ISOFT

Last updated
iSOFT
IndustryHealthcare IT
HeadquartersSydney, Australia
ProductsHealthcare Software Applications
Websitewww.dxc.technology/healthcare

iSOFT is an international supplier of software applications for the healthcare sector. Its products are used by an estimated 13,000 organisations in 40 countries for managing patient information and healthcare services. It was acquired by DXC Technology in 2011.

Contents

History

iSOFT was founded in 1996 as a business group within accounting group, KPMG, and bought out of the Group in May 1999. It was then floated in July 2000. [1]

In October 2006 iSOFT put itself up for sale. [2] and in 16 May 2007, iSOFT announced its recommendation to accept a merger with Australian company IBA Health in an all-stock deal. [3]

Its headquarters was in Sydney, Australia prior to its acquisition by DXC Technology in 2011. [4] [5] [6]

Accountancy irregularities

In the summer of 2004 the Guardian newspaper saw a confidential report suggesting questionable accounting practices in iSOFT tracing back to 2002. [7] iSOFT sought [8] and obtained an injunction against the paper preventing publication of the story, and a Parliamentary Written Question was answered by the government saying that they had no plans to look into the matter. [9]

The leaked confidential report had been commissioned prior to a merger between itself and its rival Torex [10] and had raised sufficient concerns within Torex that it was only rescued by the personal assurance of Sir Digby Jones, then Director-General of the CBI and non-executive director of iSOFT.

Following profits warnings in January 2006 and June 2006 due to changes in its accounting policy, the resignation of its chief executive, the announcement of losses of £344m for the year to April 2006, extensive delays to its already overdue Lorenzo product [11] and the pulling out of one of its two main customers, Accenture, from the NHS government contract in September, and the opening of an investigation by the Financial Services Authority, the gagging order against the newspaper was lifted in October. [7]

In January 2010, the FSA confirmed that they had begun legal proceedings against the four directors [12] who were involved in the irregularities. In March, the AADB excluded Ian Storey, former financial controller, from membership of his professional body ICAEW. [13] They were acquitted at Southwark Crown Court on 22 July after a seven-year investigation and two trials brought by the Financial Conduct Authority, which said it would not pursue a third prosecution as the “case was now stale”. [14] In 2013 the FCA has closed the case because of "procedural problems", clearing Patrick Cryne, Stephen Graham, Timothy Whiston and John Whelan of wrongdoing. [15]

In 2011, the Accountancy and Actuarial Discipline Board fined Robson Rhodes £225,000 and ordered it to pay a contribution of £750,000 towards its costs. It also reprimanded Glyn Williams, a partner in the firm, and fined him £15,000. [16]

Software problems

iSOFT's flagship product Lorenzo patient record systems was dogged by a number of issues mainly centred on delays to delivery schedules [17] and questions over its suitability for the purpose it was intended. [18] [19] As a result of continuous delays and quality issues, SingHealth, one of iSOFT's three early adopters, abandoned plans to wait for delivery of Lorenzo and opted to return to i. Clinical Manager's heritage product and deployed Sunrise Clinical Manager from Eclipsys instead. [20]

See also

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References

  1. ↑ "Probe into iSoft 'ongoing' despite collapse of trials". Business Live. 10 January 2015.
  2. ↑ "guardianmemorandum"
  3. ↑ iSOFT board approves IBA Health takeover
  4. ↑ "CSC Finalizes iSOFT Acquisition". Archived from the original on 19 March 2014. Retrieved 19 March 2014.
  5. ↑ iSOFT history
  6. ↑ CSC closes acquisition of iSoft ahead of NHS IT contract renegotiations
  7. 1 2 "Memorandum submitted by Ian Griffiths and Simon Bowers, The Guardian". Public Accounts Committee - House of Commons. 26 March 2007. Archived from the original on 4 September 2011. Retrieved 15 April 2009.
  8. ↑ Fletcher, Firchard (22 August 2004). "Isoft goes to court over leak to press". The Times. London.
  9. ↑ John Hutton MP (14 September 2004). "Health - NHS Information Technology". TheyWorkForYou.com.
  10. ↑ Hopkins, Nic (23 July 2003). "Torex and iSoft unveil £700m merger plan". The Times. London.
  11. ↑ "Lorenzo stalled at Morecambe Bay". E-Health-Insider. 21 October 2008. Archived from the original on 7 January 2009. Retrieved 25 January 2010.
  12. ↑ Hoeksma, Jon (6 January 2010). "Former iSOFT directors face court". e-Health-Insider.com. Archived from the original on 21 March 2012.
  13. ↑ Former iSoft FC excluded from the ICAEW after AADB probe Archived 24 March 2010 at the Wayback Machine , Accountancy Age, 22 March 2010
  14. ↑ Bounds, Andrew; Croft, Jane; Gray, Alistair (4 August 2013). "Call to reform directors' insurance as iSoft four left with bill". www.ft.com. Retrieved 10 December 2019.
  15. ↑ "iSoft's former directors trial collapses". BBC. 22 July 2013.
  16. ↑ "RSM Robson Rhodes LLP and Glyn Williams iSoft Group plc - Outcome of Disciplinary Hearing". Financial Reporting Council. 21 November 2011.
  17. ↑ Fernandez, Joe (19 June 2008). "Lorenzo slipped 'months ago' say reports". e-Health-Insider.
  18. ↑ "'No believable plan' for completion of iSoft Lorenzo". e-Health-Insider. 21 August 2006.
  19. ↑ McCue, Andy (21 August 2006). ""No believable plan" for key NHS IT software". silicon.com.
  20. ↑ Richard Bacon, Christopher Hope (2013). Conundrum: Why Every Government Gets Things Wrong - and What We Can Do About it. ISBN   9781849545525.

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