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ORHUB Inc. (ORHB)

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Last Post: 7/19/2017 1:59:31 PM - Followers: 4 - Board type: Free - Posts Today: 0

ORhub, Inc. (ORHB) is a cloud-based software platform designed to transform the business of surgery into a value-based model. The platform empowers care providers at every stage of the surgical process to collaborate, organize, deliver, measure, and reimburse in one intuitive, easy-to-use program. This significantly decreases cost and improves outcomes by eliminating inefficiencies, duplications of effort, errors and omissions that result from siloed processes in outdated software and poor handoffs from one part of the care process to another.

In an industry where major IT rollouts traditionally cost millions of dollars and take an average of 18 months, pilot installations of ORhub have been completed in less than a month. By avoiding integration with legacy systems completely through a radically comprehensive and collaborative approach, providers see results right away. This approach produces real-time metrics in a uniform manner at any institution, which makes it ideal for large providers looking to make improvements across the board at multiple facilities.

ORhub started as a pilot program developed in cooperation with a major Southern California hospital. It has since expanded operations into a second facility at the number two non-profit hospital system in the United States. Three additional pilot programs are scheduled prior to a national launch. The company has raised more than $1.6 million as of January 2017.

The company is also a showcase member of the startup program at Microsoft, which has been a key partner by providing financial assistance, strategy, introductions to influencers and mentors, and access to its sales organization who see ORhub as an exciting partner to expand the utilization of Microsoft Surface devices and Azure Cloud. Microsoft is funding a major case study in partnership with Intel about the impact of ORhub on participating institutions to be concluded sometime in Q2 2017.

Delivering surgical care to a single patient is a complex process that may take half a dozen companies and more than a dozen departments cooperating inside and outside the care facility. ORhub simplifies and streamlines this process by enabling vendors, providers, and surgeons to collaborate on providing care.

Investment Highlights

  • Transforming the business of surgery into a value-based model
    Strong pilot program with major California hospital network
    Expanded operations to No. 2 non-profit hospital system in the U.S.
    Preparing for additional launch of pilot program on a national scale
    Showcase member of the startup program at Microsoft
    Digital platform has potential to revolutionize surgical care
    EHR has enhanced capabilities over traditional OR solutions
    Visionary leadership team with wealth of relative experience

 


Technology

Harnessing the uncaptured data of the operating room for economic value and improved outcomes

Many hospitals and vendors rely on paper forms and handwritten notes to track everything that happens in the operating room, from the details of a procedure to the implants and tools used. This leads to mistakes, missing data, delays or lack of payment, time wasted, and little opportunity for analysis and improvement.

ORHub's digital platform:

  • Eliminates errors caused by poor handwriting
    Reduces opportunity for mistakes by allowing users to select from pre-loaded sets of detailed implants and tools rather than relying on memory or catalogue numbers alone
    Further reduces errors by requiring verification and sign-off from multiple users before completing a case
    Creates purchase orders and implant records automatically based on the case record, saving time and improving reliability
    Fits within existing operating room workflow and requirements, streamlining tasks to save time
    Enables rich data analysis across all of a hospital's cases tracked through ORHub

 


The Opportunity

Providing enhanced capabilities over traditional EHR solutions

The need for ORhub is clear. Health care costs are out of control at more than 17% of U.S. GDP, which equates to over $3 trillion per year. With costs rising every year due to an aging population and increasingly expensive treatments, providers are under severe pressure to become more efficient and reduce costs. This is happening because payors are aggressively reducing reimbursements and finally moving away from fee-for-service and toward a performance-based reimbursement system referred to as value-based health care.

Accurately measuring the cost of treating a condition and relating that cost to the patient's outcome is at the heart of value-based health care. Institutions that have adopted this model have reaped savings of 20-40% on their overall cost of care. Unfortunately, today's siloed IT systems are fundamentally at odds with this process. Legacy health care solutions come from a fee-for-service world and have reinforced the problem and produced a system with erratic quality and unsustainable costs. Most health care applications today are incremental improvements on these existing systems or are simple digital implementations of antiquated pen-and-paper processes.

Providers wanting to practice value-based health care need value-based software. ORhub creates a value-based solution that will revolutionize surgical care delivery by tracking the cost of treating a condition from diagnosis to discharge, and tracking outcomes that resulted from that treatment.

ORHub creates a new category of healthcare IT Vertical Specific Software known as surgical Resource Management. It offers enhanced capabilities over traditional EHR solutions in the operating room.

 


Leadership

ORhub's leadership team is helmed by Colt Melby, who was appointed CEO in 2016 and has been crucial to developing and executing the company's business strategy. Melby collaborates with a team of professionals who have successfully moved OrHub from concept to production in institutional medicine in less than a year.


COLT MELBY, CEO
Colt Melby was appointed chairman and CEO of the company after the ORHub Asset Purchase. He was an initial Member of ORHub, LLC in November 2015 and served as its CEO. He has had a 30+ year career as a senior level executive in both public and private companies. Melby is an active entrepreneur and investor, taking officer positions when needed. His focus is on high-growth companies, recently in digital health and regenerative medicine.

Since December 2015, Melby has been an independent director on the board of News Beat Social (NBS), a company that is in the process of a Reg A plus IPO. Prior to ORHub and the Company, between 2008 and 2014, Melby served as chairman of the board at CUI Global, Inc. (NASDAQ: CUI), a publicly traded holding company that develops and commercializes Innovative Industrial and Power Technologies. Between 2012 and 2014, Melby also served as vice chairman of the board at Quest Resource Holding Corp (NASDAQ: QRHC) and was the CEO of Earth911 (the predecessor company to QRHC). Previously, Melby financed the acquisition of Smith & Wesson by a public company. He subsequently served as president and chief operating officer of publicly held Smith & Wesson Holding Corporation (NASDAQ: SWHC) from September 2002 to December 2003 and served on the board of SWHC between 2001-2008. Melby has also served in a number of positions within the aerospace industry, most recently with Metal Form, Inc., a privately held aerospace manufacturing company, where he served as president and CEO from 1987 to September of 1999.

WESLEY MITCHELL, CTO
Wesley Mitchell brings with him a wealth of technology experience gathered over 20 years in the industry. Mitchell spent time working cybersecurity with the FBI, product work with Microsoft, and has had a significant career in the consulting world for a number of top firms. In 2012 Mitchell founded his first technology startup, Atomorbit. His company would go on to sell over 50,000 seats in the cloud to companies like Microsoft, SD Micron and Juniper Networks, as well as to win two major awards from Geekwire and Venturebeat magazine for innovation.

He served as a technical advisor to ORHub from March 2015 until his transition to full-time CTO in February of 2016.

LANNY LANG, CFO
Lanny R. Lang has been the CFO of the company since 2005. Lang continued on as CFO of the company after the ORHub acquisition. Lang has over 30 years of CFO-related restructuring, financial consulting, reverse merger, capital structuring, financial process and SEC financial reporting experience. Since 2004, Lang has also been the CFO, secretary and treasurer of Aztoré Capital Corp. ("ACC") and prior to that its predecessor, Aztoré Holdings, Inc. (1995-2012). ACC acquired its predecessor in a merger in 2012. Aztoré is a closed-end management investment company that provides a broad range of activities to companies in complex financial situations, including high-growth companies and financially distressed companies. Lang serves on the board of all of Aztoré's portfolio companies. Lang was a CPA with Price Waterhouse (now PWC) in Minneapolis, Minnesota from 1980 to 1986.

MICHAEL S. WILLIAMS
Michael S. Williams was the company's chairman between 2005 and the ORHub Acquisition on June 30, 2016. On July 1, he was appointed a director and under a contract with Aztoré Capital Corp. ("ACC"), the company's EVP. Williams has almost 50 years' experience in investment banking, commercial banking, venture investing and the management of companies challenged by high growth or financial turmoil. Since 2004, Williams has also been the president of ACC and prior to that its predecessor Aztoré Holdings, Inc. (1995-2012). ACC acquired its predecessor in a merger in 2012. ACC is a closed-end management investment company that provides a broad range of activities to companies in complex financial situations, including high growth companies and financially distressed companies. Between 1999 and 2007 Williams was at various times a director, the chairman of the board, president and CFO of Quality Care Solutions, Inc. ("QCSI"), a medical software company. ACC had a major portfolio position in QCSI. QCSI was sold in December 2007 for $140 million, and Williams was a principal member of the sales team. Williams has an MBA from the Wharton Graduate School in Finance and Strategy.

 


ORHub, Inc.
9830 S. 51st St.
Suite A-128
Phoenix, AZ 85044
Phone: (844) 545-4508 ext 402
www.ORHub.com

NetworkNewsWire
1324 Lexington Ave.
Suite 117
New York, NY 10128
Phone: (212) 418-1217
www.NetworkNewsWire.com

 

NetworkNewsWire is a moderator of this board. Please see disclaimer on the NetworkNewsWire website: https://www.networknewswire.com/disclaimer/

 


 ORGANIZATION AND OPERATIONS
Current Operations On June 30, 2016, pursuant to an Asset Purchase Agreement (the “APA”), MemReg, Inc. (the “Company”) acquired all the assets and assumed certain liabilities of ORhub, LLC (“ORhub”) including its name, business, technology, website and patents (see Note 3). Immediately subsequent to the closing of the APA, the Company consummated a tax free split-off (“Split-off”) of its wholly owned subsidiary, Memorability Registry Corp. (“MRC”) to 22 common and preferred stockholders (see Note 4). Under the terms of the APA, the former ORhub stockholders held approximately 88% of the common stock of the Company immediately after the closing of the APA. For accounting purposes, ORhub will be deemed to be the accounting acquirer in the transaction and, consequently, the transaction will be treated as a recapitalization of the Company. Accordingly, ORhub’s assets, liabilities and results of operations will become the historical financial statements of the Company and the Company’s assets, liabilities and results of operations will be consolidated with ORhub effective as of the date of the closing of the APA. No step-up in basis or intangible assets or goodwill will be recorded in this transaction. (see Note 3). With the acquisition of ORhub and the Split-off of MRC, the Company is now continuing to develop the ORhub System. Initially conceived in 2012, ORhub has developed a proprietary cloud-based application that it believes significantly improves the productivity and accountability of implant based orthopedic and cardiac operations. ORhub’s software is 100% cloud-based and will be sold on a subscription basis. ORhub believes that its software’s cost will be more than justified by accelerating billing and inventory control. Therefore, users get all the benefit of the productivity and information gains for free. ORhub plans to provide a uniform interface platform for surgery which leverages the power of process and data analytics, providing hospitals and medical device vendors with modeling and predictive analytics that will transform their surgery business and lower the cost of care. ORhub is currently in the last stages of developing it production software and expects to introduce it in production use in September 2016.  


http://www.otcmarkets.com/otciq/ajax/showNewsReleaseDocumentById.pdf?id=21170
 
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ORHB News: Health Care Industry in Need of Unitary Data Processing Solution over Existing Legacy Systems 03/30/2017 08:30:00 AM
ORHB News: Big Data Poses Big Headaches as Health Care Industry Adopts HIT Systems 03/22/2017 08:30:00 AM
ORHB News: Health Care IT & Big Data Analytics Expanding with the Rise of Value-Based Care Model 03/15/2017 09:30:00 AM
ORHB News: Headaches of Hospital Leaders Validate Need for Health Care Data Solutions 03/08/2017 08:30:00 AM
ORHB News: How Health Care Technology Can Reduce Spending and Improve Health System Efficiency 03/01/2017 08:30:00 AM
PostSubject
#223   ORHB Shares Spike on Launch of Cardiac and NetworkNewsWire 07/19/17 01:59:31 PM
#222   Very good Idea, I had 1000 folks on bonehead41 07/18/17 09:45:03 PM
#221   I know some of the guys on the RandyKCMO 07/17/17 07:32:48 PM
#220   Randy, The company needs to be more liquid with bonehead41 07/17/17 07:17:10 PM
#219   Funny... There are just 4 followers of RandyKCMO 07/15/17 10:51:13 AM
#218   Yep your right 0.50 is the price point bonehead41 07/14/17 11:19:11 PM
#217   It's all part of what makes the market RandyKCMO 07/14/17 10:38:22 PM
#216   $30k in trading volume is a joke. We bonehead41 07/14/17 10:09:22 PM
#215   Not yet ready for prime time. Will not logytwo 07/14/17 10:17:36 AM
#214   I don't disagree... but from what I hear RandyKCMO 07/14/17 10:09:55 AM
#213   Company needs more exposure, the IR firm they bonehead41 07/14/17 09:40:55 AM
#212   Are there hurdles and milestones to reach? Certainly. But RandyKCMO 07/14/17 07:41:53 AM
#211   It seems the increase in volume and stock RandyKCMO 07/14/17 07:34:53 AM
#210   They need a better IR firm. bonehead41 07/12/17 08:20:33 AM
#209   This news hasnt attracted as many buyers as GrabThatCash 07/11/17 05:00:36 PM
#208   ORHB Eyes Expansion in Major US Markets with NetworkNewsWire 07/11/17 08:59:14 AM
#207   Echo !!! echo GrabThatCash 07/10/17 12:19:11 PM
#206   ORHB Software Highlighted in Microsoft Publication NetworkNewsWire 07/10/17 11:28:33 AM
#205   ORHB Driving Health Care Cost Reduction of Up NetworkNewsWire 06/30/17 01:03:52 PM
#204   ORHB Proves Its Value at Hoag Orthopedic Institute NetworkNewsWire 06/28/17 03:51:32 PM
#203   ORHB Expanding Resource Management Platform with Customer-Requested Modules NetworkNewsWire 06/28/17 01:31:52 PM
#202   ORHB Platform Featured in ‘Customer Stories’ Piece by Microsoft NetworkNewsWire 06/22/17 09:55:58 AM
#201   Another brick in the wall.... logytwo 06/21/17 11:49:22 AM
#200   ORHB Announces Exercise Price for Series B and NetworkNewsWire 06/21/17 11:35:01 AM
#199   ORHB Announces Launch of New Service Module Targeting NetworkNewsWire 06/14/17 11:39:19 AM
#198   They are in two hospitals, still testing works logytwo 06/01/17 12:19:18 PM
#197   Correction: $1B in annual revenue. TheBro 06/01/17 12:09:16 PM
#196   Fantastic! Thank you for sharing. Any inclination to TheBro 06/01/17 12:08:42 PM
#195   The software is complete and in use daily. logytwo 05/31/17 12:47:56 PM
#194   How was the lunch? Anything to share? TheBro 05/31/17 12:18:47 PM
#193   Lunch with Lanny, Cyrus Olsen and others next logytwo 05/16/17 03:24:15 PM
#192   8 to 1 sell ratio over buys, If bonehead41 05/11/17 10:26:11 PM
#191   ORHB Adds Sterilization Process Module to Existing Cloud-Based Platform NetworkNewsWire 05/09/17 12:18:08 PM
#190   I like your thinking here! TheBro 05/03/17 09:17:57 AM
#189   If the past can indicate the future, Dr. logytwo 05/02/17 12:59:45 PM
#188   ORHB Appoints Dr. Cyrus Olsen as New Chief NetworkNewsWire 05/02/17 12:12:24 PM
#187   don't hurt yourself trying to figure out the eaglesfly17 05/01/17 12:41:46 PM
#186   So tell me what is the profit margin bonehead41 04/28/17 09:19:16 PM
#185   Very nice! Thank you for posting ! subslover 04/28/17 01:56:52 PM
#184   ORHB Successfully Collects Data from 500 Surgeries NetworkNewsWire 04/27/17 12:15:23 PM
#183   great insight eaglesfly17 04/26/17 12:23:46 PM
#182   Really I feel another attack is coming. The bonehead41 04/25/17 08:45:45 PM
#181   ORHB HITECH SaaS Platform Set to Transform Operating NetworkNewsWire 04/25/17 09:18:35 AM
#180   Thank you TheBro!!! subslover 04/25/17 12:13:49 AM
#179   Welcome aboard! TheBro 04/24/17 06:40:22 PM
#178   As Harry Casey used to say (and still logytwo 04/24/17 02:49:45 PM
#177   ORHB Launches App to Streamline Efficiencies in the NetworkNewsWire 04/24/17 02:47:29 PM
#176   Newbee here in @ .43 starters position. :) subslover 04/24/17 02:35:03 PM
#175   Sitting with a good size bid under .30...hoping TheBro 04/24/17 12:15:31 PM
#174   Young company, young stock prone to big moves eaglesfly17 04/24/17 12:03:55 PM
PostSubject