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ORHUB Inc. (ORHB)

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Last Post: 12/11/2017 1:47:04 PM - Followers: 8 - 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by eliminating inefficiencies, duplications of effort, errors and omissions that result from siloed processes in outdated software and poor handoffs from one part of the care process to another.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.

 


ORHub, Inc.
9830 S. 51st St.
Suite A-128
Phoenix, AZ 85044
Phone: (480) 759-9400
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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#255  Sticky Note ORHB is a developmental stage company that most RandyKCMO 08/28/17 11:20:54 PM
#318   Glad its helpful. I'm happy to clear mcbridedm 12/11/17 01:47:04 PM
#317   From recent Press Release on November 22, 2017 RandyKCMO 12/08/17 03:10:08 PM
#316   Thanks for your contributions to this board! RandyKCMO 12/08/17 11:35:29 AM
#315   Thank you. Appreciate the response. I believe sliceanddice59 12/05/17 09:21:14 PM
#314   "Would the ORHB software be able to convey mcbridedm 12/05/17 01:03:23 PM
#313   In addition, would the software indicate what the sliceanddice59 12/04/17 11:51:29 PM
#312   Would the ORHB software be able to convey sliceanddice59 12/04/17 11:19:17 PM
#311   Sure, I'm glad you found it helpful. mcbridedm 12/04/17 08:39:24 PM
#310   Thanks again for your post. One of sliceanddice59 12/02/17 10:30:55 PM
#309   Thanks, mcbridedm. Being that the majority of hospitals sliceanddice59 11/30/17 10:33:36 PM
#308   For complete transparency, I'm prefacing this with I mcbridedm 11/30/17 02:38:01 PM
#306   I am happy that all the older warrants feelin_it 11/27/17 09:45:26 PM
#305   Why would anyone buy this when you can bonehead41 11/27/17 08:00:46 PM
#304   Thx Randy. sliceanddice59 11/23/17 09:56:38 AM
#303   I think it going to become an industry RandyKCMO 11/23/17 12:37:36 AM
#302   Randy--I read today that Cerner is to partner sliceanddice59 11/23/17 12:18:52 AM
#301   ORHB Provides Business Update; Posts Special Warrant Exercise Price NetworkNewsWire 11/22/17 01:15:47 PM
#300   I didn't follow up on the filing about RandyKCMO 11/20/17 10:46:43 AM
#299   Only 1500 shares hangin 7500 filled. GrabThatCash 11/14/17 05:50:48 PM
#298   That is odd. Did your trade ever RandyKCMO 11/14/17 04:04:47 PM
#297   Interesting that my bid disappeared but was not filled..4401 GrabThatCash 11/14/17 01:46:38 PM
#296   Thanks for the link, Randy. ORHB's past sliceanddice59 11/13/17 08:28:58 PM
#295   Just followed this link from the last press RandyKCMO 11/13/17 09:58:06 AM
#294   I think this is pretty great news. RandyKCMO 11/13/17 09:03:42 AM
#293   ORHB Enters Multi-Year Revenue Agreement with ‘Top 100’ Hospital NetworkNewsWire 11/09/17 11:47:55 AM
#292   It does and thanks very much! sliceanddice59 11/06/17 11:27:20 PM
#291   Hello slice and dice... RandyKCMO 11/06/17 10:28:52 PM
#290   Randy--pardon my ignorance, but are warrants included in sliceanddice59 11/06/17 06:00:01 PM
#289   News release from Nov. 2, 2017 RandyKCMO 11/06/17 08:04:44 AM
#288   It seems this letter is simply the opinion RandyKCMO 11/02/17 12:55:10 PM
#286   Attorney Letter with Respect to Current Information https://www.otcmarkets.com/ RandyKCMO 11/02/17 08:25:38 AM
#285   Honestly don’t think this goes anywhere until they’re Cuervman 10/25/17 06:01:28 PM
#284   I have picked up a few shares the bonehead41 10/25/17 03:13:31 PM
#283   Agreed. I think that that day will RandyKCMO 10/25/17 11:50:31 AM
#282   I am hoping soon to see that the sliceanddice59 10/25/17 11:30:08 AM
#281   I'm thinking this down trend or doldrum trading RandyKCMO 10/24/17 04:42:22 PM
#280   ORHB Announces Deployment of Surgical Software Platform at NetworkNewsWire 10/12/17 10:15:53 AM
#279   Five, If I remember correctly at ten they logytwo 10/12/17 10:11:23 AM
#278   ORHB Adds Dr. Virkam Udani to Advisory Board NetworkNewsWire 10/10/17 11:38:26 AM
#277   The company stated that there are 100 million sliceanddice59 10/09/17 01:13:51 AM
#276   As to your last question... The PR company RandyKCMO 10/09/17 12:54:43 AM
#275   Good questions. The company is still a RandyKCMO 10/09/17 12:36:33 AM
#274   Randy--I have a question regarding how a software-as-a-service sliceanddice59 10/09/17 12:20:26 AM
#273   ORHB Appoints Dr. Choll Kim to Advisory Board NetworkNewsWire 10/06/17 09:29:40 AM
#272   ORHB Announces Completion of 2,000 Surgeries at Southern NetworkNewsWire 10/02/17 10:22:55 AM
#271   We should be hearing of some revenue soon logytwo 09/28/17 08:45:40 PM
#270   More Good news... RandyKCMO 09/27/17 04:50:25 PM
#269   ORHB Retains Auditing Service ahead of Planned Uplisting NetworkNewsWire 09/27/17 04:07:34 PM
#267   ORHB Enlists ICHOM in Effort to Advance Value-Based NetworkNewsWire 09/14/17 11:34:03 AM
#266   The audit should be finished soon moving this logytwo 09/13/17 12:43:28 PM
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