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The health care industry’s leader in Managed Print Services (MPS), today announced it expects revenue growth in excess of 50% in 2012, based solely on contracts closed since December 2011.
Between December 2011 and June 2012, CynergisTek signed contracts worth an estimated $90 million in new service revenue over the life of the contracts which are all five years. The contracts represent 45 hospitals including some of the nation’s most prestigious health care provider organizations and health care systems. All existing contracts with CynergisTek’s customer base, including these recent wins, will deliver savings to hospital customers in excess of $70 million in print-related expenses over the next five years.
“Our escalating new business with large, multi-campus health systems continues to accelerate as health care administrators seek out best practice business models to reduce cost and volume,” said Joseph J. Flynn, president and CEO of CynergisTek, Inc. “Our MPS program is meeting the need and driving down print costs and producing multi-million dollars in savings for hospitals that can be redirected to patient care.”
Summary of New Business and Operations
Below is a summarization of the company’s new five-year contracts signed since December 2011, and the number of hospitals each represents. The full integration of the CynergisTek MPS program in all of these hospitals will be completed by the end of this year, with the exception of Sharp Health Care which is expected to be phased in completely by July 2013:
- Catholic Health East: 19 hospitals, spanning the entire East Coast from Maine to Florida
- Memorial Health System: Three hospitals in Colorado Springs, CO
- Bon Secours Health System: 14 hospitals in six states, including New York, Kentucky, Florida, South Carolina, Virginia and Maryland
- Johns Hopkins Health System Expansion: Suburban Hospital in Maryland
- Wentworth-Douglass Hospital in New Hampshire; and
- Sharp Health Care: Seven hospitals in San Diego, CACynergisTek’s unique MPS program is guaranteed to save between 10% and 30% and covers all expenses related to the production of a document, including services, supplies, equipment, finance charges and labor. As the only vendor neutral, health care exclusive MPS company in the country, CynergisTek is at the forefront of providing hospitals with specialized knowledge of hospital print environments that ensures cost reduction, assistance with e-records execution and on-site planning as a strategy partner to reduce volume substantially.
About CynergisTek, Inc.
CynergisTek, Inc. is the pioneer of managed print services for the health care industry, working exclusively with hospitals and hospital systems throughout the United States. We are vendor independent and provide intelligent solutions, a risk free program and guaranteed savings. CynergisTek assumes all costs related to print business environments through customized, streamlined and seamless integration of services at predictable fixed rates that are unmatched in the industry. We work collaboratively to assist our health care-partners in the delivery of quality patient care. The service and solutions provided by our on-site Centers of Excellence professional print strategy consultants deliver unparalleled customer service across the industry. For more information about CynergisTek, visit https://cynergistek.com.
Forward Looking Statements
This release contains certain forward-looking statements relating to the business of CynergisTek, Inc. that can be identified by the use of forward-looking terminology such as “believes,” “expects,” “anticipates,” “may” or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including uncertainties relating to product/services development, long and uncertain sales cycles, the ability to obtain or maintain patent or other proprietary intellectual property protection, market acceptance, future capital requirements, competition from other providers, the ability of our vendors to continue supplying the company with equipment, parts, supplies and services at comparable terms and prices and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our Form 10-K and Form 10-Q filings with the Securities and Exchange Commission, which are available at http://www.sec.gov. CynergisTek, Inc. is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.