VantageMed Announces Hiring New CFO, Engaging New Independent Auditors, and Completing Internal Investigation.

Business Editors and Health/Medical Writers

RANCHO CORDOVA, Calif.--(BW HealthWire)--April 10, 2002

VantageMed Corporation (Nasdaq:VMDC) today announced that it has hired Gregory Hill to serve as the Company's Senior Vice President and Chief Financial Officer and has engaged Grant Thornton LLP as the Company's new independent auditors. Additionally, VantageMed announced that its Audit Committee completed its internal investigation related to the resignation of Arthur Andersen LLP as the Company's independent auditors.

Prior to joining VantageMed, Mr. Hill, a certified public accountant, most recently served as the CFO and Vice President of Finance for International FiberCom, Inc. Prior to that time, Mr. Hill served as the CFO and as Controller for All Star Telecom. Mr. Hill has also been employed with Price Waterhouse LLP, where he provided audit and business advisory services. Joel Harris, who has served as CFO since October 2001, will remain as President of the Company.

On April 3, 2002, VantageMed and Grant Thornton entered into an engagement letter whereby Grant Thornton will replace Andersen as the Company's independent auditors. On February 8, 2002, Andersen resigned as independent auditors of the Company.

The Audit Committee of the Company's Board of Directors, with the assistance of outside counsel, subsequently conducted and has completed an investigation of the issues raised by Andersen in its resignation, including the accounting treatment of the Company's sale of its dental business. The investigation found no evidence of manipulation on the part of the Company or management, but determined that the issues raised by Andersen were the result of inadequate internal controls. As a result of the investigation, the Company has instituted certain measures to improve internal controls. The gain from the sale of the Company's dental business (recorded in the Company's third quarter as $30,000 of revenue previously deferred and a $391,000 credit to Selling, General and Administrative Expenses) will be reversed.

"We are pleased that Mr. Hill has joined VantageMed as CFO, that Grant Thornton has been engaged as our new independent auditors and that the Audit Committee investigation is completed," said James Seiler, VantageMed's Chief Executive Officer and Chairman. "The Company is also committed to implementing the measures recommended by the Audit Committee."

Grant Thornton has commenced its audit of the Company's financial statements for its fiscal year ended December 31, 2001. The Company intends to file its Form 10-K for fiscal year 2001 as soon as practicable.

VantageMed is a provider of healthcare information systems and services distributed to over 11,000 customer sites through a national network of regional offices. Our suite of software products and services automates administrative, financial, clinical and management functions for physicians, dentists, and other healthcare providers and provider organizations.

Certain statements in this release are forward-looking, as that term is defined in the Private Securities Litigation Reform Act of 1995. The forward-looking statements in this release are based on current expectations and are subject to a number of risks and uncertainties, including risks related to the Company's ability to timely file its Form 10-K annual report, recommendations by the Company's new outside auditors, discovery of additional information by the Audit Committee, directives or recommendations from any regulatory authority or self-regulatory organization, and the risks and uncertainties discussed in the "Risk Factors" section of the Company's annual reports on Form 10-K, and in its reports on Forms 10-Q and 8-K, filed with the Securities and Exchange Commission. Any of these risks and uncertainties could materially affect actual events. The Company is under no obligation, and expressly disclaims any obligation, to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.