Quadramed 8-K Results of Operations and Financial Condition

Confidential & Proprietary

UBS Global Healthcare Services Conference

Grand Hyatt, New York City

Keith Hagen

CEO

February 11, 2008

Amex: QD

William Blair Health Care IT Index (WBHCIT)

Exhibit 99.2

Slide 2

Confidential & Proprietary

Safe Harbor Statement

Safe Harbor Statement

This presentation may contain forward-looking statements within the meaning of

the Private Securities Litigation Reform Act of 1995 by QuadraMed that are

subject to risks and uncertainties. The words "believe," "expect," "anticipate,"

"intend," "plan," "estimate," "may," "should," "could," and similar expressions are

intended to identify such statements. Forward-looking statements are not

guarantees of future performance and are to be interpreted only as of the date on

which they are made. QuadraMed undertakes no obligation to update or revise

any forward-looking statement except as required by law. QuadraMed advises

investors that it discusses risk factors and uncertainties that could cause

QuadraMed’s actual results to differ from forward-looking statements in its

periodic reports filed with the Securities and Exchange Commission ("SEC").

QuadraMed’s SEC filings can be accessed through the Investor Relations section

of our website, www.quadramed.com, or through the SEC’s

EDGAR Database at

www.sec.gov

(QuadraMed has EDGAR CIK No. 0001018833).

Cautionary Statement on Risks Associated with

QuadraMed's Forward-Looking Statements

Slide 3

Confidential & Proprietary

Use of EBITDA and Non-

GAAP Measurements

Use of EBITDA and Non-

GAAP Measurements

The Company’s presentations of EBITDA, adjusted EBITDA and other Non-GAAP

financial measurements from time to time, and the reconciliations of those items

to the most directly comparable GAAP financial measure with equal or greater

prominence as the non-GAAP financial measures, have been prepared in direct

response

to

questions

from

its

investors

and

other

interested

parties.

The

Company believes it is important to provide these measurements and

reconciliations,

so

that

all

interested

parties

will

benefit

from

the

disclosures

and

reconciliations,

through

a

straightforward

and

unambiguous

presentation.

The

Company believes that the presentation of EBITDA and the other non-GAAP

financial measures is useful because it allows users of the financial information to

evaluate its performance for different periods on a more comparable basis by

excluding items that are unique in nature such as non-cash compensation (the

costs of employee stock options and restricted stock), or items that do not relate

to

the

ongoing

operation

of

its

core

business.

The

reconciliations

of

EBITDA

and

adjusted EBITDA measurements presented herein to the most directly

comparable GAAP financial measure with equal or greater prominence, are

shown at the end of this presentation on a slide entitled "Reconciliation of

EBITDA

and

Non-GAAP

Measurements”.

Slide 4

Confidential & Proprietary

QuadraMed Agenda

QuadraMed Agenda

QuadraMed

Who we are

Our Market

How we compete

Impact of strategic acquisition

Market Opportunity

Financials

Summary

Slide 5

Confidential & Proprietary

QuadraMed's

Healthcare Mission 

QuadraMed's

Healthcare Mission 

To advance the success of

healthcare organizations

through IT solutions that

leverage quality care

into

positive financial

outcomes.

Slide 6

Confidential & Proprietary

QuadraMed Key Assets

QuadraMed Key Assets

Healthcare information technology company selling

enterprise wide products and services to hospitals

across North America

Access Management/Identity Management

Care Management

Health Information Management

Revenue Cycle Management

Large and loyal install base

Approximately 66% of revenue is recurring

Significant vertical sales opportunity

Acquisition of competitive clinical product offering

Industry leading applications across portfolio

Strong balance sheet

Slide 7

Confidential & Proprietary

Solving Healthcare Challenges

Solving Healthcare Challenges

Reduce medical errors

•Enhance quality of medical

decision making

•Improve outcomes

•Access & availability of

data

Control Healthcare Costs

Consumerism

Protect Patient Privacy

Closed Loop Medication Administration

Full Function CPOE

Advanced Clinical Decision Support

QuadraMed Solutions

Access & Identity Management

Patient Revenue Management

Web Portal & Kiosk Scheduling

System Audit and Security Tools

Electronic Medical Record/eHIM

Advanced Coding and Compliance Tools

Evolving Market Trends

Slide 8

Confidential & Proprietary

The

“

Care-Based Revenue Cycle™

”

process defines how

healthcare organizations can leverage quality of care into

positive financial outcomes using industry leading and award

winning solutions from QuadraMed.

Enables the Process with:

Access Management

Revenue Cycle Management

Health Information Management

Care Management

Administrative Reporting

QuadraMed Strategy

QuadraMed Strategy

Quote source: 2007 HIMSS Analytics Report:

Care-Based Revenue Cycle Management Report,

sponsored by QuadraMed Corporation

Slide 9

Confidential & Proprietary

Broad Product Portfolio

Slide 10

Confidential & Proprietary

Proven / Scalable Sales

Distribution Channel

Proven / Scalable Sales

Distribution Channel

Focus on North America

Enterprise Account Executive program

Large Clients

Retention

Solution Oriented

Federal Government sales and service

Regional approach for all other sales

Four Regions

Twenty Territories

Canada

Achieved internal sales goals 3 years in a row

Slide 11

Confidential & Proprietary

QuadraMed Agenda

QuadraMed Agenda

QuadraMed

Who we are

Our Market

How we compete

Impact of strategic acquisition

Market Opportunity

Financials

Summary

Slide 12

Confidential & Proprietary

Sept 2007 Strategic Acquisition

Sept 2007 Strategic Acquisition

Competitive Clinical Functionality

Participate in Robust CIS Market

Added Experienced Staff

Sales, Services, Development

Expand Our Existing Technology Platform

Familiarity with Misys and QCPR

Former Misys Executives

Operational Integration Already In Place

Increase “Enterprise”

Client Base

Slide 13

Confidential & Proprietary

Key Clients

Key Clients

Slide 14

Confidential & Proprietary

Driver For Revenue Growth

Driver For Revenue Growth

Targeted top-line organic revenue goal to

meet or exceed market growth

Leverage Existing Distribution Channel And

Client Relationships

Regained Clinical Competitiveness

Target Existing Client Sites for Migration

~50 Existing Legacy Clients Targeted

TCV ~ $2M -

$5M per Unit

Large Outliers at >$10M

Launch QCPR Smart Start

™

Slide 15

Confidential & Proprietary

CIS Market Opportunity

CIS Market Opportunity

Hospitals >200 Beds

1,666 Surveyed

226 w/o CIS

Hospitals <200 Beds

4,406 Identified

2,660 w/o CIS or Not

confirmed

Recent KLAS Study* Shows Small Hospitals As

Growth Target

*KLAS Nov. 2007 Clinical Market Share Report

Small Hospital CIS TCV ~$1.5M -

$2.5M per Deal

Slide 16

Confidential & Proprietary

Early Win

Early Win

Within 4 months of acquisition

Sibley Memorial Hospital

Existing QuadraMed Client

Signed $4.75M

contract for QCPR

Slide 17

Confidential & Proprietary

QuadraMed Agenda

QuadraMed Agenda

QuadraMed

Who we are

Our Market

How we compete

Impact of strategic acquisition

Market Opportunity

Financials

Summary

Slide 18

Confidential & Proprietary

Sales Bookings Growth

2007 includes $8M QCPR sales prior to acquisition

Slide 19

Confidential & Proprietary

Historical Financial Results

Historical Financial Results

$5.0M share buy back initiated 12/17/07

As

of

2/8/08;

$1.5M

utilized

and

over

776,000

shares

re-

purchased

Notes:

No Debt

Adjusted EBITDA : see appendix

Slide 20

Confidential & Proprietary

Financial Projections

Financial Projections

2007

Revenue $132.5M -

$135.5M

5.5% -

8.2% YOY Revenue growth

Adjusted EBITDA margin low double digits

2008

Revenue $146M -

$152M

~10% YOY Revenue growth

Adjusted EBITDA margin low double digits

Future Accounting for NOL

Slide 21

Confidential & Proprietary

QuadraMed Agenda

QuadraMed Agenda

QuadraMed

Who we are

Our Market

How we compete

Impact of strategic acquisition

Market Opportunity

Financials

Summary

Slide 22

Confidential & Proprietary

2008 Initiatives

2008 Initiatives

Leverage Large Install Base with Increased

Cross-Selling Efforts

Affinity migrations to QCPR

Other QuadraMed products to QCPR clients

Continued Growth of New Sales Bookings

Focus on new QCPR success

Leverage full Care-Based Revenue Cycle

Continued Market Penetration in all Segments

Continue Investment in Product Development

Successful Execution With TCS

Slide 23

Confidential & Proprietary

QuadraMed Advantage

QuadraMed Advantage

Proven Success

Positioned for Organic Growth

Competitive Clinical Product Rounds Out

Care-Based Revenue Cycle

tm

Offering

Large and Loyal Client Base

Vertical Sales Opportunities

Solid Recurring Revenue Base

“Core-vendor”

Footprint Not Easily Displaced

Industry Trends Support our Focus

Slide 24

Confidential & Proprietary

Keith Hagen

CEO

AMEX: QD

WWW.QUADRAMED.COM

Thank You

Thank You

Slide 25

Confidential & Proprietary

Appendix: Management Team

Appendix: Management Team

Slide 26

Confidential & Proprietary

Appendix: Reconciliation of EBITDA and Non-GAAP

Measurements

Appendix: Reconciliation of EBITDA and Non-GAAP

Measurements

12 months

12 months

12 months

ended

ended

ended

12/31/06

12/31/05

12/31/04

unaudited

unaudited

unaudited

EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization)

Net income (loss), as reported on Form 10-K

$11,945

($3,938)

($41,829)

Adjustments to Net Income for EBITDA

  Interest Expense

$379

$607

$4,814

  Interest Income

($1,746)

($749)

($481)

  Benefit (provision) for Income Taxes

$342

$277

($175)

  Depreciation and Amortization

$7,983

$10,880

$10,540

Subtotal Non-GAAP Adjustments for EBITDA

6,958

11,015

14,698

EBITDA

$18,903

$7,077

($27,131)

Adjustments to EBITDA

  Non-cash Compensation

$879

$0

$0

Adjusted  Non-GAAP EBITDA

$19,782

$7,077

($27,131)

Adjusted Non-GAAP EBITDA %

16%

6%

-22%

$ in thousands

The

Company’s

presentations

of

EBITDA,

adjusted

EBITDA

and

other

Non-GAAP

financial

measurements

from

time

to

time,

and

the

reconciliations

of

those

items

to

the

most

directly

comparable

GAAP

financial

measure

with

equal

or

greater

prominence

as

the

non-GAAP

financial measures, have been prepared in direct response to questions from its investors and other interested parties.  The Company believes it

is

important

to

provide

these

measurements

and

reconciliations,

so

that

all

interested

parties

will

benefit

from

the

disclosures

and

reconciliations,

through

a

straightforward

and

unambiguous

presentation. 

The

Company

believes

that

the

presentation

of

EBITDA

and

the

other

non-GAAP

financial

measures

is

useful

because

it

allows

users

of

the

financial

information

to

evaluate

its

performance

for

different

periods

on

a

more

comparable

basis

by

excluding

items

that

are

unique

in

nature

such

as

non-cash

compensation

(the

costs

of

employee

stock

options and restricted stock), or items that do not relate to the ongoing operation of its core business.