VitalHub Enters Australian Market with State-wide Deal
October 15 2019 - 7:30AM
VitalHub Corp. (the “Company” or “VitalHub”) (TSXV: VHI) is pleased
to announce its entry into the Australian market, having signed a
provincial deal with the Tasmanian Health Service (“Tasmania”).
At the onset of the project, VitalHub subsidiary,
the Oak Group, completed a Clinical Utilization Management Review
study (the “Study”) across 1,000 medical, surgical, and mental
health patients throughout the Tasmanian healthcare system. The
goal of the Study was to identify opportunities to provide
additional and alternative levels of care for patient treatment, or
enhanced resources at existing levels of care, to support the
Tasmanian Department of Health and Human Services’ strategy of
improving quality and efficiency of patient care delivery. A number
of major hospitals, mental health facilities, and rural hospitals
participated in the utilization review.
The Study identified significant opportunity to
improve patient flow across the system, and as a result the
requirement for a clinical utilization review was tendered. After a
lengthy process and procurement cycle, VitalHub is pleased to
announce it has signed a State-wide licensing agreement for
licensed the Oak Group’s evidence-based decision-support acuity
management tool to assist clinicians and case managers in deciding
the most appropriate level of care and care settings for each
patient across the entire 1,000 bed system for up to 5 years. This
deal marks the first Oak Group product of its kind to enter the
Australian market.
There are approximately 94,000 hospital beds in the
Australian market, across ~1,330 hospitals. VitalHub estimates a
price of ~$200 to $250 per bed per annum, creating an approximate
annual market opportunity of $18.8M to $23.5M for VitalHub to
address, providing high-value patient flow solutions to the
Australian market that aim to improve efficiencies, reduce costs,
and improve the delivery and quality of care.
“Our entry into the Australian market marks another
meaningful milestone in our continued growth strategy, as we look
to expand our presence in key, selected global markets,” said Dan
Matlow, CEO of VitalHub Corp. “We not only have operations use of
the Oak Group’s products in the UK and Qatar, but now in Australia
as well.”
ABOUT VITALHUB:
VitalHub develops mission-critical technology
solutions for Health and Human Services providers in
the Mental Health (Child through Adult), Long Term
Care, Community Health Service, Home Health, Social Service
and Acute Care sectors. VitalHub technologies
include Blockchain, Mobile, Patient Flow, Web-Based Assessment
and Electronic Health Record solutions.
The Company has a robust two-pronged growth
strategy, targeting organic growth opportunities within its product
suite, and pursuing an aggressive M&A plan. Currently, VitalHub
serves 200+ clients across North America. VitalHub is based in
Toronto, Canada, with an offshore development hub in Sri Lanka. The
Company is publicly traded on the TSX Venture Exchange under the
symbol "VHI".
CAUTIONARY STATEMENT
This press release includes forward-looking
statements regarding the Corporation and its business, which may
include, but is not limited to, statements with respect to the
appointment of a new directors. Often, but not always,
forward-looking statements can be identified by the use of words
such as "plans", "is expected", "expects", "scheduled", "intends",
"contemplates", "anticipates", "believes", "proposes" or variations
(including negative variations) of such words and phrases, or state
that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved. Such statements
are based on the current expectations of the management of each
entity, and are based on assumptions and subject to risks and
uncertainties. Although the management of each entity believes that
the assumptions underlying these statements are reasonable, they
may prove to be incorrect. The forward-looking events and
circumstances discussed in this release, including the share
consolidation proposal, may not occur by certain specified dates or
at all and could differ materially as a result of known and unknown
risk factors and uncertainties affecting the companies, including
risks regarding the technology industry, failure to obtain
regulatory or shareholder approvals, market conditions, economic
factors, the equity markets generally and risks associated with
growth and competition. Although the Corporation has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results to differ from those anticipated,
estimated or intended. No forward-looking statement can be
guaranteed. Except as required by applicable securities laws,
forward-looking statements speak only as of the date on which they
are made and the Corporation undertakes no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events, or otherwise.
CONTACT INFORMATION
Dan MatlowChief Executive Officer, Director(416)
727-9061dan.matlow@vitalhub.com
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