Healthcare Information Systems

Medic Computer Systems, Inc.

The Products

Medic Computer Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MCSY)") else Response.Write("(Nasdaq: MCSY)") end if %> has grown rapidly over the last two years, primarily as a result of its FastBill and FastClaim products. FastBill eliminates the need to print and mail billing statements at the practice level. FastClaim allows physicians to process claims faster by submitting insurance and managed care claims electronically. This serves to improve cash flow for Medic's clients, and both services are integrated into the company's different practice management groups. In addition, Medic recently launched FastReceipt, an automated service that streamlines check posting.

The Company

Medic Computer Systems has over 10,000 installations nationwide that serve approximately 50,000 physicians. The company has overcome some revenue recognition issues with regard to one of its clients (IBM) and is set to post a decent backlog of orders in the second half of 1997. Trading at just under 26x its 1997 EPS estimates, Medic has room to grow.

Latest Financials

Total net revenues for the second quarter ended June 30, 1997, were $60,336,000, up 35.3% compared with $44,584,000 for the same period in the previous year. Net income for the second quarter was $6,185,000, up 10.3% compared with pro-forma net income of $5,606,000 for the same period in the previous year, excluding the effect of expenses of $146,000 (net of an income tax benefit) related to the acquisition of CompuSystems in May 1996. Net income per share was $0.24 compared to $0.23 pro forma.

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