NEW YORK--(BUSINESS WIRE)--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.
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