SCWorx Announces New Product and the Signing of Two New Hospital Customers
New York, NY, Sept. 06, 2022 (GLOBE NEWSWIRE) -- SCWorx Corp. (Nasdaq: WORX) today announced that it has launched a new product offering for healthcare providers along with the signing of two new mid-Atlantic hospitals for the product.
The new product offering enables hospitals of all sizes to quickly and easily benefit from the SCWorx data platform. SCWorx offers a technically advanced solution which has proven to be beneficial to large hospitals with challenging technical and data management issues. To expand the Company’s target demographic SCWorx has modified its product deliverables and pricing structure to more effectively meet the needs of hospitals of all sizes. Now healthcare providers with either small or large standalone facilities, multiple locations, intense data projects and basic or unique data challenges are able to utilize the SCWorx application in an easier and more affordable format.
“We are excited at the opportunity that this product provides and now SCWorx can provide our solution and fulfill the needs of all hospitals,” said Tim Hannibal, SCWorx CEO. Hannibal added, “Data management requirements vary across the healthcare industry. Many hospitals struggle to solve their issues with products that don’t fit their needs. SCWorx now delivers a solution that helps hospitals identify their data needs and enables them to purchase, and use, only what they need. With this new offering SCWorx can now increase its target market and deliver a foundational data product that, among other benefits, assists hospitals with cost savings, benchmarking and revenue capture. In addition, SCWorx becomes the trusted source of truth for their data needs and can also provide the technology that allows them to use their data to their advantage rather than reactively fixing their data. The SCWorx team believes there is a strong market fit for this suite of products and this is demonstrated by the recent addition of two new hospitals on this new product.”
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.
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 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.
Source: SCWorx Corp.
Released September 6, 2022