SCWorx Expands Customer Base with New Contract for Utilization of ScanWorx Service Offering

NEW YORK, Jan. 07, 2020 (GLOBE NEWSWIRE) -- SCWorx Corp. (Nasdaq: WORX) announced today a further expansion of its customer base with a prestigious hospital system in the Northeast with a five-year, minimum $1 million contract for its proprietary ScanWorx, the company’s service offering. The agreement represents increased market validation of the company’s ScanWorx application, which is its trademarked application and part of a suite of proprietary applications that collectively referred to as SCWorx, to significantly improve operating and financial performance by increasing automation involved in documenting cases in hospital procedural areas while simultaneously providing accurate information for use in patient billing systems.

“Senior hospital executives representing finance, perioperative and materials departments, are increasingly recognizing that the ScanWorx solution provides the best opportunity to achieve hospitals’ financial goals of reducing costs and increasing procedure-based margins without sacrificing patient outcomes,” commented Marc Schessel, CEO of SCWorx. “Implementation of this contract will enhance the hospital system’s patient safety via the increased granular transparency delivered by the SCWorx platform through its data management tools and advanced integration modules, forming a natural ‘closed loop’ processing solution from which hospitals can effectively maximize revenues, reduce product costs and drive better clinical outcomes in a replicating and sustainable fashion.” 

Mr. Schessel continued, “While this is an important step forward for this hospital system and SCWorx, it is just the initial step in a process that will ultimately tie all departments in the hospital system together so that its management can drive one clear vision and mission for the communities they serve. We are privileged that the hospital system continues to entrust SCWorx with such a pivotal role in this far reaching, transformative project and look forward to driving further growth.” 

About SCWorx Corp.
SCWorx has created The Ultraverse Platform, 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 Ultraverse Platform™ creates a single source for accurate information for the healthcare providers’ data governance and data analytics for 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. For example, SCWorx is using forward-looking statements when it discusses the role SCWorx will play in future hospital programs as part of their “closed loop” processing initiative. 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. 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, securing future contracts and 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 combined 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, 2018, 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. View source version on globenewswire.com.

Contacts:
Marc Schessel
mschessel@scworx.com

Investor Contact:
Scott Gordon
President
CORE IR
516-222-2560
scottg@coreir.com

Media Contact:
Jules Abraham
Director of Public Relations
CORE IR
917-885-7378
julesa@coreir.com

Source: SCWorx Corp.

Released January 7, 2020