IOS Health Systems Continues Rapid Growth and Company Expansion in 2012
Thanks to its successful rollout of electronic health records programs in medical offices, Miami-based IOS Health Systems has budgeted the hiring of 55 employees in the next year.
Founded in 2007, IOS already has 45 employees and is preparing to expand into another floor on its building, CEO Andrew Carricarte said. Its cloud-based system has more than 1,500 physicians and 8,000 users in 24 states. It is also in Royal Caribbean International ships under an exclusive contract for IOS to store the health records of the cruise line’s nearly 20,000 employees.
“The last year was a great year for us. We more than tripled our revenue in 2011,” said Carricarte, who did not disclose its exact revenue figure.
IOS charges monthly fees of $400 to $600 for Medios, depending on the features of the program required. Since it is a cloud-based system, Medios does not require doctors to purchase hardware or software. They can access it from any Internet browser, including on tablets and mobile devices, and view their patients’ health records or conduct billing. Patients also may access their information through a secure Web portal.
Carricarte became familiar with the concept of a portable electronic health record while in the U.S. Army, which he served from 2001 to 2005. He was deployed to Afghanistan, Pakistan and Iraq.
“In the military, I could go anywhere, even Bagdad, and had access to my medical records,” Carricarte said. “And when I got out, I couldn’t believe the world didn’t work like that.”
He has grown the company without venture capital or outside investors. Carricarte said IOS invests its profit back into growth.
“We get approached by a venture capital firm probably every two weeks,” he said. “We decided not to go that route because we want to be innovative about how we approach it. We have an employee-led mentality.”
One of the main drivers of EHR adoption nationwide has been the American Recovery and Reinvestment Act of 2009, which gives medical providers bonuses to their federal reimbursements for using qualified EHR systems. Carricarte estimates that doctors using Medios have collected more than $1 million in incentive payments through this program. Starting in 2015, doctors will be penalized for not adopting a qualified EHR.
Most of its sales are conducted remotely out of South Florida, although the company plans to hire a small national sales force to handle faraway markets, Carricarte said. Yet, he will keep the customer service in South Florida because it is important that he stays connected to the feedback from customers.
“We will continue to keep jobs in South Florida because this is where I grew up,” Carricarte said.
IOS has also started working with hospital systems, including Baptist Health South Florida and Memorial Heathcare System, for their physician EHR donation programs. Hospitals are allowed to cover 85 percent of the costs for EHR systems in offices of physicians that practice at their facilities.
Memorial Healthcare System Senior VP and Chief Information Officer Forest Blanton said IOS was one of seven vendors chosen through a request for proposals process for the donation program, which ends in 2013. The public health system formed the Atlantic Coast Health Information Network to house all of the patient data from its physicians and hospital encounters so the appropriate physicians can view their patients’ records, he said. So far, 19 doctors have signed up for the donation program, and 10 more are seriously considering it, Blanton said.
“Moving to an electronic record is a very difficult process,” he said. “Even with the best preparation and training, it still probably is a six-month timeframe for doctors to get back to their prior productivity levels. But it gives you a platform to leverage greater efficiencies and incorporate evidence-based medicine.”
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