The health care industry’s leader in Managed Print Services (MPS), announces a record-setting year for 2012 and maintains its guidance of revenue growth in excess of 50% in 2012. The company earned the largest number of new contract wins in 2012 and has doubled the size of its national portfolio to over 80 hospitals. Since January, it has simultaneously completed the integration of its MPS program in over 33 hospitals and hospitals systems, the largest number of implementations in a single year. Based on all contracts closed since December 2011, the company expects to reach cash flow positive from operations during 2013.
“We have achieved significant growth in the number of new five-year contracts and the number of hospitals we successfully integrated with our MPS program this year, all the while saving hospitals more than $70 million over the life of their contracts,” said Joseph J. Flynn, president and CEO of CynergisTek. “Our MPS program for hospitals and multi-hospital systems is one-of-a-kind with a targeted focus on end-to-end continuous process improvement to better manage print-related assets and finances that drive costs down and reduce volume. These unique attributes of our business model along with our vendor independence has propelled new business growth over the past year and we expect continued revenue growth and achieving positive cash flow during 2013.”
CynergisTek leads the MPS industry in health care and now reaches nearly half of the states in the nation. Some of its customers include the country’s largest and most prestigious systems like Catholic Health East in 11 states along the East Coast, Bon Secours Health System in six states within the Southeastern Region of the country, Sharp Healthcare, located in San Diego, California and Johns Hopkins Health System in Baltimore, Maryland which expanded its contract this year to include Suburban Hospital. Last month, the company announced a new five year contract with LRGHealthcare in New Hampshire, an affiliate of the Granite Healthcare Network in New Hampshire.
CynergisTek manages over 1.5 billion documents annually and maintains more than 45,000 devices from multiple manufacturers while serving over 250,000 caregivers from coast to coast. CynergisTek’s unique MPS program is guaranteed to save hospitals between 10% and 30% in print-related costs while taking on 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.