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 MatlowChief Executive Officer, Director(416)
727-9061dan.matlow@vitalhub.com
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