SCWorx Announces the Renewal and Significant Expansion of an Existing Contract with a New England Hospital
30 Agosto 2022 - 9:00AM
SCWorx Corp (NASDAQ: WORX) today announced the renewal and
expansion of a data service agreement with an existing 500+ bed
hospital in New England.
The healthcare provider was previously under a 1
year, $125,000 agreement with SCWorx for data management
services. The new agreement is for 4 years, $200,000 per
year. The agreement includes currently provided services as
well as extended services which are enabled through the
normalization, enrichment and integration of data from the
hospitals three critical data systems (Supply, Clinical and
Financial). The utilization of information derived through
the integration of data provides the hospital an in-depth analysis
as well as cost savings identification through the comparison of
data from Supply Chain (Spend), Electronic Medical Records (Patient
Utilization) and Finance (Billing and Rebates).
“We are excited about this continued partnership
as it allows us to further assist in the advancement of the
hospitals overall data management program. In addition to
supporting their data management needs we are able to help them
identify over $3 million dollars in annual cost savings and revenue
capture,” said President and CEO Tim Hannibal. “Once the
hospital completed their Epic EMR implementation SCWorx was then
able to provide a deeper data integration which enabled us to
identify the increased savings and also provide far greater
analysis than what they were doing previously. This client
has been a partner for many years and we’ve had the privilege of
being a part of their evolving data management program.”
About SCWorx SCWorx has created
an advanced attributed virtualized item data warehouse utilizing
machine learning and artificial intelligence to offer a suite of
software-as-a-service-based solutions for healthcare providers. The
value proposition for customers revolves around the full
integration of all solution modules with the company’s data
platform for cost savings, operational efficiency and accurate
benchmarking and reporting. The solution modules include Virtual
Item Master, data cleanse and normalization, contract management
and request for pricing (RFP) module, automated rebate management
module, data interoperability (EMR, MMIS, finance) module,
Automated Item Add Portal, Virtual General Ledger, and the data
analytics module. SCWorx creates a single source for information
for the healthcare provider’s data governance and analytics
requirements.
Forward-Looking StatementsThis press release
contains “forward-looking statements” that involve substantial
risks and uncertainties for purposes of the safe harbor provided by
the Private Securities Litigation Reform Act of 1995. All
statements, other than statements of historical facts, included in
this press release regarding strategy, future operations, future
contract renewals and terminations, future financial position,
prospects, plans and objectives of management are forward-looking
statements. You can identify many (but not all) such
forward-looking statements by looking for words such as “assumes,”
“approximates,” “believes,” “expects,” “anticipates,” “estimates,”
“projects,” “seeks,” “intends,” “plans,” “could,” “would,” “may” or
other similar expressions. You should not place undue reliance on
these forward-looking statements. Such statements are based on
management’s current expectations and involve risks and
uncertainties. Actual results and performance could differ
materially from those projected in the forward-looking statements
as a result of many factors, including, without limitation,
economic disruptions affecting our customers, unexpected contract
terminations, securing future contracts and orders, future product
sourcing, supply disruptions, containing costs, the ability to
project future cash utilization and reserves needed for contingent
future liabilities and business operations, the availability of
sufficient resources of the company to meet its business objectives
and operational requirements and other important factors that are
detailed in filings with the Securities and Exchange Commission
made from time to time by SCWorx, including its Annual Report on
Form 10-K for the year ended December 31, 2021, Quarterly Reports
on Form 10-Q, and Current Reports on Form 8-K. Matters described in
forward-looking statements may also be affected by other known and
unknown risks, trends, uncertainties and factors, many of which are
beyond the company’s ability to control or predict. SCWorx
undertakes no obligation to release publicly any revisions to any
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated
events.
Contacts:
ir@scworx.com ###Source: SCWorx Corp.
Released August 30, 2022
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