Sale of Choreo product line to Portico Systems enables Kryptiq to expand collaborative network of care
PORTLAND, Ore., April 21, 2009 – To focus on its core business line for provider software, Kryptiq Corporation has announced the sale of its Choreo health plan network management software to Portico Systems. Kryptiq will use the proceeds raised through the sale of Choreo to expand the product and service offering of its flagship product suite, Connect IQ®.
The company developed this agreement so it could exclusively focus on Connect IQ, which has experienced unparalleled demand. The product’s rate of growth has increased yearly since launch in 2003 and saw 60 percent revenue growth last year alone.
“We’re facing a dramatic increase in market demand for our products, due to providers’ urgency to contain healthcare costs, operate more efficiently and improve quality,” said Luis Machuca, CEO of Kryptiq. “We expect this growth rate to accelerate, requiring one hundred percent focus of our resources to stay ahead of this rapid adoption curve. And, no one is in a better position to respond to this opportunity than Kryptiq.”
More than 30,000 providers are using Connect IQ, and in turn have created a first-of-its-kind collaborative network of practices small and large. In this network, providers are actively sharing and utilizing vital information with their patients, labs, pharmacies and other colleagues, while also improving revenue performance and efficiencies of their business.
To date, the industry has focused on storing and digitizing health data via electronic medical records, rather than on data liquidity. Although EMRs have helped improve access to data, they silo information inside closed systems.
Conversely, thousands of practices around the country are using Kryptiq solutions such as secure messaging, e-prescribing, appointment reminder automation, online bill payment and more, to improve data liquidity. These technologies require far less investment in dollars and time for a practice than EMRs, and will bring about the same efficiencies the industry seeks.
Connect IQ customers are not impacted by the sale of Choreo to Portico. For more information about Choreo, visit www.porticosys.com.
About Kryptiq Corporation
Kryptiq facilitates a first-of-its-kind, open collaborative network for healthcare that connects physicians with each other and their patients. Physicians and their staffs are using affordable and pragmatic technologies from Kryptiq to increase revenue capture, improve efficiency, and measure and enhance patient services.
More than 30,000 physicians use products in the Connect IQ® suite as part of this nationwide network to mobilize vital healthcare data. With Kryptiq’s software such as secure messaging, patient portal, ePrescribing, patient revenue capture and document management, physician offices improve their patient communication and accelerate operational and revenue performance of the practice. For more information on the company, visit www.kryptiq.com.
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YRG for Kryptiq