-- Co-Founder to Pursue Other Opportunities -- Will Remain as Advisor to CEO
CLEVELAND, Nov. 3, 2003 (PRIMEZONE) -- NextMED Systems today announced that Terry Murphy is leaving to pursue other entrepreneurial opportunities in the healthcare arena.
Dave Shute, NextMED's CEO, stated, "Without Terry Murphy, there would have been no NextMED, and I will miss greatly his day to day involvement here. However, he has agreed to remain as a key counselor to me, and he and I will work together to serve the best interests of NextMED clients."
As CEO and Board Chairman, Terry and the other co-founders established NextMED in 2000, providing outsourced technology and back office support for healthcare business operations. Since that time, the company has expanded successfully into a number of geographic markets, establishing a national reputation as a leading healthcare technology company. In December, 2002, Terry and his partners closed a $6.8 million equity financing, in connection with which the company recruited Jim Bennett as Board Chair and David Shute as CEO.
Since bringing in the new management team, Terry has transitioned his roles while also developing new client opportunities for NextMED in Northern Ohio and new markets in Pennsylvania. Having attained his goals of start-up and institutional funding, he will now pursue other opportunities in the healthcare industry. He remains NextMED's largest individual shareholder.
Terry Murphy commented, "NextMED has proven that it has a powerful business model for transforming the economics of physician practice. It was gratifying to be able to make this happen in Cleveland during such a difficult financing climate. I will continue to help the new leadership capitalize on what our founder group started."
About NextMED Systems, Inc.
NextMED Systems, Inc. levels the playing field between doctors and insurance companies by providing outsourced billing and claims management services to the outpatient care industry. Headquartered in Cleveland, NextMED employs over 150 people in Ohio, Maryland, Virginia and Seattle. Through NextMED's web-based portal, The Physician Desktop Manager(tm), users connect to NextMED's products and services via a secure private intranet environment. Services also include an integrated suite of software-based business and clinical applications, as well as analytical and decision support tools that are available at physicians' desktops. NextMED can be contacted at (216) 674-0511 or www.nextmedsystems.com.