New York Hospital Selects SCWorx for Data Management and Workday Implementation Assistance

Rhea-AI Summary

SCWorx Corp. (Nasdaq: WORX) announced the acquisition of a new healthcare provider customer for its SaaS data management services and Workday implementation support. The new client, a non-profit academic hospital in New York with over 400 beds, will utilize SCWorx's Foundation data management platform. This platform enhances the hospital's ability to manage data across supply, clinical, and finance applications, which is crucial for accurate revenue capture. CEO Tim Hannibal emphasized that the quality of data is vital for efficiently implementing Workday as an enterprise resource planning solution. This new partnership highlights SCWorx's growing relevance in the healthcare sector and its commitment to providing high-quality data solutions.

Positive

• Acquisition of a new healthcare provider client enhances SCWorx's market presence.
• The new client operates over 400 beds, indicating significant potential revenue.
• The Foundation data management platform recognized for improving operational efficiency.
• Workday implementation signifies trust in SCWorx's capabilities.

Negative

• None.

New York, NY, April 25, 2023 (GLOBE NEWSWIRE) -- SCWorx Corp. (Nasdaq: WORX) today announced that it has signed another new healthcare provider for its SaaS data management service offering and Workday implementation assistance.

This new hospital customer, headquartered in New York, is a non-profit academic healthcare provider with over 400 beds under management. In addition to the company’s data management service offering the hospital will utilize SCWorx expertise and application functionality to assist with the hospital’s Workday implementation.

“SCWorx is providing this new customer with our Foundation data management platform.  This platform is continuing to be recognized as an advanced application that empowers hospitals to accurately move data between supply, clinical and finance applications.  Accurate data enables hospitals to track information about items for proper revenue capture.  In addition, this data can be used to enable other applications to perform better.”, said Tim Hannibal, SCWorx CEO.  Hannibal added, “The foundational data principle is that all applications work more effectively with accurate data.  This is why this healthcare provider chose SCWorx for data management as well as Workday implementation assistance.  Workday is a transformational experience for a healthcare provider and the best way to start is with the highest quality data.  More and more healthcare organizations are selecting and implementing Workday as their enterprise resource planning solution. SCWorx is a valuable application and partner for this very significant implementation.  This is another great customer win for SCWorx and continues to demonstrate the value SCWorx brings to hospitals.”

About SCWorx

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.

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. 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.

Contacts:

ir@scworx.com
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Source: SCWorx Corp.

FAQ

What recent developments has SCWorx (WORX) announced?

SCWorx announced the acquisition of a new healthcare provider customer for its SaaS data management services and Workday implementation assistance.

How many beds does the new healthcare provider managed by SCWorx (WORX) have?

The new healthcare provider managed by SCWorx has over 400 beds.

What is the significance of SCWorx's Foundation data management platform?

The Foundation data management platform helps healthcare organizations manage data across supply, clinical, and finance applications, which is essential for accurate revenue capture.

Why did the healthcare provider choose SCWorx (WORX) for Workday implementation?

The healthcare provider chose SCWorx for Workday implementation due to its expertise in data management, emphasizing the need for high-quality data.