NEW YORK, July 19, 2022 (GLOBE NEWSWIRE) — SCWorx Corp (NASDAQ: WORX) today announced the signing of a 2-year service agreement extension with a highly respected Integrated Delivery Network (“IDN”) ranked in the Top 5 largest IDN’s in the United States (Definitive Healthcare List: Top 25 IDN by Net Patient Revenue).
An integrated delivery network (“IDN”) is an organization with a group of allied healthcare providers along with local healthcare facilities. This current customer was previously contracted for a 1-year $450,000 service agreement for SCWorx’s data management solutions that repairs and connects supply chain, financial and clinical attributes. This new service agreement is effective January 1, 2022 and will extend the agreement through the end of 2023 and includes additional services for Oracle Cloud. The new service agreement increases our previous anticipated revenue to a total contract value of $960,000 over the term of the new contract (of which $135,000 was recognized in the first quarter of 2022).
Tim Hannibal, President and CEO of SCWorx said, “We have partnered with one of the most advanced and largest IDN’s in the country to deliver services that will have significant value and efficiency into this healthcare providers daily operations. In addition, SCWorx is demonstrating its capabilities for the assistance in implementing and migrating to Oracle Cloud. We look forward to continuing to take part in the foundational data management service and also extending our service deliverables to include the Oracle Cloud project assistance. The SCWorx team is excited to offer this service offering and to work with other healthcare systems that are implementing and migrating to Oracle Cloud.”
The Company does not expect to incur any significant additional overhead resulting from this contract and anticipates procuring new contracts for its software by numerous other healthcare providers in the foreseeable future.
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 July 19, 2022
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