<PAGE>
                                                                   EXHIBIT 10.34


                                SECURED TERM NOTE

         FOR VALUE RECEIVED, each of PROXYMED, INC., a Florida corporation (the
"PARENT"), and the other companies listed on Exhibit A attached hereto (such
other companies together with the Parent, each a "COMPANY" and collectively, the
"COMPANIES") promises to pay to LAURUS MASTER FUND, LTD., c/o M&C Corporate
Services Limited, P.O. Box 309 GT, Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, Fax: 345-949-8080 (the "HOLDER") or its
registered assigns or successors in interest, the sum of Five Million Dollars
($5,000,000), together with any accrued and unpaid interest hereon, on December
6, 2010 (the "MATURITY DATE") if not sooner indefeasibly paid in full.

         Capitalized terms used herein without definition shall have the
meanings ascribed to such terms in that certain Security and Purchase Agreement
dated as of the date hereof among the Companies and the Holder (as amended,
modified and/or supplemented from time to time, the "SECURITY AGREEMENT").

         The following terms shall apply to this Secured Convertible Term Note
(this "NOTE"):

                                    ARTICLE I
                         CONTRACT RATE AND AMORTIZATION

         1.1 Contract Rate. Subject to Section 2.2, interest payable on the
outstanding principal amount of this Note (the "PRINCIPAL AMOUNT") shall accrue
at a rate per annum equal to the "prime rate" published in The Wall Street
Journal from time to time (the "PRIME RATE"), plus two percent (2.0%) (the
"CONTRACT RATE"). The Contract Rate shall be increased or decreased as the case
may be for each increase or decrease in the Prime Rate in an amount equal to
such increase or decrease in the Prime Rate; each change to be effective as of
the day of the change in the Prime Rate. The Contract Rate shall not at any time
be less than eight percent (8.0%). Interest shall be (i) calculated on the basis
of a 360 day year, and (ii) payable monthly, in arrears, commencing on January
1, 2006, on the first business day of each consecutive calendar month thereafter
through and including the Maturity Date, and on the Maturity Date, whether by
acceleration or otherwise.

         1.2 Principal Payments. Amortizing payments of the aggregate principal
amount outstanding under this Note at any time (the "PRINCIPAL AMOUNT") shall be
made, jointly and severally, by the Companies on April 1, 2006 and on the first
business day of each succeeding month thereafter through and including the
Maturity Date (each, an "AMORTIZATION DATE"). Commencing on the first
Amortization Date, the Companies shall, jointly and severally, make monthly
payments to the Holder on each Repayment Date, each such payment in the amount
of $89,285.71 together with any accrued and unpaid interest on such portion of
the Principal Amount plus any and all other unpaid amounts which are then owing
under this Note (collectively, the "MONTHLY AMOUNT"). Any outstanding Principal
Amount together with any accrued and unpaid interest and any and all other
unpaid amounts which are then owing by the Companies to the Holder under this
Note, the Security Agreement and/or any other Ancillary Agreement shall be due
and payable on the Maturity Date.



<PAGE>



         1.3 Optional Redemption in Cash. The Companies may prepay this Note
("OPTIONAL REDEMPTION") by paying to the Holder a sum of money equal to one
hundred fifteen percent (115%) of the Principal Amount outstanding at such time
together with accrued but unpaid interest thereon and any and all other sums
due, accrued or payable to the Holder arising under this Note, the Security
Agreement or any other Ancillary Agreement (the "REDEMPTION AMOUNT") outstanding
on the Redemption Payment Date (as defined below). The Company shall deliver to
the Holder a written notice of redemption (the "NOTICE OF REDEMPTION")
specifying the date for such Optional Redemption (the "REDEMPTION PAYMENT
DATE"), which date shall be seven (7) business days after the date of the Notice
of Redemption (the "REDEMPTION PERIOD"). On the Redemption Payment Date, the
Redemption Amount must be paid in good funds to the Holder. In the event the
Companies fail to pay the Redemption Amount on the Redemption Payment Date as
set forth herein, then such Redemption Notice will be null and void.

                                   ARTICLE II
                                EVENTS OF DEFAULT

         2.1 Events of Default. The occurrence of an Event of Default under the
Security Agreement shall constitute an event of default ("EVENT OF DEFAULT")
hereunder.

         2.2 Default Interest. Following the occurrence and during the
continuance of an Event of Default, the Companies shall, jointly and severally,
pay additional interest on the outstanding principal balance of this Note in an
amount equal to two percent (2%) per month (applied on a pro rata basis to any
partial month), and all outstanding Obligations, including unpaid interest,
shall continue to accrue interest at such additional interest rate from the date
of such Event of Default until the date such Event of Default is cured or
waived.

         2.3 Default Payment. Following the occurrence and during the
continuance of an Event of Default, the Holder, at its option, may demand
repayment in full of all Obligations (which shall not include the amount set
forth in Section 1.3 of this Note) and/or may elect, in addition to all rights
and remedies of the Holder under the Security Agreement and the other Ancillary
Agreements and all Obligations of the Companies under the Security Agreement and
the other Ancillary Agreements, to require the Company to make a Default Payment
("DEFAULT PAYMENT"). The Default Payment shall be 120% of the outstanding
principal amount of the Note, plus accrued but unpaid interest, all other fees
then remaining unpaid, and all other amounts payable hereunder. The Default
Payment shall be applied first to any fees due and payable to the Holder
pursuant to this Note, the Security Agreement, and/or the other Ancillary
Agreements, then to accrued and unpaid interest due on this Note and then to the
outstanding principal balance of this Note. The Default Payment shall be due and
payable immediately on the date that the Holder has exercised its rights
pursuant to this Section 2.3.




                                       2
<PAGE>




                                   ARTICLE III
                                  MISCELLANEOUS

         3.1 Cumulative Remedies. The remedies under this Note shall be
cumulative.

         3.2 Failure or Indulgence Not Waiver. No failure or delay on the part
of the Holder hereof in the exercise of any power, right or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of
any such power, right or privilege preclude other or further exercise thereof or
of any other right, power or privilege. All rights and remedies existing
hereunder are cumulative to, and not exclusive of, any rights or remedies
otherwise available.

         3.3 Notices. Any notice herein required or permitted to be given shall
be in writing and shall be deemed effectively given: (a) upon personal delivery
to the party notified, (b) when sent by confirmed telex or facsimile if sent
during normal business hours of the recipient, if not, then on the next business
day, (c) three (3) Business Days after having been sent by registered or
certified mail, return receipt requested, postage prepaid, or (d) one (1)
Business day after deposit with a nationally recognized overnight courier,
specifying next day delivery, with written verification of receipt. All
communications shall be sent to the respective Company at the address provided
for such Company in the Security Agreement executed in connection herewith, and
to the Holder at the address provided in the Security Agreement for the Holder,
with a copy to John E. Tucker, Esq., 825 Third Avenue, 14th Floor, New York, New
York 10022, facsimile number (212) 541-4434, or at such other address as the
respective Company or the Holder may designate by ten days advance written
notice to the other parties hereto.

         3.4 Amendment Provision. The term "Note" and all references thereto, as
used throughout this instrument, shall mean this instrument as originally
executed, or if later amended or supplemented, then as so amended or
supplemented, and any successor instrument as such successor instrument may be
amended or supplemented.

         3.5 Assignability. This Note shall be binding upon each Company and its
successors and assigns, and shall inure to the benefit of the Holder and its
successors and assigns, and may be assigned by the Holder in accordance with the
requirements of the Security Agreement. No Company may assign any of its
obligations under this Note without the prior written consent of the Holder, any
such purported assignment without such consent being null and void.

         3.6 Cost of Collection. In case of any Event of Default under this
Note, the Companies shall, jointly and severally, pay the Holder reasonable
costs of collection, including reasonable attorneys' fees.

         3.7 Governing Law, Jurisdiction and Waiver of Jury Trial.

                  (a) THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO
PRINCIPLES OF CONFLICTS OF LAW.



                                       3
<PAGE>



                  (b) EACH COMPANY HEREBY CONSENTS AND AGREES THAT THE STATE OR
FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK, STATE OF NEW YORK SHALL HAVE
EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN ANY
COMPANY, ON THE ONE HAND, AND THE HOLDER, ON THE OTHER HAND, PERTAINING TO THIS
NOTE OR ANY OF THE OTHER ANCILLARY AGREEMENTS OR TO ANY MATTER ARISING OUT OF OR
RELATED TO THIS NOTE, THE SECURITY AGREEMENT OR ANY OF THE ANCILLARY AGREEMENTS;
PROVIDED, THAT EACH COMPANY ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS MAY
HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF THE COUNTY OF NEW YORK, STATE OF
NEW YORK; AND FURTHER PROVIDED, THAT NOTHING IN THIS NOTE SHALL BE DEEMED OR
OPERATE TO PRECLUDE THE HOLDER FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION
IN ANY OTHER JURISDICTION TO COLLECT THE OBLIGATIONS, TO REALIZE ON THE
COLLATERAL OR ANY OTHER SECURITY FOR THE OBLIGATIONS, OR TO ENFORCE A JUDGMENT
OR OTHER COURT ORDER IN FAVOR OF THE HOLDER. EACH COMPANY EXPRESSLY SUBMITS AND
CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY
SUCH COURT, AND THE COMPANY HEREBY WAIVES ANY OBJECTION WHICH IT MAY HAVE BASED
UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS. THE
COMPANY HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER
PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH
SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL
ADDRESSED TO THE COMPANY AT THE ADDRESS SET FORTH IN THE SECURITY AGREEMENT AND
THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF THE COMPANY'S
ACTUAL RECEIPT THEREOF OR THREE (3) DAYS AFTER DEPOSIT IN THE U.S. MAILS, PROPER
POSTAGE PREPAID.

                  (c) EACH COMPANY DESIRES THAT ITS DISPUTES BE RESOLVED BY A
JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION
OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, EACH COMPANY HERETO
WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO
RESOLVE ANY DISPUTE. WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE BETWEEN THE
HOLDER AND/OR ANY COMPANY ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL
TO THE RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION WITH THIS NOTE, ANY
OTHER ANCILLARY AGREEMENT OR THE TRANSACTIONS RELATED HERETO OR THERETO.

         3.8 Severability. In the event that any provision of this Note is
invalid or unenforceable under any applicable statute or rule of law, then such
provision shall be deemed inoperative to the extent that it may conflict
therewith and shall be deemed modified to conform with such statute or rule of
law. Any such provision which may prove invalid or unenforceable under any law
shall not affect the validity or enforceability of any other provision of this
Note.



                                       4
<PAGE>



         3.9 Maximum Payments. Nothing contained herein shall be deemed to
establish or require the payment of a rate of interest or other charges in
excess of the maximum permitted by applicable law. In the event that the rate of
interest required to be paid or other charges hereunder exceed the maximum rate
permitted by such law, any payments in excess of such maximum rate shall be
credited against amounts owed by the Companies to the Holder and thus refunded
to the Companies.

         3.10 Security Interest. The Holder has been granted a security interest
(i) in certain assets of the Companies and their respective Subsidiaries as more
fully described in the Security Agreement and (ii) pursuant to the Security
Documents.

         3.11 Construction. Each party acknowledges that its legal counsel
participated in the preparation of this Note and, therefore, stipulates that the
rule of construction that ambiguities are to be resolved against the drafting
party shall not be applied in the interpretation of this Note to favor any party
against the other.

         3.12 Registered Obligation. This Note is intended to be a registered
obligation within the meaning of Treasury Regulation Section 1.871-14(c)(l)(i)
and the Company (or its agent) shall register the Note (and thereafter shall
maintain such registration) as to both principal and any stated interest.
Notwithstanding any document, instrument or agreement relating to this Note to
the contrary, transfer of this Note (or the right to any payments of principal
or stated interest thereunder) may only be effected by (i) surrender of this
Note and either the reissuance by the Company of this Note to the new holder or
the issuance by the Company of a new instrument to the new holder, or (ii)
transfer through a book entry system maintained by the Company (or its agent),
within the meaning of Treasury Regulation Section 1.871-14(c)(l)(i)(B).


       [Balance of page intentionally left blank; signature page follows]



                                       5
<PAGE>



         IN WITNESS WHEREOF, the Companies have caused this Secured Term Note to
be signed in its name effective as of this 6th day of December, 2005.


                                        PROXYMED, INC.

                                        BY: /s/ DOUGLAS J. O'DOWD
                                            ------------------------------------
                                            Name: Douglas J. O'Dowd
                                            Title: CFO


WITNESS:

/s/ TRACEY M. TUCKER
-------------------------------------

                                        PROXYMED TRANSACTION SERVICES,
                                        INC.

                                        By: /s/ DOUGLAS J. O'DOWD
                                            ------------------------------------
                                            Name: Douglas J. O'Dowd
                                            Title: CFO


WITNESS:

/s/ TRACEY M. TUCKER
-------------------------------------



                                        PROXYMED LAB SERVICES, LLC


                                        By: /s/ DOUGLAS J. O'DOWD
                                            ------------------------------------
                                            Name: Douglas J. O'Dowd
                                            Title: CFO

WITNESS:


/s/ TRACEY M. TUCKER
-------------------------------------




                  [SIGNATURE LINES CONTINUED ON FOLLOWING PAGE]



                                       6
<PAGE>



STATE OF GEORGIA
         -----------
                    : ss.:
COUNTY OF GWINNETT
          ----------


         On the 7th day of December, 2005, before me personally came DOUGLAS J.
O'DOWD to me known, who, being by me duly sworn did depose and say that s/he is
the CFO of ProxyMed, Inc., the corporation described in and which executed the
above instrument; and that s/he signed her/his name thereto by order of the
board of directors of said corporation.


                                             /s/ LISA E. SCULLY
                                             -----------------------------------
                                             NOTARY PUBLIC

                                                       (SEAL)

STATE OF GEORGIA
         -----------
                    : ss.:
COUNTY OF GWINNETT
          ----------

         On the 7th day of December, 2005, before me personally came DOUGLAS J.
O'DOWD to me known, who, being by me duly sworn did depose and say that s/he is
the CFO of ProxyMed Transaction Services, Inc., the corporation described in and
which executed the above instrument; and that s/he signed her/his name thereto
by order of the board of directors of said corporation.


                                             /s/ LISA E. SCULLY
                                             -----------------------------------
                                             NOTARY PUBLIC

                                                       (SEAL)


STATE OF GEORGIA
         -----------
                    : ss.:
COUNTY OF GWINNETT
          ----------



         On the 7th day of December, 2005, before me personally came DOUGLAS J.
O'DOWD to me known, who, being by me duly sworn did depose and say that s/he is
the CFO of ProxyMed Lab Services, LLC, the limited liability company described
in and which executed the above instrument; and that s/he signed her/his name
thereto on behalf of said limited liability company pursuant to authorization
under the operating agreement of said limited liability company; and that he/she
signed his/her name thereto by like authority.


                                             /s/ LISA E. SCULLY
                                             -----------------------------------
                                             NOTARY PUBLIC

                                                       (SEAL)



<PAGE>


                                        PLANVISTA CORPORATION


                                        By: /s/ DOUGLAS J. O'DOWD
                                            ------------------------------------
                                            Name: DOUGLAS J. O'DOWD
                                            Title: CFO

WITNESS:

/s/ TRACEY M. TUCKER
-------------------------------------


                                        PLANVISTA SOLUTIONS, INC.


                                        By: /s/ DOUGLAS J. O'DOWD
                                            ------------------------------------
                                            Name: DOUGLAS J. O'DOWD
                                            Title: CFO

WITNESS:

/s/ TRACEY M. TUCKER
-------------------------------------


                                        NATIONAL NETWORK SERVICES, LLC


                                        By: /s/ DOUGLAS J. O'DOWD
                                            ------------------------------------
                                            Name: DOUGLAS J. O'DOWD
                                            Title: CFO


WITNESS:

/s/ TRACEY M. TUCKER
-------------------------------------




                                       7
<PAGE>






STATE OF GEORGIA
         -----------
                    : ss.:
COUNTY OF GWINNETT
          ----------


         On the 7th day of December, 2005, before me personally came DOUGLAS J.
O'DOWD to me known, who, being by me duly sworn did depose and say that s/he is
the CFO of PlanVista Corporation, the corporation described in and which
executed the above instrument; and that s/he signed her/his name thereto by
order of the board of directors of said corporation.


                                             /s/ LISA E. SCULLY
                                             -----------------------------------
                                             NOTARY PUBLIC

                                                       (SEAL)


STATE OF GEORGIA
         -----------
                    : ss.:
COUNTY OF GWINNETT
          ----------


         On the 7th day of December, 2005, before me personally came DOUGLAS J.
O'DOWD to me known, who, being by me duly sworn did depose and say that s/he is
the CFO of PlanVista Solutions, Inc. the corporation described in and which
executed the above instrument; and that s/he signed her/his name thereto by
order of the board of directors of said corporation.


                                             /s/ LISA E. SCULLY
                                             -----------------------------------
                                             NOTARY PUBLIC

                                                       (SEAL)


STATE OF GEORGIA
         -----------
                    : ss.:
COUNTY OF GWINNETT
          ----------


         On the 7th day of December, 2005, before me personally came DOUGLAS J.
O'DOWD to me known, who, being by me duly sworn did depose and say that s/he is
the CFO of National Network Services, LLC, the limited liability company
described in and which executed the above instrument; and that s/he signed
her/his name thereto on behalf of said limited liability company pursuant to
authorization under the operating agreement of said limited liability company;
and that he/she signed his/her name thereto by like authority.


                                             /s/ LISA E. SCULLY
                                             -----------------------------------
                                             NOTARY PUBLIC

                                                       (SEAL)