experienced clinical performance and outcome analytics and solutions company in American health care, now with global capability, today announced the decisive marketing strategy and value proposition for its platform-as-a-service (PaaS) product QualOptima v1.7. This new version completes the initial product offerings for multiple customer segments. QualOptima v1.7 is specifically designed for hospitals to integrate their functions of quality management, risk management and credentialing on a unified database with advance technology to imperatively capture unique data for powerful, compliant advanced analytics.
Quture previously announced our agreement with HFACS, Inc. for their Human Factors Analysis and Classification System (HFACS) software, both stand-alone and embedded in QualOptima v1.3 targets specific customer segments: medical malpractice insurance companies, hospital self-insured trusts, hospital risk management and healthcare attorneys. QualOptima v1.3 product focus is to reduce preventable medical errors. QualOptima v1.7 for hospitals and physician groups introduces Value Data Centers for optimal clinical processes, not only safe but evidence-based clinical performance resulting in optimal patient outcomes.
Quture Value Data Centers introduce © to empower providers, payers and patients (P3) to make data-driven decisions (D3). This bold vision for Q–s QualOptima product for health data science is developed to transform the five (5) models fundamental to health and health care:
– pay-for-value based on outcomes, not just for doing something (fee-for-service) to achieve volume;
– delivery of health care based on patients as people, not illness conditions with tests to find what–s wrong to treat;
– focused on optimal outcomes and patient safety using clinical data, not billing data for how to make more money;
– transition from manual anecdotal “snapshot” data to electronic data capture (“eCQM”) for advanced analytics with insightful algorithms and machine learning (AI) to improve outcomes and eliminate overuse, underuse and misuse;
– people engage in their wellness lifestyle and optimally managing their chronic conditions based on individualized life and care plans and their personal risk & fitness factors for preventive disease interception and intervention; and
– omics and biomarkers for technology targeted diagnosis and treatment based on experiential learning with predictive modeling.
America is the country where people spend the most money on health care yet live the shortest amount of time, when compared to the rest of the developed world. We spent $3.8 trillion in the USA for healthcare costs in 2015, estimated to be $1 of every 5 dollars spent by 2024. In 1970, we spent only $75 billion. American health care accounts for 20% of gross domestic product (GDP) in the United States or 1/5th of our economy by 2024. That–s 20% compared to 11.5 % in France and Canada, and 9.5 % in the UK and Australia. The average daily cost of a hospital day was $4,287 in 2012 compared to the second highest rate in Australia of $1,472 — almost 3 times more.
“Our health, quality of life and, in fact the American economy are at stake,” said Landon Feazell, Quture–s Chairman & CEO. “In the face of this financially unsustainable and less than optimal healthcare ecosystem, nothing less than Quture–s bold transformative QualOptima technology will solve these enormous challenges. Quture–s © PaaS informatics platform is the complete solution to improve outcomes, reduce medical errors, while reducing costs. As the free-enterprise solution, Value Data Centers must also transition quality measurement for compliance with exponentially escalating quality reporting and transparency, exceeding these requirements through strategic technology.”
Value equals quality plus cost. As healthcare payment and transparency initiatives become the new challenges, QualOptima v1.7 is positioned to become the most dominant technology available to hospitals to transition from outdated methods to embrace the benefits of health data science. While the most conservative formula to calculate the market for HFACS software products is $4.01 billion, the more extensive QualOptima product market is roughly an additional six (6) times that, expected to grow from nearly $24 billion in 2016 to roughly $55 billion by 2021, with a compound annual growth rate (CAGR) of more than 18% for the period of 2016-2021.
Compliance with new, comprehensive quality initiatives of the federal government are market drivers for software technologies to satisfy these requirements. Fierce competition among vendors focuses on this new alphabet soup of quality reporting, such as PQRS, NQS, MDP, MIPS, APM, VBP, MU, MACRA, IQR, ACO, HRRP, HAC, CHIP, OQR, IPPS, eCQM, etc., not to mention population health, precision health, comparative effectiveness and patient reported outcomes.
Legislation to move from volume to value of health care in the United States began in 2010 with the Affordable Care Act. CMS (Medicare/Medicaid) is responding to the Administration–s clear timeline for targeting 30 percent of Medicare payments tied to quality or value through alternative payment models by the end of 2016 and 50% by the end of 2018. This was followed by the passage of MACRA, the Medicare Access and Children–s Health Insurance Program (CHIP) Reauthorization Act of 2015. MACRA supports an ongoing transformation of health care delivery by furthering the development of new Medicare payment and delivery models for physicians and other clinicians.
“Quture has been developing QualOptima to become the dominant healthcare value measurement and analytics system since 2011, anticipating the national evolution to make quality and cost the urgent needs of healthcare providers and payers,” added Feazell. “Healthcare information technology has not traditionally invested in quality and risk management technologies. When they did, it was in products that use billing codes that simply were not designed and do not work to measure the dimensions of quality and patient safety for value. Risk management has always been where the money is spent; now quality is where value is determined and money will be spent. Compliance for quality reporting and payment incentives in the fee-for-value models should be analyzed from clinical patient data, not billing codes.”
Financial experts conclude that “health care leaders and professionals are focusing on quality and patient safety in ways they never have before because the economics of quality have changed substantially.” Healthcare payers and the government now embrace the reality that quality care is less expensive care. When medical care is better, more efficient, and more effective, when wide variation is recognized and changed, care is less wasteful. Quture believes that the “Quality-Value Proposition” we proposed in 2003 is finally achievable.
Quture International (OTC PINK: QUTR) is the proven and experienced clinical performance and outcome analytics and solutions company in American healthcare. Quture–s first-to-market clinical intelligence software is the complete solution for healthcare providers, payers, employers, and insurance companies seeking to achieve optimal clinical, financial and operational outcomes. Q–s QualOptima Connectivity & Analytics System empowers value-driven, patient-centered, personalized care focused on real-time and predictive patient management and patient safety, with optimal quality demonstrated by outcomes correlated with resource use, revenue and cost. As an Application Partner of InterSystems Corporation, Quture–s software operates on their HealthShare strategic technology platform to capture, integrate, aggregate, and analyze data transformed to knowledge in its innovative second-generation database. Quture–s core competence and value proposition lies in its embedded evidence-based metrics, clinical content and analytic algorithms developed from over 35 years of measuring performance in hundreds of hospitals, physician organizations and HMO–s.
As the free enterprise solution to improving health and healthcare while reducing costs, Quture is positioned through its disruptive technology to become the foremost global provider of value-based clinical intelligence and knowledge solutions. Q is a Nevada corporation based in Daytona Beach, Florida, and trades on the OTC exchange under the symbol “QUTR.”
This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern, adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of our products or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law. There is no assurance that a definitive agreement will be completed.
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