Medical Information Technology knows what to prescribe for the operational disorders of health care information systems. The company, which does business as MEDITECH, provides software used, mainly by hospitals, in the management of clinical and financial departments, ambulatory care centers, long-term care facilities, nursing homes, and home health care programs. Its applications include products tailored for patient identification and scheduling, care management, clinical data management, long-term and ambulatory care, behavioral health, and financial and reimbursement management. The company's core market is the US, but Canada accounts for nearly 10% of sales.
After a 1% dip in revenues in 2009, MEDITECH has seen double digit sales growth each year since. Although product revenues have outpaced service revenues, replacing it as the larger segment in 2011, both have grown since 2009. The sales increases have come through both existing and new customers. Net income has, likewise, rebounded after its own more severe, 60% drop in 2009. Positive year-end balance sheet metrics include nearly $340 million in cash, equivalents, and marketable securities, as well as having no long term debt.
In 2011 MEDITECH acquired partner LSS Data Systems, a provider of ambulatory information systems applications for physicians. Based in a suburb of Minneapolis, LSS expands MEDITECH's expertise beyond the acute, home, and continuing care products, enhancing its ability to offer a cohesive, interoperable set of hospital information system software.
The company continues to focus strictly on software, only offering suggestions on the hardware side as to configuration and vendors. Among vendors that have designed products to work with MEDITECH software are Dell and VMware. It sells its software through a regionally-based direct sales staff. MEDITECH customers have included Johns Hopkins Bayview Medical Center, Poudre Valley Health System, SISU Medical Systems, and White River Health System.
Founder, chairman, and CEO Neil Pappalardo controls nearly 39% of the company's shares, which includes the roughly 13% stake held by MEDITECH Profit Sharing Trust, of which he is the sole trustee. Director Morton Ruderman, a co-founder, owns more than 12% of the company.
Founded in 1969, MEDITECH has several offices in Massachusetts, one in Atlanta, and after the acquisition of LSS, two near Minneapolis. – less
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