SCWorx Corp (Nasdaq:WORX) a leading provider of foundational data
management solutions for the healthcare industry, announced today that
in January 2019 it signed a new five year agreement with a large
healthcare company. The agreement has two components, the first, a
services contract, is valued at $900,000 per year for annual license
fees, consisting of data management services and an analytics suite of
application solutions, and includes $100,000 for initial implementation
for year one. The second component is a distribution arrangement under
which this large health care company may distribute the Company’s data
management solutions to the more than 2,000 hospitals with which it has
existing business relationships. The Company expects that this
distribution arrangement will substantially increase the Company’s
exposure in the healthcare marketplace. SCWorx’s core data management
solution, ‘Platform of One’, offers clients the ability to integrate
data flow across multiple operational disciplines streamlining time to
delivery of the data solutions as well as lower operational costs
through automation.
Marc Schessel, Founder and CEO stated “Since entering into this new
arrangement, SCWorx has experienced a significant increase in inquiries
about its core data management solutions, about which we are very
excited. SCWorx’s core data management solution, ‘Platform of One’,
offers clients the ability to integrate data flow across multiple
operational disciplines streamlining time to delivery of the data
solutions as well as lower operational costs through automation.
Schessel added, “SCWorx continues to sign long term recurring revenue
agreements with multi-billion dollar healthcare companies. Our
disruptive technology is rapidly becoming known throughout the industry
as a superior data management solution as it allows for data management
and interoperability and results in lower costs. SCWorx now has several
of the largest healthcare IDN’s (Integrated Delivery Networks) and many
more in the pipeline. The willingness of this large healthcare company
to distribute the Company’s platform to its more than 2,000 customers is
a testament by a leading industry player of the efficacy and primacy of
our data management solutions. We are excited about the opportunities we
have for future revenue growth, as well as the acquisition of coveted
healthcare customer logos.”
According to an International Data Corporation
(IDC) report, the volume of big data is projected to grow
faster in healthcare than any other sectors over the next seven years,
and analysts predict healthcare data will experience a compound annual
growth rate of 36% through 2025. BIS Research,
has cited that big data in healthcare will grow over $68.75 billion by
the end of 2025, driven by analytical tools, artificial intelligence,
and machine learning techniques to derive data-driven insights in order
to reduce healthcare costs, enhance revenue streams, develop
personalized medicine, and manage proactive patient care.
About SCWorx Corp
SCWorx has created The Platform of One™ an advanced attributed
Virtualized Item Data Warehouse utilizing Machine Learning (ML) and
Artificial Intelligence (AI) in order to offer a suite of SaaS based
solutions for healthcare providers. The value proposition for customers
revolves around all solution modules being fully integrated with the
Virtual Data Warehouse platform. The solution modules include Virtual
Item Master, Contract Management and RFP Module, Automated Rebate
Management Module, Data Interoperability (EMR, MMIS, Finance) Module,
Automated Item Add Portal, Virtual General Ledger (GL), and the Data
Analytics module. SCWorx Platform of One™ creates the Single Source of
Truth for the Healthcare providers’ data governance and data analytics
for the Executives.
Forward-looking Statements
This 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 financial
position, prospects, plans and objectives of management are
forward-looking statements. Examples of such statements include, but are
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intentions or meet the expectations or projections disclosed in the
forward-looking statements and 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, securing future contracts and containing
costs, the ability to project future cash utilization and reserves
needed for contingent future liabilities and business operations and the
availability of sufficient resources of the combined company to meet its
business objectives and operational requirements.
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