VitalHub Formally Enters Healthcare Blockchain Market
TORONTO, Jan. 11, 2018 (GLOBE NEWSWIRE) -- VitalHub Corp. (the “Company” or “VitalHub”) (TSXV:VHI), is pleased to announce its entrance into the Healthcare Blockchain market. After extensive research and consultation, the Company believes it is strategically positioned to capitalize on the sizeable opportunity to implement disruptive solutions into the fragmented digital health landscape. Over the past year, the application of Blockchain technology in the Healthcare sector has experienced significant traction and endorsement, as “Blockchain technology (…) holds the potential to save billions of dollars by optimizing current workflows and disintermediating some high-cost gatekeepers.” (“Blockchain Technology in Global Healthcare, 2017-2025,” Frost & Sullivan, June 2017.)
The Blockchain market is demonstrating appreciable growth across the Healthcare sector, and is expected to experience continued wide-spread adoption and use. “Industry projections expect the global market to grow to $2.3 billion by 2021, up from roughly $340 million in 2017.” (“Blockchain Poised for More Growth in 2018,” Decision Research Group, December 2017.)
The Company believes it is well-suited to seize this market opportunity as it possesses: (i) comprehensive domain expertise and understanding of the digital healthcare marketplace, (ii) a management team with a proven track record of delivering and implementing large-scale projects, and scaling healthcare business internationally, (iii) a strong and growing customer base of 200+ customers who can immediately be sold value-added Blockchain solutions, and (iv) is supported by its experienced technology team, who have an established record building innovative healthcare software solutions.
VitalHub’s strategy as it embarks upon this opportunity is to build applications that address the interoperability of Healthcare applications across the continuum of care, and are immediately saleable to its existing customers. According to Frost & Sullivan, “Lack of interoperability costs 150,000 lives and $18.6 billion per year.” The Company plans to partner with global consulting groups who are leading the charge in the proliferation of Blockchain technology throughout the Healthcare ecosystem, and aims to establish an international presence as a leader in Healthcare Blockchain solutions. Vitalhub plans to build its Blockchain business and will continue to pursue its aggressive M&A strategy that is successfully underway.
“Following our review of Healthcare delivery challenges, we’ve decided that Blockchain represents a great opportunity for growth and believe that VitalHub, because of its technology, customer base, management team, and healthcare domain expertise, has the ability to successfully execute on an international basis. We are excited to continue this journey,” said Dan Matlow, CEO of VitalHub.
VitalHub (the "Company") uses web, mobile, and Blockchain technology to create disruptive SaaS-based healthcare applications that solve industry-wide problems. VitalHub's aim is to create high-value, secured solutions that enable broad interoperability among existing health data systems. Vitalhub is primarily focused on working with organizations in the Mental Health and Long-Term Care space, to further extend organization's applications across the continuum of care, powered by the security, efficiency, and trust of Blockchain technology.
The Company has a robust two-pronged growth strategy, targeting organic growth opportunities within its product suite, and pursuing an aggressive M&A plan. Currently, VitalHub serves 200+ clients across North America. VitalHub is based in Toronto, Canada, with an offshore development hub in Sri Lanka. The Company is publicly traded on the TSX Venture Exchange under the symbol "VHI".