Synetic and Cerner Announce Strategic Alliance.
ELMWOOD PARK Elmwood Park, village (1990 pop. 23,206), Cook co., NE Ill., a suburb of Chicago; inc. 1914. It is chiefly residential. , N.J. and KANSAS CITY Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). , Mo.--(BUSINESS WIRE)--Jan. 21, 1999--Synetic, Inc. (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : SNTC SNTC System for Naval Target Control ) and Cerner Corporation (NASDAQ: CERN CERN or European Organization for Nuclear Research, nuclear and particle physics research center straddling the French-Swiss border W of Geneva, Switzerland. ) today jointly announced the execution of definitive agreements relating to relating to relate prep → concernant
relating to relate prep → bezüglich +gen, mit Bezug auf +acc their previously announced collaboration.
Under these agreements, Synetic's healthcare communications subsidiary (SHC SHC Sears Holdings Corporation (Hoffman Estates, ILt)
SHC Self-Help Clearinghouse (Valley Cottage, NY)
SHC Spring Hill College (Mobile, AL, USA)
SHC Solar Heating and Cooling ) has obtained a perpetual software license to the broad functionality embedded in Cerner's Health Network Architecture (HNA HNA Hereditary Neuralgic Amyotrophy
HNA Hawaii Nurses Association
HNA High North Alliance
HNA Morioka, Japan - Hanamaki (Airport Code)
HNA Hospice Nurses Association (now Hospice and Palliative Nurses Association) ) and Cerner has received a 19.9% equity interest in SHC.
Synetic and Cerner have agreed that SHC will be their exclusive vehicle for providing a full suite of prescription, laboratory and managed care transaction and messaging services that connect physicians' offices with managed care organizations, prescription benefit managers, clinical laboratories, pharmacies and other providers. The companies have executed a Marketing Agreement that allows for the marketing and distribution of SHC to the physicians and providers associated with more than 1,000 healthcare organizations who currently utilize Cerner's clinical and management information systems. Synetic and Cerner will also promote each other's services to their respective customers. In addition, Cerner has committed to make available to Synetic engineering and systems architecture personnel and expertise to accelerate the deployment of SHC, as well as ongoing technical support and future enhancements to HNA.
SHC will be the first Internet-based company focused exclusively on clinical e-commerce. SHC provides web-based solutions for physicians that facilitate the confidential online exchange of clinical information between physicians and managed care organizations, pharmacy benefit managers, clinical laboratories and pharmacies. Synetic distinguishes itself from the software and network solutions currently offered in the marketplace by providing physicians real time access to the payer-specific information that governs the provision of healthcare services to plan members in order to significantly reduce costs and measurably improve patient care.
"We are extremely excited about working exclusively with Synetic, given their track record for innovation and excellent reputation in healthcare" said Neal Patterson, Chairman and Chief Executive Officer of Cerner. He continued, "The Synetic healthcare channel marries Cerner's knowledge of clinical process automation with Synetic's experience to create an entirely new form of communication between physicians and health plans. By providing physicians with online access to patient and plan specific information, we can make healthcare services friendlier, less costly and more responsive to physicians and patients alike."
Commenting on this strategic alliance, Martin J. Wygod, Chairman of Synetic, said, "We are excited to have Cerner as a business partner. Cerner is the market leader in clinical process automation in the hospital environment with a proven architecture that spans the continuum of care. Synetic's physician desktop applications that integrate clinical and administrative plan rules combined with the broad functionality of Cerner's market-proven technology platform enables us to offer an expanded and functionally rich suite of services to the healthcare marketplace."
In addition to announcing its technology alliance with Cerner, Synetic also announced today several major new customers for SHC's services. Synetic announced the execution of definitive agreements with The Health Information Network Connection (THINC THINC The Institution of a Now Culture
THINC Tempest Harding Incorporated
THINC Truman Heartland Information Network Community
THINC Tools and Habits for Inspiring and Nurturing Creativity ), the pre-eminent regional healthcare network in the New York metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. , and its founding members, Greater New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Hospital Association, Empire Blue Cross and Blue Shield Blue Shield A US not-for-profit health care insurer that is a reimbursement intermediary for physicians. Cf Blue Cross. , Group Health Incorporated, and HIP Health Plans. Under these agreements, SHC will manage the operations of THINC, and, on behalf of the payers, exclusively deploy a comprehensive suite of clinical, financial and administrative transactions to New York area physicians.
Synetic also stated that it is currently assessing the impact of the agreements with Cerner on the carrying value Carrying Value
Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt.
This is different than market value, as it can be higher or lower depending on the circumstances. of its existing software and the level of future expenses in its healthcare communications business.
Synetic, Inc. operates two principle lines of business, plastic and filtration technologies and healthcare communications.
Cerner Corporation is a leading supplier of clinical and management information systems to more than 1,000 healthcare organizations worldwide. Cerner is a trademark of Cerner Corporation. Any and all other trademarks listed herein are the property of their respective owners.
This press release contains certain forward looking statements relating to Synetic's dealings with customers and partners for its healthcare communications services. These statements are based on Synetic's current plans and expectations and involve risks and uncertainties that could cause actual future events to be different from those described or implied by such forward looking statements. Further information about these matters can be found in Synetic's Securities and Exchange Commission filings. Synetic expressly disclaims any intent or obligation to update these forward looking statements.