Syra Health Wins Contract Valued at Nearly $6 Million to Train Indiana Health Workers
Syra Health Corp. (NASDAQ: SYRA) has been awarded a $5.8 million contract to train healthcare professionals in Indiana who provide home and community-based care. The contract, awarded by the Indiana Family and Social Services Administration (FSSA), runs for four years with two additional one-year renewal options.
Syra Health will deliver curriculum development, competency assessments, a learning management system (LMS), a training registry, and a quality improvement plan. The company's curriculum development team, with over 200 years of combined experience, will create module-specific learning objectives and activities across various curricula, integrating health equity and cultural competency principles.
This contract aligns with Syra Health's recent surge in demand for off-the-shelf training services and positions the company to expand its health training services nationwide.
Syra Health Corp. (NASDAQ: SYRA) ha ricevuto un contratto di 5,8 milioni di dollari per formare i professionisti sanitari in Indiana che offrono cure a domicilio e comunitarie. Il contratto, assegnato dall'Amministrazione per le Famiglie e i Servizi Sociali dell'Indiana (FSSA), ha una durata di quattro anni con due opzioni di rinnovo di un anno.
Syra Health fornirà sviluppo del curriculum, valutazioni delle competenze, un sistema di gestione dell'apprendimento (LMS), un registro di formazione e un piano di miglioramento della qualità. Il team di sviluppo del curriculum dell'azienda, con oltre 200 anni di esperienza combinata, creerà obiettivi di apprendimento e attività specifiche per i moduli, integrando principi di equità sanitaria e competenza culturale.
Questo contratto si allinea con l'aumento recente della domanda di servizi di formazione preconfezionati da parte di Syra Health e posiziona l'azienda per espandere i suoi servizi di formazione sanitaria a livello nazionale.
Syra Health Corp. (NASDAQ: SYRA) ha sido galardonada con un contrato de 5.8 millones de dólares para capacitar a los profesionales de la salud en Indiana que brindan atención domiciliaria y comunitaria. El contrato, adjudicado por la Administración de Familias y Servicios Sociales de Indiana (FSSA), tiene una duración de cuatro años con dos opciones adicionales de renovación por un año.
Syra Health proporcionará desarrollo curricular, evaluaciones de competencias, un sistema de gestión del aprendizaje (LMS), un registro de capacitación y un plan de mejora de la calidad. El equipo de desarrollo curricular de la empresa, con más de 200 años de experiencia combinada, creará objetivos de aprendizaje y actividades específicas para cada módulo, integrando principios de equidad en salud y competencia cultural.
Este contrato se alinea con el reciente aumento de la demanda de servicios de capacitación estándar por parte de Syra Health y posiciona a la empresa para expandir sus servicios de capacitación en salud a nivel nacional.
시라 헬스 주식회사 (NASDAQ: SYRA)는 인디애나주에서 가정 및 지역 사회 기반 치료를 제공하는 의료 전문가를 교육하기 위해 580만 달러의 계약을 체결했습니다. 이 계약은 인디애나 가족 및 사회 서비스 관리국(FSSA)에서 수여하였으며, 4년 동안 지속되고 1년 갱신 옵션이 두 번 제공됩니다.
시라 헬스는 커리큘럼 개발, 능력 평가, 학습 관리 시스템(LMS), 교육 등록부 및 품질 개선 계획을 제공할 예정입니다. 이 회사의 커리큘럼 개발 팀은 200년 이상의 경험을 가지고 있으며, 다양한 커리큘럼에 걸쳐 모듈별 학습 목표와 활동을 만들고 건강 형평성 및 문화적 역량 원칙을 통합할 것입니다.
이 계약은 시라 헬스의 표준 교육 서비스에 대한 최근 수요 급증과 일치하며, 이 회사를 전국적으로 건강 교육 서비스를 확장할 수 있는 위치에 놓이게 합니다.
Syra Health Corp. (NASDAQ: SYRA) a été attribuée un contrat de 5,8 millions de dollars pour former des professionnels de la santé dans l'Indiana qui fournissent des soins à domicile et communautaires. Le contrat, attribué par l'Administration des familles et des services sociaux de l'Indiana (FSSA), s'étend sur quatre ans avec deux options de renouvellement d'un an supplémentaires.
Syra Health fournira le développement de curriculum, l'évaluation des compétences, un système de gestion de l'apprentissage (LMS), un registre de formation et un plan d'amélioration de la qualité. L'équipe de développement du curriculum de l'entreprise, avec plus de 200 ans d'expérience combinée, créera des objectifs d'apprentissage spécifiques aux modules et des activités à travers divers curricula, intégrant des principes d'équité en santé et de compétence culturelle.
Ce contrat est en accord avec la récente montée de la demande de services de formation standardisés par Syra Health et positionne l'entreprise pour étendre ses services de formation en santé à l'échelle nationale.
Syra Health Corp. (NASDAQ: SYRA) wurde mit einem Vertrag über 5,8 Millionen Dollar beauftragt, um medizinisches Fachpersonal in Indiana zu schulen, das häusliche und gemeindebasierte Pflege anbietet. Der Vertrag, der von der Familien- und Sozialdiensteverwaltung von Indiana (FSSA) vergeben wurde, läuft über vier Jahre mit zwei zusätzlichen einjährigen Verlängerungsoptionen.
Syra Health wird Curriculum-Entwicklung, Kompetenzbewertungen, ein Lernmanagementsystem (LMS), ein Schulungsverzeichnis und einen Qualitätsverbesserungsplan bereitstellen. Das Curriculum-Entwicklungsteam des Unternehmens, das über 200 Jahre kombinierte Erfahrung verfügt, wird modul-spezifische Lernziele und Aktivitäten über verschiedene Curricula hinweg erstellen, wobei Prinzipien der Gesundheitsgerechtigkeit und kulturellen Kompetenz integriert werden.
Dieser Vertrag steht im Einklang mit dem jüngsten Anstieg der Nachfrage nach standardisierten Schulungsdiensten bei Syra Health und positioniert das Unternehmen, seine Gesundheitsbildungsdienste landesweit auszubauen.
- Secured a $5.8 million contract with Indiana FSSA
- Contract duration of 4 years with potential for 2 additional years
- Opportunity to expand health training services nationwide
- Reported surge in demand for off-the-shelf training services
- None.
Contract Valuation: A $5.8 million contract over four years, with potential extensions, is a significant win for Syra Health. This deal reflects a robust revenue stream, which could positively impact the company’s financial statements. Assuming linear revenue recognition, this contract alone could add around
Revenue Diversification: The contract diversifies Syra Health's revenue sources, reducing dependency on existing contracts and services. This is important for mitigating risks associated with revenue concentration in few clients or services. Diversified revenue sources tend to stabilize cash flows and enhance financial predictability, making the company more attractive to investors.
Market Perception: Securing a state-level contract also boosts Syra Health's reputation and credibility in the market, which may attract additional contracts both within and outside Indiana. This could lead to increased investor confidence and potential upward movement in stock prices as market participants recognize the strategic value of this contract.
Industry Impact: The home and community-based healthcare sector is expanding, driven by demographic shifts like the aging population and a preference for home care over institutional settings. This contract positions Syra Health advantageously within a growing market. It opens avenues for future contracts in other states, leveraging their experience and demonstrated capabilities in Indiana.
Competitive Advantage: Developing a sophisticated LMS and a comprehensive training registry establishes Syra Health as a leader in healthcare education technology. Their ability to offer integrated, scalable solutions is a competitive differentiator. This can create entry barriers for competitors and secure longer-term engagements with clients, further enhancing market share and stability.
Strategic Alignment: The contract aligns with broader trends towards ensuring healthcare workforce competency and addressing health equity. By focusing on these areas, Syra Health demonstrates responsiveness to market needs and regulatory priorities, potentially attracting more government and private sector contracts.
Technological Innovation: The integration of a Learning Management System (LMS) and a training registry showcases Syra Health’s commitment to leveraging technology in streamlining healthcare worker training. An effective LMS will ensure standardized training practices and real-time tracking of workforce competence, a critical need in the healthcare sector where service quality directly impacts patient outcomes.
Operational Efficiency: Implementing a dynamic quality improvement plan and advanced reporting mechanisms can lead to improved operational efficiencies. Such systems allow for continuous monitoring and timely interventions, ensuring that training programs remain relevant and effective. This not only fulfills contractual obligations but also sets a benchmark for quality in healthcare training.
Scalability and Replicability: The modular approach to curriculum development and the use of interactive learning activities can be easily scaled and adapted to other states and healthcare settings. This scalability is important for future growth opportunities and can significantly enhance Syra Health’s market position.
Syra Health will deliver curriculum development, competency assessments, a sophisticated learning management system (LMS), a comprehensive training registry, and a dynamic quality improvement plan, all to fulfill FSSA's vision of "ensuring all home and community support professionals serving any population under a home and community-based settings waiver have the same competencies and training."
"We are proud to have been selected to implement statewide home and community support professionals training, as part of this important program administered by FSSA," said Dr. Deepika Vuppalanchi, CEO, Syra Health. "In recent months we have seen a surge in demand for our off-the-shelf training services and we look forward to providing additional health training services across the country."
Guided by several gold-standard learning models, Syra Health's curriculum development team will utilize over 200 years of experience to formulate module-specific learning objectives and interactive activities across the foundational, fundamentals, medication administration, and micro-credentials curricula. These curricula, aligned with State-defined core competencies, seamlessly integrate health equity and cultural competency principles to ensure effective and comprehensive learning by home and community support professionals of all backgrounds.
Syra Health's robust training registry will track the utilization of the training materials and will be integrated into the LMS to give a snapshot of the workforce capacity and competency at any given moment in time.
Effective monitoring and reporting will also be a critical aspect of this project. Syra Health will be providing comprehensive reports to FSSA at a regular cadence and modifying the process to meet any evolving monitoring or reporting needs.
ABOUT SYRA HEALTH
Syra Health is a healthcare technology company powering better health in challenging areas such as behavioral and mental health, digital health, and population health, by providing innovative services and technology products. Syra Health's offerings are centered on prevention, improved access, and affordable care. Syra Health supplies its solutions to payers, providers, life sciences organizations, academic institutions, and the government. For more information, please visit www.syrahealth.com.
FORWARD-LOOKING STATEMENTS
Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements." These statements include but are not limited to, statements relating to the expected use of proceeds, the Company's operations and business strategy, and the Company's expected financial results. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The forward-looking statements contained in this press release are based on management's current expectations and are subject to substantial risks, uncertainty, and changes in circumstances. Investors should read the risk factors set forth in our Form 10-K for the year ended December 31, 2023, and other periodic reports filed with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and, except as required by federal securities laws, the Company specifically disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contacts
For Media Inquiries:
Christine Drury
Communications and Marketing Director
Syra Health
463-345-5180
christined@syrahealth.com
For Investor Inquiries:
Ben Shamsian
Vice President
Lytham Partners, LLC
646-829-9701
shamsian@lythampartners.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/syra-health-wins-contract-valued-at-nearly-6-million-to-train-indiana-health-workers-302204801.html
SOURCE Syra Health
FAQ
What is the value of Syra Health's new contract with Indiana FSSA?
How long is the duration of Syra Health's contract with Indiana FSSA?
What services will Syra Health provide under the new Indiana FSSA contract?
How does this contract align with Syra Health's recent business trends?
