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What is going on? How does the price move so far on zero volume? What are they doing now? Not sure anyone is still following this loser anymore, but seriously, WTF?
Looking at the annual 10K report, I am laughing. They lost almost twice as much in 2012 as in 2011. They have nearly 10 million in compensation on a revenue of less than $40,000. They have paid over 23 million in capital expense. This reads like a warning letter to study in MBA class. Who do they think they are fooling?
WOW
Guess you must be talking about the SEC or the class action suit I've seen described on the board. If there is something to share, please share it.
Any updates? Havent heard much about the class action.
Can anyone comment on the status of the class action suit? Is the class closed? Who is coordinating it and how do we contact them?
That would be funny if it was not so sad.
First off, you are correct, but only technically. When the RS hit, the value of the stock was .0003, so the price immediately went to $1.50. For about a second. At that point there was parity, but it was fleeting.
HOWEVER, the well deserved lack of respect, and the expectation of further dilution fostered by Kevin continues to erode confidence and stock value. That is the problem any investor in MDFI must face - this is obviously not a company interested in building value, at least not for anyone outside their own family.
You dont have to be new to the rodeo to see that it is fixed. Even forgetting the fact that for months beforehand, they insisted there would never be a RS (despite dismal financials quarter over quarter) I am not sure that the Hausers broke the law here. However, the facts remain that, unless you're a shorter, or a Hauser, you will lose money here. Kevin and Lyle voted themselves protection (anti-dilution provisions) but left the rest of us out in the cold. They will likely do it again and again as long as we let them, or there are other, newer suckers out there willing to take them only at face value.
If this isn’t illegal, it ought to be!
Why is it showing 10.00 on the ask? especially when the bid shows .55 Can someone please explain?
Somewhere Gamechanger is laughing his a** off! They had to do a RS. No other way given the financials and the game they seem to be playing.
LOL! There is nothing to suggest any strategy or even knowledge of the market. There is no information to indicate meaningful relationships are being built with anyone, let alone the government. I presume that Kevin and company would never do anything requiring federal oversight or regulation -- it is easier to create non-binding relationships that bear no fruit, then "jump" to a wholesale strategy as if it wasnt their purpose all along. How many subscriptions sold thru retail? We will never know. I bet that was never a serios plan anyway as there has only been scant advertising and marketing here. They were trying to sell thru physicians but that fizzled too.
Kevin must resign for this to go anywhere. There are very few employees and no capability to sell out given current capital structure.
Just doesnt smell like a real company since there is no return except for those selling huge holdings into a previously unsuspecting marketplace.
and now for a 33% loss. glad I didnt buy in again at .0006. Not sure where the support lies now...
I don’t think the problem is that "stupid can ruin a company." I think it is more a case of greed and entitlement that is ruining this one.
If there ever was any real passion for the product, I think it left long ago. The bros has proven they are only in this for themselves and the quick cash they can pull. Neither one has any experience growing a company or any particular expertise in this industry. From the looks of the website, the expertise they once had has vanished along with 95% of the original value of just a few years ago. Thank goodness I averaged down and then played the upticks we've seen every now and again. I suspect others were not as lucky.
Incidentally, did anyone else notice that the iPhone app stopped working? I also noticed that I cannot update my MedeDrive on my PC. Just wondering.
How big would the news have to be to result in a better than 14x increase in stock value? I mean, it that really even feasible given this capital structure and market?
I'm asking a serious question and not trying to be facetious.
Outrage? Why?
Their moves have been obvious. The Hausers have not mislead anyone. I am more outraged at some of the pumpers and MM here who are misleading people with false hopes. The Hausers are simply unethical, and pumpers here are enabling them to profit from it. I wonder why Elite would throw in with them; could their fee be worth losing credibility for future endeavors? Right now the whole group is obviously UNTRUSTABLE
There is no law that says the Hausers have to drive MDFI to make money or provide return to their investors, as long as they don't commit fraud in the process. Even their fluffy PRs are probably based in some small speck of reality, but since we cannot see their business plan all we have to judge are their outcomes -- which stink.
The Hausers are clever but untrustworthy, imo. Therefore why waste time on outrage, except maybe at your own gullibility in being drawn into a losing proposition. (I'm not saying anyone here is gullable, just that we have been talking about the Hausers' favorite ATM machine for years so it is no surprise at this point)
I fear for anyone who has faith and serious money tied up with Lyle, Kevin or any of their crew.
what happened to all the messages from 4/20 (Friday)? looks like everything was deleted.
You really amuse me pitt. I apologize if I offended you with my correction.
The idea of electric records just struck me as funny. I am sure a few people here are “shocked” at MDFI and how it manages to line the pockets of its owners at the expense of its shareholders.
Anyway, isn't MDFI selling iPHR? That is different than EMR.
"Electrical medical records?" LOL.
Not sure why the SEC would act. What have they done that is illegal? I thought we all agreed this was a question of ethics and not law some time ago.
Please explain.
Yes, I tried and when they did not communicate back I stopped. I preferred at the time to think they had a plan, even if I didn't see it or understand it. I was trying to help and they didn't seem to want it. Since then, I've made money on small trades and have successfully played the ups and downs to my advantage, and I still have a small holding just in case Kevin pulls something out of thin air.
BTW, the fact that your wife's tests may SEEM redundant to you does not in fact make it true. If the tests your wife underwent pre-dated her fainting, it may also have pre-dated the root cause of her complaint. Having the MedeFile device or website to use as a baseline for comparison is useful, but not necessarily helpful as a diagnostic or treatment tool.
In the end, I'd prefer to rely on a physician to make those calls, despite the costs; unless, of course, your wife fainted when she heard of your investment and enthusiasm for this company. I hope your kid's education fund doesn’t rely on Kevin making magic at this point (sorry, but couldn’t resist making that joke).
Regarding the retention issue, I can only speak for my own practice and experience. Retention was awful, usefulness was low, and costs were high. Kevin and family probably know this, I suppose. Keep in mind all my examples were paying customers, not give-aways or special off-price sales. They also all had the full medefile package, not the "basic" (and altogether useless) version.
Regarding your math, I suspect many of their “repeat customers” received free versions, promotions, etc. Rather than rely on back of the envelope estimates, ask them to post actual retention stats (or anything useful regarding customer satisfaction) and stop guessing based on raw, undifferentiated numbers. BTW, the “testimonials” on their site are likely to be friends of the company.
I sent an email to Kevin about a year or so ago, with no response. I got the impression he wasnt listening. I also tried to get an email to Elite, but all I got was some glad-handing response from one of the principals there.
I had about 100 patients with the program over the past 3 years, only about 7 remain subscribers today. Of those, 4 are thinking of giving it up. Generally, the number of renewals has been very small. Most keep it for a year and then fail to renew. The cost of the records gathering was also prohibitive for a few of my (sicker) patients. Some complain that I am the only doctor that honors the records on the MedeFile service as legitimate.
Personally, my office has to print out the records from the device and then store the paper copies in my files, as if they were old-school records. In the future, my practice will upgrade to eClinicalWorks software and this practice will cease. I will have to scan the printed records from MedeFile into the sysrtem or ask the patient to separately request records be faxed directly to my office (where they are automatically placed into the eCW system).
Unfortunately, for this reason, and knowing the state of many of my colleagues' practices, I see the window closing for MDFI unless they get their act together - and soon.
Delta, I do not think the problem is just that they use a USB to hold the information. I think the problem is this:
1. They have no way to know they have a complete record, except that they received information from someone as a result of their request.
2. They are entirely dependent on the patient to bring the USB with them
3. They do not have the record, they have a fax of the record, and this is a big difference. This means that the treating physician has to re-key all the information from the USB device into their own system, This is a major hassle and likely to be useless in the end to the patient as the physicians will ignore the device as a meaningful and timely way to get data into their systems
I have advocated now for some time that MedeFile needs to update its model, integrate with EMRs and Practice Systems and start working with real data, not faxes. They are at some risk of being over-taken by projects going on at NHIN between EMR vendors that will make transacting data between physicians really simple and fast.
The clock is ticking and Kevin is playing the same old song. He really needs to be looking at a more sophisticated way of gathering and transacting data if MedeFIle will stay afloat.
BTW, I am a participating doctor and have sent data into MedeFile, which is how I know about the faxes. I also have patients that have used MedeFile and I have seen the product. I still have a few that use it and I have been watching its progress firsthand. I am also holding long at the moment.
I suspect it is a vendor cashing in or more MM manipulation. At this point, who would work for them if all they offered was stock?
Really interested to learn their cash position when they next file. I suspect they may be drained again
DS, I agree and I have made the same point you have raised myself.
Medefile was not an attendee at HIMSS for the past several years and it never ceases to surprise me. Just from a PR perspective it is an important conference. Unlike COMDEX and other retail shows, this one really draws big thinkers in the EMR and MU space.
He's not running it, he's milking it! LOL (sorry, joke).
The issue is that MDFI will not help anyone make the 2014 mandate. The government is forcing practice or physician-centric models that apply a single standard of care and practice across my entire patient population. MDFI serves one patient at a time and does nothing to give physicians more than anecodal information, one patient at a time.
This is why I appealed to MDFI some time ago to join up with an EMR company. What they provide is important, but without an EMR or practice-facing component, it is useless to docs.
MDFI's sale is to the patient, not the doc, and I have to say it seems less and less compelling even on that score... GE Centricity, e-Clinical Works, and other major players are already beginning to reach across to build patient portals.
MDFI needs to wise up, and soon!
Someone else is likely writing all the content and blog entries. They are likely consultants that have to get paid. The forum is free, the content is not
Hi Larry,
What has Kevin done that could be construed as illegal? Has he misdirected funds or raised money in fradulent ways? Has he charged expenses on the company that were for personal use? What proof does anyone have that he has done ANYTHING illegal?
I have not seen anything presented here that looks even the slightest bit damning.
Giving himself dillution protection is probably unethical given the circumstances, but not illegal. Not answering calls is impolite, possibly unprofessional, but not illegal. Losing a lot of equity by having a poor business plan, no common sense, and no commitment to shareholder value is evidence of poor judgement, and possibly career damaging for a professional manager, but again hardly illegal.
Bottom line: If you have nothing substantive to post, dont waste our time. Otherwise, bring it. If you can make a case, I would even help you prosecute.
No worries. It's all good. I was just stating a fact, not making a judgement. Frankly I think there is nothing wrong if they can make it work with 3 people. I wonder how they make it work and worry about their real intentions given their hype throughout the year and the current sad state of affairs in their capital position (if you comprende). Given the nose dive this year and the excessive dillution, I think we may all be "pony boys" where this one was concerned.
Merry Happy Whatever to you and so on. GLTA
... and my best wishes to GC wherever he may be ...
They have a few employees, but I think less than 5 and I KNOW they moved out of Cedar Knolls some years ago. Where are you getting your info from?
Not that mysterious to me. They gave away a lot of memberships or sold them at a DEEP discount to retail. In terms of marketing it could pay off in future revenue, but in terms of P&L, it gets us nowhere towards immediate revenue self-sufficiency
I would feel much better if I thought they were able to retain members for > 1 year, but they never publish membership or subscription data so its anyone's guess. As a result, they could be pouring money into a marketing strategy that never pays off because they never capture long-term repeat customers despite whatever it costs them to find the people in the first place. As I said before, several of my patients have told me they discontinued the MDFI service, so I think this idea has merit
I truly wonder if they have a business plan. Encouraging statements by Kevin aside, even a 4x increase in memberships will not save us from a death of 1000 cuts unless it is accompanied by a strong revenue plan and a reduction (or even stabilization) of expenses.
Meanwhile the clock is ticking. Kevin: You listening?
I bet they lost revenue on the renewals. People are not renewing after their first year. If I guess right, the bulk of cost related to operations must be realized in the first year of membership, when the records are first obtained. If people cancel the subscription in their first year, you would lose the ability to offset costs in years 2 on when the cost of incremental updates to a member is far less than the costs of first year acquisition.
... just trying to guess accurately. There hasnt even been a fluffy PR since Q2 and I'm guessing that his personal loss has likely distracted big-K (I mean how could it not?) This is an issue in a three man conmpany and I presume the numbers will reflect this.
Guessing high is not going to help anyone, especially if the truth turns out to be somewhat more dismal.
I guess revenue up 10% or less, and O/S at 4.75B
I am sorry conix, but I disagree.
PHRs are patient oriented, and not as clinically viable or useable as EMR, EHR, or even hospital/practice charting systems. Again, speaking as a doctor, in order to be most useful, MDFI must begin to integrate to the EMRs and EHRs of the world. THe basic advantage they already have over other PHR systems is that all their content is derived directly from physicians and care providers - not patient supplied.
I have said it before, if they could partner with big box medical software or hospital systems, they would really rule.
PHRs are pretty useless otherwise, except maybe as a way to organize the patient...
As usual, well said Delta!
I still do not understand why MDFI does not seek partners that could decelop its platform - GE, Meditech, etc. all would enable them to penetrate new markets by creating a way for the medical records to be obtained, in their entirety, and transmitted (via patient) to other doctors, hospitals, etc.
They keep partnering with end-use organizations or associations, and not with real market leaders. They never seem to partner with organizations who can truly force their exposure.
Also, if their answer is that they cater to patients and not doctors, then why do we not see a strategy involving big box retailers like Target, Walmart, etc.?
If you are serious about showing this to lawyer or auditor I am in support, Delta. In any event, it could not hurt, right?
Not Omnicare, Omnimed.
I think the point is that family relationships complicate the workplace enormously. A family member is less likely to hold other family members personally accountable for poor results.
You just cannot fire your brother or son, despite his performance. It jeopardizes a far more important relationship and transcends money (unless you have a really disfunctional family).
The Hausers have traditionally shunned outside influence and expertise (didnt there used to be a board of directors about 4 years ago?) My guess is that it is simply easier to operate in a family bubble since accountability can be quickly discarded with little or no consequence.