A few 10Q Highlights
Other RHIO Programs
MedLink is either a finalist or under consideration for inclusion as a preferred vendor in a number of other RHIO programs in New York State, Florida, Connecticut, Georgia and Alabama. RHIOs are quickly becoming key intermediaries to support federal and state financial incentive programs by allocating subsidies and grants to physicians to pay for EHR software and installation.
During the 1 st quarter of 2010, MedLink introduced the RHIO financial sustainability Model and signed the SunCoast RHIO in Florida during the second quarter as the first participant. These types of programs will add to the exposure of the MedLink products in the various RHIO areas. The Company has received increased interest from RHIO’s across the country since the announcement of the Sun Coast RHIO and plans to utilize the RHIO financial sustainability model as a key driver for EHR adoption and the sharing of clinical information data through the MedLink Data Aggregator.
RHIO participation represents a key component of MedLink’s growth strategy. MedLink is particularly well positioned in dealing with RHIOs as it is the lowest cost option among competitive offerings and as such, allows the RHIOs to apply their dollars across more physicians. MedLink is positioned to take advantage of these RHIO opportunities as a result of its development process and its adherence to the various standards for handling and transmitting data with networks such as the National Health Information Network and the State Health Information Network of NY. MedLink has already provided data to organizations in various manners and in doing so, has differentiated itself from a technology standpoint which has resulted in various projects becoming available to it in 2010.
RESULTS OF OPERATIONS
Three Months Ended March 31, 2010 Compared to Three Months Ended March 31, 2009.
The Company's revenues from continuing operations for the period ending March 31, 2010 and 2009 were $610,769 and $144,187, respectively. The increase in revenue is primarily attributable to expanded sales of the MedLink TotalOffice EHR and integration fees with labs and radiology centers.
Expenses for the period ending March 31, 2010 and 2009 were $410,068 and $527,634, respectively. The decrease in 2010 is primarily attributable to decreased stock-based compensation expenses although the Company’s payroll has increased significantly with a staff of over 40 full time employees.
The Company had net profit/(loss) of $13,000 and ($386,531) for the period ending March 31, 2010 and 2009, respectively. The net profit is primarily attributable to increase sales of the MedLink Total Office EHR, Lab and Radiology Integrations fee’s, the scale back of the Company’s operations in California and decreased compensation expenses due to decreased stock-based compensation expenses.
