<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

X-Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 For Period Ended March 31, 2001

                        Commission File Number 333-76427


                          Panoramic Care Systems, Inc.
                          ----------------------------
             (Exact name of registrant as specified in its charter)

       Delaware                                             84-1165714
       --------                                             -----------
(State of Incorporation)                                (IRS Employer ID Number)

940 West Port Plaza, #100                                St. Louis, MO. 63146
-------------------------                                --------------------
(Address of Principle Executive Offices)                 (city) (state) (zip)

                                 (314) 439-6400
              (Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days. Yes XX No

Transitional Small Business Disclosure format (check one):  Yes   No XX
                                                                     --

The number of shares outstanding of the Registrant's $.001 par value common
stock on May 8, 2001 was 9,243,035 shares.













                                       1
<PAGE>   2


                          PANORAMIC CARE SYSTEMS, INC.
                                TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                                           PAGE
                                                                                           ----
<S>                                                                                        <C>
PART I. FINANCIAL INFORMATION                                                               3-8

        Item 1. Financial Statements

        Item 2. Management's Discussion and Analysis of Financial Condition and Results of
                 Operations                                                                 9-12

</TABLE>





























                                       2
<PAGE>   3


PART I - FINANCIAL INFORMATION

Item 1 - Financial Statements
                   Panoramic Care Systems, Inc. and Subsidiary
<TABLE>
<CAPTION>
                                                Consolidated Balance Sheets
                                                                              (Unaudited)
ASSETS                                                                     March 31, 2001    December 31, 2000
<S>                                                                        <C>              <C>

CURRENT ASSETS

Cash                                                                       $  25,211               $  35,357
Accounts receivable, net                                                     197,253                 193,479
Prepaid expenses                                                              11,145                  23,875
                                                                         -----------              ----------
     Total Current Assets                                                    233,609                 252,711


PROPERTY AND EQUIPMENT, at cost                                              738,403                 608,123
    Less Accumulated depreciation                                           (327,733)               (283,421)
                                                                         -----------              ----------
     Total Equipment, net                                                    410,670                 324,702

OTHER ASSET
Rent deposit                                                                  21,539                  21,539

    Total Assets                                                          $  665,818               $ 598,952
                                                                         ===========              ==========


LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
Notes payable                                                             $  750,000               $ 600,000
Current portion of long term debt and
 Capitalized lease obligations                                                75,016                  98,660
Accounts payable and accrued expenses                                        841,282                 727,699
                                                                         -----------              ----------
         Total Current Liabilities                                         1,666,298               1,426,359

NON-CURRENT LIABILITIES
LONG TERM DEBT                                                                 7,826                  11,244

STOCKHOLDERS' EQUITY (DEFICIT)
Common stock, par value of $.001 per share, 50,000,000
 shares authorized, 9,243,035 at March 31, 2001 and 8,618,035
 shares at December 31, 2000 issued and outstanding                            9,243                   8,618
Additional paid-in capital                                                 4,419,612               4,368,237
Accumulated deficit                                                       (5,437,161)             (5,215,506)
                                                                         -----------              ----------

                                                                          (1,008,306)               (838,651)


TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                               $   665,818              $   98,952
                                                                         ===========              ==========
</TABLE>


    The accompanying notes are an integral part of the financial statements.





                                       3
<PAGE>   4

                   PANORAMIC CARE SYSTEMS, INC. AND SUBSIDIARY
                CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
<TABLE>
<CAPTION>
                                                         FOR THE THREE MONTHS ENDED MARCH 31,
                                                                2001              2000
                                                                ----              ----
<S>                                                      <C>                    <C>
REVENUES                                                    $ 1,188,136        $   983,386


OPERATING EXPENSES
  Operations and technical support                              352,381            272,018
  Sales and marketing                                           535,040            306,067
  Engineering                                                   145,361             48,522
  General and administrative                                    365,798            515,006
                                                            -----------        -----------
     Total Operating Expenses                                 1,398,580          1,141,613

OPERATING LOSS                                                 (210,444)          (158,227)

OTHER INCOME (EXPENSE)
  Interest Expense                                              (12,691)            (7,185)
  Interest Income                                                 1,480              1,673
                                                            -----------        -----------
                                                                (11,211)            (5,512)

NET LOSS                                                    $  (221,655)       $  (163,739)
                                                            ===========        ===========

NET LOSS PER SHARE-BASIC AND DILUTED                        $     (0.03)       $     (0.02)
                                                            ===========        ===========

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING-
   BASIC AND DILUTED                                          8,703,551          8,375,110
                                                            ===========        ===========
</TABLE>















    The accompanying notes are an integral part of the financial statements.










                                       4
<PAGE>   5


                   PANORAMIC CARE SYSTEMS, INC. AND SUBSIDIARY
             CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT)
                    FOR THE THREE MONTHS ENDED MARCH 31, 2001
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                               COMMON STOCK            ADDITIONAL                           TOTAL
                                                                        PAID-IN           ACCUMULATED    STOCKHOLDERS'
                                           SHARES       AMOUNT          CAPITAL             DEFICIT         EQUITY
                                           ------       ------          -------             -------         ------
<S>                                        <C>          <C>            <C>                <C>            <C>
Balance, December 31, 2000               8,618,035       8,618         4,368,237          (5,215,506)     (838,651)

Exercise of Stock Warrants                 625,000         625              (625)

Proceeds from issue of Stock
   Warrants                                                               52,000

Net Loss                                                                                    (221,655)     (221,655)
                                         ----------------------------------------------------------------------------

Balance, March 31, 2001                  9,243,035       9,243         4,419,612          (5,437,161)   (1,008,306)
                                         ============================================================================
</TABLE>






























    The accompanying notes are an integral part of the financial statements.



                                       5
<PAGE>   6




                   Panoramic Care Systems Inc. and Subsidiary
                             Statement of Cash Flows
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                            FOR THE THREE MONTHS ENDED MARCH 31,
                                                                     2001             2000
                                                                     -----            ----
<S>                                                         <C>                    <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss                                                        $(221,655)         $(163,739)
Adjustments to reconcile net loss to net cash used in
  operating activities:
    Depreciation and amortization                                  44,312             90,138
    Change in assets and liabilities:
      (Increase) decrease in accounts receivable                   (3,774)           103,347
      (Increase) decrease in prepaid expenses and other assets     12,730            (12,571)
      Increase (decrease) in accounts payable and accrued
       liabilities                                                113,583           (192,480)
                                                                 ---------          --------
Net cash provided by (used in) operating activities               (54,804)          (175,305)

CASH FLOWS FROM INVESTING ACTIVITIES
   Purchases of equipment                                        (130,280)              -
   Proceeds from sale of investments                                 -                62,928
                                                                 ---------          --------
Net cash provided by (used in) investing activities              (130,280)            62,928

CASH FLOWS FROM FINANCING ACTIVITIES
   Payments on long-term debt and capital leases                  (27,062)           (34,959)
   Proceeds from loan from officers                               150,000               -
   Proceeds from issuance of warrants                              52,000            329,000
   Proceeds from conversion of warrants                              -                 5,000
                                                                 ---------          --------
Net cash provided by financing activities                         174,938            299,041

NET INCREASE (DECREASE) IN CASH                                   (10,146)           186,664

CASH - BEGINNING OF PERIOD                                         35,357            119,684
                                                                 ---------          --------

CASH - END OF PERIOD                                             $ 25,211           $306,348
                                                                 ===========================
</TABLE>


    The accompanying notes are an integral part of the financial statements.














                                       6
<PAGE>   7


                   Panoramic Care Systems, Inc. and Subsidiary
                          Notes To Financial Statements

1. INTERIM FINANCIAL INFORMATION-BASIS OF PRESENTATION

   These statements reflect all adjustments, consisting of normal recurring
adjustments, which in the opinion of management are necessary for fair
presentation of the information contained therein. The Company follows the same
accounting policies in preparation of interim reports.

The accompanying consolidated interim financial statements include the accounts
of Panoramic Care Systems, Inc. and its wholly owned subsidiary, MDI
Technologies, Inc., (collectively the "Company") and have been prepared by the
Company, without audit, in accordance with generally accepted accounting
principles for interim financial information and with the instructions for Form
10-QSB and article 10 of Regulation S-X. The consolidated balance sheet as of
March 31, 2001 and the consolidated statements of operations for the three
months ended March 31, 2001 and 2000 and the consolidated statements of cash
flows for the three months ended March 31, 2001 and 2000, are unaudited but
include all adjustments (consisting of normal recurring adjustments) which the
Company considers necessary for a fair presentation of the financial position at
such date and the operating results and cash flows for those periods. Although
the Company believes that the disclosures in these financial statements are
adequate to make the information presented not misleading, certain information
normally included in financial statements and related footnotes prepared in
accordance with generally accepted accounting principles have been condensed or
omitted pursuant to the rules and regulations of the Securities and Exchange
Commission. Results for any interim period are not necessarily indicative of
results for any other interim period or for the entire year. In the opinion of
management, the accompanying unaudited financial statements contain all
adjustments necessary to present fairly the financial position as of March
31, 2001 and the consolidated results of operations and consolidated statement
of cash flows for the periods presented. These statements reflect all
adjustments, consisting of normal recurring adjustments, which in the opinion of
management are necessary for fair presentation of information contained therein.
The results of operations for the three months ended March 31, 2001 and 2000 are
not necessarily indicative of results to be expected for the full year.

It is suggested that these consolidated financial statements be read in
conjunction with the financial statements and notes thereto included in the
Company's Annual Report on Form 10-KSB for the year ended December 31, 2000.

As part of the MDI acquisition the Company began doing business as MDI
Technologies, Inc. and will be seeking shareholder approval for  this name
change at a shareholder meeting when appropriate.

2. BUSINESS ACQUISITION

On August 25, 2000, Panoramic Care Systems, Inc. (Panoramic) completed a merger
with Management-Data, Inc. (MDI) by exchanging 3,500,000 shares of its common
stock for all the outstanding common stock of MDI. Each share of MDI was
exchanged for approximately 13,410 shares of Panoramic.

The merger qualified as a tax-free reorganization and has been accounted for as
a pooling of interests under APB Opinion No. 16, "Business Combinations".
Accordingly, all prior period financial statements presented have been restated
to include the combined results of operations and cash flows of MDI as though it
had always been a part of Panoramic.

There were no transactions between Panoramic and MDI prior to the merger while
immaterial adjustments were recorded to conform to MDI's accounting policies to
Panoramic's policies.



                                       7
<PAGE>   8

Certain reclassifications were made to the MDI financial statements to conform
to Panoramic's presentations.


3. REVENUE RECOGNITION

The company's revenue is derived from the licensing of computer software and
from service revenues consisting of ASP (Application Service Provider) data
hosting, maintenance and support of systems, training and consulting. License
fees are recognized when the license agreement has been signed, the software has
been shipped, the fees are fixed and determinable and collection is probable.
Revenue from the ASP, software maintenance and support is recognized ratably
over the contract period, these items are billed monthly at the time the
service/support is due from the customer for the current month's service and is
due 30 days from billing. The Company establishes a reserve for collectability
of that maintenance and support receivable. All costs associated with licensing,
ASP services, support and update services, training and consulting services are
expensed as incurred.

4. NET INCOME (LOSS) PER SHARE

Basic earnings (loss) per share are calculated by dividing the net loss by the
weighted average common shares outstanding during the period. For purposes of
computing diluted earnings per share, dilutive securities are not included when
the effect is antidilutive.

Options to employees, a director and a consultant to purchase 52,833 shares and
warrants to purchase 1,701,764 shares of common stock were not included in the
computation of diluted earnings per share because their effect was anti-dilutive
for the period ending March 31, 2001.





















                                       8
<PAGE>   9




                           FORWARD-LOOKING STATEMENTS

Statements made in this Form 10-QSB that are not historical or current facts are
"forward-looking statements" made pursuant to the safe harbor provisions of
Section 27A of the Securities Act of 1933 ("The Act") and Section 21E of the
Securities Act of 1934. These statements often can be identified by the use of
terms such as "may", "will", "expect", "believes", "anticipate", "estimate",
"approximate", or "continue", or the negative thereof. The Company intends that
such forward-looking statements be subject to the safe harbors for such
statements. The Company wishes to caution readers not to place undue reliance on
any such forward looking statements, which speak only as of the date made. Any
forward looking statements represent management's best judgment as to what may
occur in the future. However, forward looking statements are subject to risks,
uncertainties, and important factors beyond the control of the Company that
could cause actual results and events to differ materially from historical
results of operations and events and those presently anticipated or projected.
These factors include adverse economic conditions, entry of new and stronger
competitors, inadequate capital, unexpected costs and failure to capitalize upon
access to new markets. You should understand that various factors, in addition
to those discussed elsewhere in this document, could affect the future results
of the Company and could cause results to differ materially from those expressed
in such forward-looking statements. The Company disclaims any obligation
subsequently to revise any forward-looking statements to reflect events or
circumstances after the date of such statement or to reflect the occurrence of
anticipated or unanticipated events.

Item 2 - Management's Discussion and Analysis of Financial Condition and Results
of Operations

The Company is continuing to expand its market share of long term care
facilities customers and the transition to an Application Service Provider (ASP)
model for delivering the accounting and clinical software used by these
customers. The facilities under contract currently number 780 of which 40 are
using the ASP services.

Our limited operating history in the development and delivery of software over
the Internet, makes it difficult to predict revenues and operating results. Our
prospects should be considered in light of the risks and difficulties
encountered by the transitioning its revenue to that of a recurring revenue
model through the delivery of its applications over the Internet. The Company is
dependent on the continued rollout of broadband telecommunication services to
rural and metropolitan areas in order to successfully implement this strategy.

         RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2001
                COMPARED TO THE THREE MONTHS ENDED MARCH 31,2000

Net revenues for the three months ended March 31, 2001 increased to $1,188,136
from $983,386 at March 31, 2000. This increase of $204,750 (21%) was primarily
comprised of increased recurring revenues of $137,000 from support and ASP
services which is a result of having more software sites installed from the
previous period. There was also an increase in "shrink wrap" sales of $62,000
(13%) from the previous period.

Operations and technical support expense increased to $352,381 from $272,018
from March 31, 2000 to March 31, 2001. This increase of $80,363 (30%) is due to
increased payroll and payroll related costs of $73,000 due to staffing additions
and $7,000 of ASP support costs.

Sales and marketing expenses for the three months ended March 31, 2001 increased
to $535,040 from $306,067 for the three months ended March 31, 2000. This
increase of $228,973 (75%) is due



                                       9
<PAGE>   10

to staffing increases of $105,000 for a Marketing Director, Sales Manager and 5
additional sales persons, increased sales travel of $10,000, and a $113,000
increase in advertising, convention and marketing costs to develop market
awareness by participating in more conventions and placing industry specific
trade publication advertising.

Engineering expense for the three months ended March 31, 2001 increased to
$145,361 from $48,522 for the three months ended March 31, 2000. This increase
of $96,639 (200%) was primarily due to increases in payroll and payroll related
costs of $82,000 for additional personnel, the use of an outside ASP consultant
amounting to $7,000 and a $3,000 supply cost increase.

General and Administrative costs decreased to $365,798 from $515,006 for the
three months ended March 31, 2000 to the three months ended March 31, 2001. This
decrease of $149,208 (29%) resulted from the elimination of various overhead
staff after the Panoramic/MDI merger amounting to $78,000, decrease in travel
for fundraising and merger activity amounting to $18,000, and the elimination of
certain amortization and depreciation items of $54,000 that were fully written
off at December 31, 2000.

Interest expense increased $5,506 due to an increased bank line of credit in
October 2000 to support current operations.

The net loss of $221,655 for the three months ended March 31, 2001 compared to a
net loss of $163,739 for the three months ended March 31, 2000. An increase of
$57,916 is the result of increased customer support and sales and marketing
efforts all directed towards increased customer acquisitions and their support.

LIQUIDITY AND CAPITAL RESOURCES

During the quarter ended March 31, 2001 an additional $52,000 was received from
the December 2000 warrant placement. Also received were $150,000 of loans from
two of the Company's officer/shareholder's.

Also during the quarter ended March 31, 2001 there were 4 Special Warrant
holders who exchanged 625,000 warrants for 625,000 shares of the Company's stock
for no additional consideration as per the warrant agreement.

The Company currently has 532,000 stock options and 1,701,764 warrants
outstanding. The options and warrants are exercisable at prices from $.56 -
$4.17 per share. If all options and warrants were exercised the company would
receive approximately $4,200,000, which would be available to the Company as
working capital.

CASH FLOW

During the three months ended March 31, 2001, cash decreased by $10,146. Net
cash used in operating activities for the three months ended March 31, 2001 was
$54,804 compared to $175,305 for the three month ended March 31, 2000. This
decrease of $120,501 was due to an increase in the net loss for the period
offset by decreases in depreciation and amortization amounts and changes in the
accounts receivable and accounts payable balances.

Net cash used in investing activities for the three months ended March 31, 2001
was $130,280 compared to cash provided by investing activities for the three
months ended March 31, 2000 of $62,928. The funds used for the three months
ended March 31, 2001 were for the build out and new equipment for the new
corporate office occupied in January 2001. The cash provided from investing
activities at March 31, 2000 was from the redemption of a money market account.




                                       10
<PAGE>   11

Net cash provided from financing activities $174,938 for the three months ended
March 31, 2001 compared to $299,041 for the three months ended March 31, 2000.
During the three months ended March 31, 2001 funds were provided by: loans from
two officer/shareholder's of the Company amounting to $150,000 and private
placement of Special Warrants of $52,000 less debt payments of $27,062. For the
three months ended March 31, 2000 funds were provided from the private placement
of Special Warrants of $334,000 less debt payments of $34,959.































                                       11
<PAGE>   12


PART II - OTHER INFORMATION

Item 1. Legal Proceedings

In January 2001, the Company received from the Equal Employment Opportunity
Commission, a "Notice of Charge of Age Discrimination" filed by a former
employee who was terminated in November 2000. In April 2001, the Company
received notice from the Equal Employment Opportunity Commission that the charge
was dismissed.

Item 2. Changes in Securities

Not applicable

Item 3. Defaults Upon Senior Securities

Not applicable

Item 4. Submission of Matters to a Vote of Security Holders

Not applicable

Item 5. Other Information

On April 11, 2001 Mr. Steven Kaplan voluntarily resigned from the Company's
Board of Directors to pursue other interests. The seat will remain vacant until
election at the annual meeting.

Item 6. Reports on Form 8-K

On January 16, 2001 the Company filed a report of Form 8-K/A regarding changes
in the Company's Registered Certifying Accountant.

Exhibits - none

                                   SIGNATURES

Pursuant to the requirement of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorizes.

Panoramic Care Systems, Inc.

/s/ Todd A. Spence                                             May 10, 2001
---------------------                                        ----------------
Todd A. Spence                                                     Date
Chairman of the Board, President and
Chief Executive Officer

/s/ Thomas K. Andrew                                           May 10, 2001
---------------------                                        ----------------
Thomas K. Andrew                                                   Date
Chief Financial Officer










                                       12