Vitalhub (VHI.V) has come out strong in the first two weeks of 2019 showing a solid trajectory for the company’s direction in spite of a market which has shown its disinterest in blockchain.
Vitalhub is a medical services supplier, producing applications using blockchain technology that consolidate the daily processes of medical care providers. Their stock price is presently resting at $0.17 with a market cap of $22 million, even given their two opening plays of 2019.
The company has secured a five year licensing deal with the Province of Nova Scotia to support the Department of Community Services (DCS) in their quest for a digital case management solution.
The Province of Nova Scotia has agreed to a five-year license for Vitalhub’s TREAT client management software to support the Department of Community Services (DCS) following a proposal request for a new application to make daily business more efficient.
TREAT will provide one holistic, integrated record to see, a full history of the client’s journey. This would include outcomes based on standardized assessments, case plans with integrated best-practice driven interventions, and a history of all the programs/services received, including external referrals.
The five-year deal with the Province is a big deal for Vitalhub, which would provide professional services and receive recurring licensing revenue at the price of $9 million.
The DCS is the largest direct delivery of human and social services in Nova Scotia. Its responsibilities include making sure the basic needs of individuals and families are met by providing services and supports to people in need, and protecting at-risk children and adults. When the TREAT software is effectively rolled out, everything from youth and family support, to disability support programs, will be using it.
The second of Vitalhub’s announcements in 2019 involves a partnership that’s a little smaller in scale, but no less important. Vitalhub has secured a deal with the Elliot Community, a long-term care retirement centre in Guelph, Ontario, for the use of their VH-LTC mobile app.
First, let’s have a look at what the VH-LTC app offers:
The app streamlines documentation. Patient forms and charts are consolidated and digitized for ease of use. These files can then be accessible via either smartphone or tablet technology.
This will provide the ability to document and record critical resident information at the point of care, cutting down on the paperwork and thereby making the operation that much more efficient.
“The Elliot Community joins the growing VH-LTC community. We are continuing to add homes in the Ontario region for this solution and would like to welcome Elliott Community as our newest customer,” said Matlow.
VH-LTC came about in 2016, as a joint effort between the MaRS Solution Lab, a laboratory for medical and related solutions, and Ontario’s Ministry of Government and Consumer Services as part of an experimental program called “Procurement by Co-Design.”
“We are pleased to be partnering with Vitalhub. This technology will create efficiencies in workload for the front-line staff, improve the accuracy of data collection and in turn improve overall resident care,” said Michelle Karker, CEO of Elliott Community.
Vitalhub and Trinity Village, a non-profit organization with 150 long-term care beds in Kitchener, Ontario, were one of four grant winners selected from 17 competing teams in 2017. Vitalhub was selected specifically to design a mobile app to ease the burdens of long-term care frontline staff.
Regardless of whether or not the market believes that blockchain is bust, there is an increasing demand within the healthcare industry for the type of service that Vitalhub offers.
A quick glance at the Vitalhub chart displays a certain amount of market ambivalence, but who knows where they could be by this time next year?
–Joseph Morton
Full Disclosure: Vitalhub is an Equity.Guru marketing client.