iSoft faces an uncertain future2nd January 2007
iSoft, the healthcare software group, faces a bleak new year as the company tackles an uncertain financial future.
The group, which was founded in 1994 within KPMG Management Consulting, provides supply-chain software packages. It aims to supply Lorenzo electronic patient record software, the key patient software to three out of five regions of the NHS IT programme. However, changes in accounting policies and the rescheduling of a £6.2bn NHS IT contract have badly affected the company’s profits.
John Weston, iSoft’s chairman and acting chief executive now has to reassure the company’s financial backers that iSoft remains a good prospect. The banks were reassured by the fact that costs were cut in the first half of last year faster than management expected, but they remain reluctant to commit to funding beyond November 2007.
The company also needs to attract new customers which will prove difficult in the light of well publicised problems. The prospects for iSoft's involvement in the National Health Service's information technology programme have improved by linking with Computer Sciences Corporation, but new customers remain cautious.
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