VitalHub Continues Strong Organic Growth through Closing Multi-Year Licensing Deal with South Tees Hospitals NHS Foundation Trust
TORONTO, March 01, 2021 (GLOBE NEWSWIRE) -- VitalHub Corp. (the “Company” or “VitalHub”) (TSXV: VHI) is pleased to announce a multi-year large-scale licensing transaction of recently acquired subsidiary Intouch with Health’s (“Intouch”) Synopsis product with South Tees Hospitals NHS Foundation Trust (the “Trust” or “South Tees”).
This transaction is among VitalHub’s largest to-date, comprising a 5-year licensing contract for the Company’s proprietary, award-winning Synopsis platform. From initial questionnaire through to post-operative outcomes, Synopsis provides the necessary tools to enable hospitals to manage the entire pre-operative assessment process digitally – removing paper trails, increasing data security, and delivering significant organizational and economic benefits.
One of the most prestigious and active health systems in the UK, the Trust is the largest in the Tees Valley with nearly 9,000 staff members providing a range of services to 1.5 million people. The Trust manages The James Cook University Hospital in Middlesbrough and the Friarage Hospital in Northallerton as well as community services in Hambleton and Richmondshire, Middlesbrough and Redcar and Cleveland. As a large health system, South Tees has a considerable need for a digital outpatient solution which increases efficiency and provides clarity and value to both patients and providers and chose Synopsis as its trusted digital outpatient solution to re-imagine care delivery.
Synopsis is a complete digital pre-op assessment platform that provides clarity, efficiency and value to health systems while reducing cancellation rates and risk and increasing patient throughput and theatre utilization. As a result of implementations of Synopsis solutions, fewer patients are required to attend hospital for a pre-operative assessment, improving patient throughput, while freeing up staff resources and clinical time. Staff are thereby able to spend more clinical time with high-risk patients, improving the efficiency of care delivery and resource utilization. Providing the opportunity to better educate patients on pre- and post-surgery care, Synopsis contributes to reductions in post-surgery re-admissions, promoting improved patient convenience and access to care.
In addition to the 5-year licensing of the Synopsis product, the Trust has also decided to undergo a paid, small-scale trial implementation of VitalHub’s Check-in, Flow Manager, Calling, and Room and Resource products at one of their sites. Following this proof-of-concept process, there will be an option to roll out these solutions across the Trust toward an expanded licensing deal.
“In Q3 2020, we announced organic growth in our ACV of ~$540k, and subsequently reported over $1 million in organic ACV growth in Q4 2020,” said Dan Matlow, CEO of VitalHub Corp. “We’re excited about VitalHub’s trend towards substantial organic growth on top of strong M&A growth, and we’re maintaining strong traction as we continue to announce deals into Q1 of 2021. This particular transaction is among the largest Synopsis deals VitalHub has closed to-date, further reinforcing the momentum and growth we are experiencing with this product.”
ABOUT SOUTH TEES HOSPITALS NHS FOUNDATION TRUST
South Tees Hospitals NHS Foundation Trust is the largest hospital trust in the Tees Valley with two acute hospitals and services in a number of community hospitals. Every year the Trust welcomes more than a million patients and visitors to the hospitals. The Trust’s workforce of almost 9,000 provides a range of specialist regional services to 1.5 million people.
Software for Health and Human Services providers designed to simplify the user experience & optimize outcomes.
VitalHub provides technology to Health and Human Services providers including; Hospitals, Regional Health Authorities, Mental Health, Long Term Care, Home Health, Community and Social Services. VitalHub solutions span the categories of Electronic Health Record (EHR), Case Management, Care Coordination, Patient Flow & Operational Visibility, and DOCit Mobile Apps.
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 275+ clients across Canada, USA, UK, Australia, Qatar, and Latvia. 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, 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
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