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MedQuist & Sequoia Software Strategic Partnership to Spur Access, Delivery and Storage of Electronic Medical Transcriptions
COLUMBIA, Md., ¾ August 6, 1998 ¾ Sequoia Software Corporation announced today an alliance with MedQuist Inc. (NASDAQ: MEDQ) to create a comprehensive, common medical document repository for healthcare organizations regardless of the data source. The strategic partnership will allow MedQuist to embed Sequoia Interchange98, a set of back-end technology components including such features as heterogeneous workflow, standard messaging, data distribution, security, and ubiquitous access to information. Sequoia Interchange98 also packages sought after Microsoft BackOffice (NASDAQ: MSFT) components for quick, easy intergration and use by the front-end application developer. Sequoia's partnership with MedQuist will speed to market MedQuist's MTS (a computer-based medical transcription package which incorporates a graphical user interface or GUI) with Sequoia Interchange98, healthcare's first XML server. The new product package creates a distributed XML data repository enabling healthcare organizations to integrate information generated by MedQuist's MTS with other hospital systems.
The capabilities of the new solution resulting from the MedQuist & Sequoia partnership will save healthcare organizations time and money by allowing them to flexibly manage information generated by disparate applications, as well as, make data more readily accessible to a wide network of physicians, clinicians and administrators using a simple browser interface. The product package will provide a powerful, universal reporting solution for emergency medicine, pathology, radiology, invasive cardiology and other specialized medical areas. Previously, users were forced to store data from disparate systems in a variety of locations and merge information manually, a costly, time consuming and often frustrating process.
David Cohen, chairman, president and CEO of MedQuist said, "Our alliance with Sequoia will expedite our goal of becoming a total-solution provider to our medical transcription clients, offering a suite of electronic medical transcription and related healthcare information products. The new combined MedQuist front-end/Sequoia back-end solution will allow us to better serve our existing clients and more effectively penetrate specialized medical areas."
In healthcare today, there exists a void between where a database system leaves off and the end user application begins. Typically this void is filled by transaction-based "plumbing" that solution providers and healthcare organizations either build or buy. The choice is largely based on time-to-market concerns and whether it is a healthcare organization or technology vendor's core competency.
MedQuist's vice president and CIO, Ron Scarpone said, "We saw time to market as critical. With the ability of Sequoia's key internal component to snap into our product, we saved a lot of time." Mr. Scarpone added that "the ambition now is to combine MedQuist's and Sequoia's core competencies to create a single comprehensive data/document repository where all medical documents are stored, accessed and integration of heterogenious information is achieved."
"The combination of MedQuist's graphical user interface front-end application and Sequoia's XML based back-end solution with our BackOffice server suite will make this a preferred back officesolution for healthcare," said John Carpenter, Microsoft's World Wide Health Industry Manager. Microsoft is very pleased with the potential offered by the alliance between MedQuist and its Industry Solution Award Winner, Sequoia Software, Carpenter added.
"Establishing this strategic relationship points to the need among 'best of breed' solution providers for a flexible, universal language for formating data in healthcare," said Mark Wesker, president of Sequoia Software Corporation. "Our back office XML based technology foundation disintegrates disparity between systems and solutions making vital medical data more accessible to front-end applications while providing the critical back-end technology components essential to resolving the build versus buy back-end development dilemma."
Sequoia Software Corporation
###This press release contains forward-looking information that involves risks and uncertainties, including statements regarding the planned alliance of MedQuist and Sequoia Software. There can be no assurance that any product or any feature mentioned in this press release or resulting from this strategic alliance will be commercially successful. Risks that will affect the ability to achieve these goals include general risks associated with rapid technological change, product development and introduction, failure of the product to perform to expectations, lack of product demand and competition, as well as other risks set forth in MedQuist's filings with the Securities and Exchange Commission. The forward-looking statements contained herein speak only as of the date of this press release. MedQuist expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in expectations or any change in events, conditions or circumstances on which any such statement is based. MedQuist, Inc. can be found on the World Wide Web at www.medquist.com. All product names and trademarks mentioned herein are trademarks of MedQuist, Inc., Sequoia Software Corporation or Microsoft Corporation.