MOBILE, Ala. (June 16, 2020) – CPSI (NASDAQ: CPSI), a healthcare solutions company, announced today that Stonewall Memorial Hospital District,a 20-bed critical access hospital (CAH) located in Aspermont, Texas, has selectedthe cloud-hosted Evident inpatientelectronic health record (EHR) solution. In addition, the hospital and three affiliated clinics will be utilizing Revenue Cycle Management (RCM) solutions from TruBridge,including Patient Liability Estimates, Claims Scrubbing and Submission, Remittance Management and Denial and Audit Management.
Like many rural healthcare facilities, Stonewall Memorial Hospital District faced tight margins, leaving little room for error when it came to overall financial management. Difficult workflows and deficiencies in cash collections were key factors in its decision to choose a new EHR technology partner. Complementary RCM solutions from TruBridge will be especially important for Stonewall Memorial Hospital District as it faces potential challenges with financial stability amidst the COVID‑19 crisis.
According to Billie Petterson-Carter, chief executive officer of Stonewall Memorial Hospital District, “Every dollar of revenue is significant for us, and we simply cannot afford any deviation in our revenue cycle. As a former client, we had prior experience with Evident, which made the decision to make a change easier for everybody on our staff.”
Impressed with new features and functionality available with the Evident EHR, Petterson-Carter said she is looking forward to seeing the new system in action, specifically improvements in workflows for physicians and other clinicians, giving them greater efficiency in patient care. Petterson-Carter added, “There is a comfort level with Evident. They are established in the industry, and we are confident we have a trusted partner who delivers an easy, fast implementation, and most importantly, is fully equipped to manage our financial and business operations.”
“Our continued focus on community healthcare is what differentiates CPSI in the marketplace,” said Boyd Douglas, president and chief executive officer of CPSI. “Our reputation is one of excellence, and we deliver a strong value proposition. We are pleased to have customers like Stonewall Memorial Hospital District come back to us, as they are a testament to our commitment to ensuring the success of the customers we serve.”
Since the COVID-19 pandemic hit, Evident has successfully taken its EHR installations virtual. In the case of Stonewall Memorial Hospital District, most of the implementation is being done remotely and has been well received. Evident is expected to complete implementation at Stonewall Memorial Hospital District in the third quarter of 2020.
CPSI is a leading provider of healthcare solutions and services for community hospitals, their clinics and post-acute care facilities. Founded in 1979, CPSI is the parent of four companies – Evident, LLC, American HealthTech, Inc., TruBridge, LLC, and iNetXperts, Corp. d/b/a Get Real Health. Our combined companies are focused on helping improve the health of the communities we serve, connecting communities for a better patient care experience, and improving the financial operations of our customers. Evident provides comprehensive EHR solutions for community hospitals and their affiliated clinics. American HealthTech is one of the nation’s largest providers of EHR solutions and services for post-acute care facilities. TruBridge focuses on providing business, consulting and managed IT services, along with its complete RCM solution, for all care settings. Get Real Health focuses on solutions aimed at improving patient engagement for individuals and healthcare providers. For more information, visitwww.cpsi.com.
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified generally by the use of forward-looking terminology and words such as “expects,” “anticipates,” “estimates,” “believes,” “projects,” “targets,” “predicts,” “intends,” “plans,” “potential,” “may,” “continue,” “should,” “will” and words of comparable meaning. Without limiting the generality of the preceding statement, all statements in this press release relating to the ability of Evident’s EHR solution and certain of TruBridge’s services to alleviate Stonewall Memorial Hospital District’s financial challenges are forward-looking statements. We caution investors that any such forward-looking statements are only predictions and are not guarantees of future performance. Certain risks, uncertainties and other factors may cause actual results to differ materially from those projected in the forward-looking statements. Such factors may include: risks related to Evident’s ability to install its EHR virtually and within the scheduled timeline; the degree to whichnew features and functionality available with the Evident EHR may improve efficiency in patient care;the impact of COVID-19 and related economic disruptions which could materially affect the Company’s revenue, gross margin and income, as well as the Company’s financial position and/or liquidity; actions to be taken by the Company in response to the pandemic; the legal, regulatory and administrative developments that occur at the federal, state and local levels; potential disruptions, breaches, or other incidents affecting the proper operation, availability, or security of the Company’s or its partners’ information systems, including unauthorized access to or theft of patient, business associate, or other sensitive information or inability to provide patient care because of system unavailability;changes in revenues due to declininghospital demandand deteriorating macroeconomic conditions (including increases in uninsured and underinsured patients); potential increased expenses related to labor or other expenditures;andthe impact of our substantial indebtedness and the ability to refinance such indebtedness on acceptable termsor at all, as well as risks associated with disruptions in the financial markets and the business of financial institutions as the result of the COVID-19 pandemic which could impact us from a financial perspective.Numerous other risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statements. Such factors include risk factors described from time to time in CPSI’s public releases and reports filed with the Securities and Exchange Commission, including but not limited to, CPSI’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10‑Q. We also caution investors that the forward-looking information described herein represents CPSI’s outlook only as of this date, and CPSI undertakes no obligation to update or revise any forward-looking statements to reflect events or development after the date of this press release.
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