On April 08, 2019 VitalHub (VHI.V) announced that it has licensed its MCAP patient flow software solution to Hamad Medical Corporation (HMC) in Qatar.
HMC is the main provider of secondary and tertiary healthcare in Qatar and one of the leading hospital providers in the Middle East.
It’s a big operation.
HMC currently manages 12 hospitals, including 9 specialist hospitals and 3 community hospitals – as well as the National Ambulance Service and home and residential care services.
The State of Qatar (pop. 2.6 million) occupies the tiny Qatar Peninsula on the northeastern coast of the Arabian Peninsula.
Since pre-Islamic times, Qatari poets have been considered essential truth-tellers. Every significant tribe had its own poet, to help them process life’s endemic mysteries.
Eighty percent of Qatar’s total population are migrant workers, mostly from Asia and Africa.
Qatar’s legal system is a mixture of civil law and Sharia law. The penalty for adultery is 100 lashes, for homosexuality – death – although Qatar has not executed anyone since 2003.
Fueled by natural gas and oil revenue, Qatar’s citizens (not the migrant workers) are the richest people in the world.
All HMC hospitals are certified by the prestigious Academic Medical Center accreditation program. Hamad General Hospital’s new Trauma and Emergency Department is scheduled to open in 2019.
VitalHub’s subsidiary, Oak Group International has licensed its web-based patient flow software, MCAP (Making Care Appropriate for Patients), to HMC’s Continuing Care Group to support the implementation of Qatar’s National Continuing Care Strategy.
This follows the March 20, 2019, announcement that VHI has acquired 100% of The Oak Group assets.
Twenty-two hospital groups already use MCAP daily across the U.K and in the Middle East representing over 10,000 hospital beds.
VitalHub is committed to centralising healthcare information systems in the Mental Health, Long Term Care, Community, Home Health and Hospital sectors – employing Blockchain, Mobile, and Web-Based solutions.
VitalHub’s super-objective is to enable interoperability among existing health data systems.
Interoperability is the ability of different information systems, devices or applications to connect in a coordinated manner
This agreement between VHI and Qatar’s HMC, follows the completion of a Patient Flow review. The review involved a collaboration with the PricewaterhouseCoopers – on of the world’s 4 big auditors.
Employing “evidence-based criteria” the review confirmed opportunities to optimize admission and discharge processes at a number of HMC’s continuing care facilities.
The expectation is that the MCAP solution will assist health care professionals in determining the most appropriate level of care for patients.
VitalHub sees “a significant opportunity to develop recurring revenue opportunities through the introduction of the MCAP solution.”
VHI is micro-cap stock with a market cap of $29 million.
Little companies with localised ambitions often talk about “global opportunities”.
VHI isn’t talking.
They are doing it.
VHI’s robust two-pronged growth strategy, targets growth opportunities within its product suite while pursuing an aggressive M&A plan across the globe.
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“Our relationship with HMC is an important validation of VitalHub’s ability to convert patient flow and care management reviews into concurrent-use licensed products,” stated Dan Matlow, CEO of VitalHub. “Our ability to cultivate and mature relationships with prestigious hospital groups such as HMC demonstrates our ability to serve the criteria and needs of the Middle East market.”
Q3, 2018 VHI Financial Highlights (figures rounded):
- Revenue of $2.1 million
- Revenue increase of 1,224% over the same period last year.
- Revenue increase of 14% over Q2, 2018
In 2022, Qatar will host the FIFA World games. For this event, legal alcohol areas will be expanded from 5-star hotels, to temporary “fan zones”. With 54% of UK soccer fans classified as “chronic binge drinkers” – and an average high-noon Qatar temperature of 50 Celcius (120 degrees), the local emergency rooms will be rockin’.
The global patient flow solutions market is projected to reach US$2.53 billion by 2025, growing at a CAGR of 21.32% from 2017 to 2025. (Verified Market Research, August 2018).
Full Disclosure: VitalHub in an Equity Guru marketing client and we own the stock.