Excerpt from The Wall Street Transcript's 4/17/06 interview with Quadramed Corporation's CEO, Keith B. Hagen:
TWST: We would like to begin with a brief historical sketch of QuadraMed Corp. and a picture of the things you are doing at the present time.
Mr. Hagen: QuadraMed's history is that the company was founded in the early 1990s and grew mainly inorganically, meaning by acquisition, over the years. And while the company has been around for a long time, today in many ways it's a new company. As of August 2004 the company has traded on the American Stock Exchange and at the end of 2005, the Board of Directors brought in a new executive team.
I joined the company in October 2005. I had spent 14 years with Compucare, which was the original developer of the Affinity Hospital Information System (NYSE:HIS), which is the foundational product of today's QuadraMed. While at Compucare, I was part of the executive team that chose to sell the business to QuadraMed in 1999. Upon joining QuadraMed, my initial focus was to build an executive team of people who have a wealth of history and experience within healthcare IT.
My first recruit was Jim Klein. Jim is our Chief Technology Officer, and among many other things, he spent seven years with The Gartner Group as a Vice President and Research Director in their healthcare IT space. Gartner is recognized as the leader in analyzing healthcare IT trends and market requirements. As a result of his time at Gartner, Jim has developed a tremendous knowledge about the healthcare market and the products and the needs within that market. Another key person who I was able to recruit is Steven Russell. Steven and I had worked together at Compucare and Steven is our Senior VP of Corporate Development. That position is critical to us because QuadraMed had not done a good job of defining its value in a strong and unique way.
As a company that had grown as a result of acquisitions, it was very product line focused, and was organizationally set up along individual product lines. This departmentalization became the way the company conducted business, where even the marketing and value messages were very product specific. What Steven has brought is a new approach. He drove our strategic planning process, the definition of our mission and our vision and building the QuadraMed brand.
TWST: What is the competitive landscape like and what distinguishes QuadraMed within that landscape?
Mr. Hagen: We are in a very competitive market. Practically every hospital has healthcare information technology solutions in place, so it's really important to differentiate your company and your value proposition from the rest of the pack. It's also important to stand
apart from the market in terms of service and client satisfaction. This is an area where QuadraMed has a track record of achievement as evidenced by our consistently high ratings in the annual KLAS client satisfaction surveys. As I mentioned before, we are very well positioned
to help healthcare organizations drive their quality care toward financial success. It is important to provide clinical solutions that help improve quality of care and many of our competitors offer these products. We have clinical products and services that support patient safety and improve quality of care as well, but we take the extra step to drive that quality care into positive financial outcomes for the hospital, providing an added value to our clients.