TORONTO, Nov. 02, 2021 (GLOBE NEWSWIRE) -- VitalHub Corp. (the “Company” or “VitalHub”) (TSX: VHI) is pleased to share news of a recently announced increase in National Health Service (NHS) funding across England. The new budget was released on October 27th, 2021 and included a £2.1 billion capital allocation earmarked to improve IT and digital technology infrastructure across the NHS.
- NHS England announced £2.1 billion novel funding to improve IT and digital technology infrastructure across the NHS.
- COVID-19 has exacerbated existing patient flow issues across NHS; Five million currently waiting to be treated
- Through acquisitions of the Oak Group, Intouch with Health Inc., and Transforming Systems, VitalHub well positioned to address newly funded needs.
COVID-19 has exacerbated existing patient flow issues across the NHS. As a result, the government is taking further measures to help reduce the backlog of patients awaiting tests and scans. With more than five million people waiting to be treated by the NHS in England, with hundreds of thousands waiting over a year, a solution is direly needed. This budget increase is intended to improve Trust infrastructure across the NHS in England. In turn, increased infrastructure and resources is supposed to help with patient flow.
VitalHub’s patient flow and other products solutions are well-positioned for continued expansion across the NHS, offering solutions in-line with the intended use of this increased funding to improve IT and digital technologies across trusts. The goal of this funding is to assist in reducing patient backlog by increasing broadband speed, increasing productivity and efficiency, modernizing technologies.
Through the acquisitions of the Oak Group, Intouch with Health Inc., and Transforming Systems, VitalHub has established a broad portfolio of best-in-class IT and digital health products that effectively address these needs.
The Oak Group is a software and service provider of its propriety ‘Making Care Appropriate for Patients’ (“MCAP”) System. MCAP can be used in an audit fashion to understand clinical inefficiencies in patient flow and as a basis to improve patient flow in real time. MCAP identifies patients that are clinically suitable for discharge or non-admission.
Intouch with Health offers a suite of solutions that help enable patient access outpatient care within Trust networks, processing approximately 41% of all NHS outpatient attendances, or 52 million outpatient appointments annually. The Intouch platform uses real-time data and integrated blended pathways to improve patient flow and support more effective patient care; increasing organizational efficiency to deliver an improved patient experience.
Intouch with Health’s Flow Manager is an integrated software dashboard that provides staff with real time patient oversight, seamless intra-trust coordination, and effortless organization. The Patient Flow manager optimizes efficiency, which enables greater productivity. Increased efficiency and productivity capability make Flow Manager integration a meaningful allocation of new NHS funds.
Synopsis iQ offers an in-Trust pre-operative assessment tool, comprising a comprehensive, automated pre-operative assessment tool that covers the entire process from initial questionnaire through post-op outcome. This tool has demonstrated the ability to cut cancellation rates, improve staff efficiency, and increase patient flow. As a major contributing factor to current patient backflow is understaffing, the Synopsis IQ epitomizes the modern technology, enabling increased staffing efficiency, the new funding is ascribed for.
Transforming Systems captures and processes high quality data to facilitate secure, real-time analysis and forecasting. Through the provision of actionable insights, Transforming Systems augments decision making processes. Moreover, the highly advanced data collection tools lead to improved organizational efficiencies tied to resource utilization. Again, as a large contributor to the patient backlog across the NHS in England is attributable to organization inefficiencies and antiquated technologies, the Transforming Systems Elective Solution is well-suited to address the issues intended to be solved through the new funding initiative.
These acquisitions have contributed to VitalHub’s extensive product portfolio, comprising best-in-class solutions that are equipped to address the intended objectives of the £2.1bn government funding for new technologies. The Company has established a considerable presence in the NHS network, continuing to grow its footprint having experienced in excess of 30% YoY organic growth across its recurring revenue stream, led by the UK products.
“We’re excited to see the UK government’s full-strength support for innovative digital health solutions,” said Dan Matlow, CEO of VitalHub Corp. “At present, we have penetration of at least one product being used across 70% of the NHS. We believe the company is well positioned to meaningfully compete for access to this £2.1 billion funding. The backlogs experienced through COVID-19 are still being felt today. We are delighted to participate in helping patients get the care they need and are confident in our ability to make an impact in trusts across the NHS. We see this funding as an opportunity to extend our existing organic growth and further integrate our products across the trust network.”
ABOUT VITALHUB
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 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, 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 Matlow
Chief Executive Officer, Director
(416) 727-9061
dan.matlow@vitalhub.com
