TORONTO, Oct. 15, 2019 (GLOBE NEWSWIRE) — 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.”
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”.
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.
Chief Executive Officer, Director