TORONTO, July 17, 2018 (GLOBE NEWSWIRE) — VitalHub Corp. (the “Company” or “VitalHub”) (TSXV:VHI) is pleased to announce the sale of VH LTC solution to the Seniors’ Services division of the Region of Waterloo, marking the product’s first sale to a municipally operated, public Long-Term Care facility, and fourth sale to-date.
Continuing to build upon the success of the VitalHub-Trinity Village partnership through the Procurement by Co-Design program, this sale demonstrates the growing market demand for the VH LTC solution, and represents the opportunity to service multi-program, public sector clients.
The Region of Waterloo operates Sunnyside Home, a 263-bed long term care facility located in the Stanley Park area of Kitchener. Sunnyside is a hub and a home for many older adults, offering programs, services, and housing, in addition to long term care. The facility recently achieved a perfect score in a nationally recognized quality and safety audit by Accreditation Canada and will celebrate its 150th anniversary in 2019.
The Province of Ontario has an annual Long-Term Care spend of $4.07 billion, attributed across 77,541 long-stay beds, representing a spend of ~$143 per resident, per day. In 2016, there were approximately 255,000 Long-Term Care beds across Canada, representing a $13.38B annual spend. This number is forecast to increase to 454,000 beds by 2035, reflecting a total spend of $23.83B. VitalHub has identified this market as a growth opportunity target. (Source: The Conference Board of Canada, November 27, 2017, Report by Robyn Gibbard)
The VH LTC solution is designed specifically for Long-Term Care and retirement living, streamlining the way frontline staff access information about their Long-Term Care residents. Using mobile devices, VH LTC enables PSWs, RPNs, Dieticians, and Program Directors to know exactly what tasks need to be worked on, in the right priority based on care needs and other scheduling considerations.
Some of the recorded benefits from use of the solution include considerable time savings of PSWs and RPNs, significantly improved data quality of recorded patient information, improved assessment-data accuracy, and improved collaboration and coordination among frontline staff.
“We see the growing market demand for the VH LTC solution, and the opportunity to bring significant value to municipal and private care providers,” said Dan Matlow, CEO of VitalHub. “The success of the VitalHub-Trinity partnership has proven itself through our four sales of the product to-date, whereby we have now sold to both publicly and privately operated facilities. We are looking forward to continuing our sales and marketing effort to access this opportunity.”
VitalHub develops and supports mission-critical healthcare information systems in the Mental Health (Child, Youth and Adult), Long Term Care, Community Health Service, Home Health and Hospital sectors. VitalHub technologies include Blockchain, Mobile, and Web-Based Assessment and EHR solutions.
VitalHub’s aim is to create high-value, secured solutions enabling interoperability among existing health data systems. VitalHub is primarily focused on working with organizations in the Mental Health, Acute and Long-Term Care space, to further extend organizations’ applications across the continuum of care, powered by the security, efficiency, and trust of Blockchain technology.
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”.
The TSX Venture Exchange has in no way passed upon the merits of the transactions and has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Chief Executive Officer, Director