TORONTO, May 08, 2018 (GLOBE NEWSWIRE) -- VitalHub Corp. (the “Company” or “VitalHub”) (TSXV:VHI) is pleased to announce that Ernst & Young LLP (“EY Canada”) has signed a Marketing Agreement with VitalHub, who is developing WellLinc, a blockchain interoperability solution targeting the mental health and long-term care space.
VitalHub and EY Canada’s Health practice have formally agreed to work together on a co-marketing initiative to bring WellLinc to market on a global basis. VitalHub’s WellLinc solution uses blockchain technology to enable the secure and interoperable exchange of electronic health data, across the continuum of care. Some of the potential benefits derived from WellLinc include increased access to health information, leading to improved quality and appropriateness of care, which could lead to better overall health outcomes, and lowered costs in the delivery of care.
The relationship with EY Canada Health practice will afford VitalHub with reach and access into a significant global distribution network across the target customer demographic. The EY Global Health practice brings together a worldwide network of more than 4,000 sector-focused assurance, tax, transaction and advisory professionals with a range of healthcare and business backgrounds. The wide-reaching EY network enables them to share leading practices and insights around the globe. VitalHub is targeting marketing WellLinc to large healthcare organizations and governmental bodies and authorities, and the partnership with EY Canada can provide meaningful access into these organizations.
The combination of EY Canada’s consulting and digital capabilities in the Health sector, and VitalHub’s domain expertise across digital health and blockchain, will enable the analysis and assessment of healthcare organizations with an opportunity to move toward improved systems design, acuity of services, efficiency of cost, and improvement in the delivery and quality of care. WellLinc facilitates the aggregation of electronic health data, providing an opportunity to extract insights from the data, and will provide value toward EY Canada’s Health practice range of services, which include: Cost reduction, system design and transformation, productivity and performance improvement, service planning, eHealth and digital strategy.
“Successful commercialization of new software requires a strong multi-disciplinary team working collectively and collaboratively. VitalHub brings strong domain expertise and technology with its WellLinc solution, and EY Canada provides global distribution channels and the ability to implement high-valued systems on a large scale,” said Dan Matlow, CEO of VitalHub. “We believe the healthcare market is ready for an impactful Blockchain solution like WellLinc, and we look forward to working with EY Canada to progress this important initiative.”
“As an organization, we have a deep understanding of blockchain and experience working with companies in this space,” says Abhishek Sinha, EY Canada Blockchain Leader. “We believe that developing an interoperable health record offering on the blockchain has great potential. We look forward to collaborating with VitalHub on the development and adoption of this offering.”
“An interoperable electronic health record solution is of extremely high potential value to a broad range of clients, having the ability to improve performance across healthcare organizations through increasing access to critical patient health care,” said John Bethel, EY Canada’s Health Leader. “We believe the combination of the two organizations can benefit our Canadian customers, providing opportunities for performance management and improvement, cost reduction, and other key benefits derived from new-found data insights.”
VitalHub is also pleased to announce that on May 4, 2018 it granted an aggregate of 2,350,000 stock options to certain of its employees (the “Options“) as part of its reorganization and integration plan, pursuant to the terms of the Corporation’s incentive stock option plan. Each Option is exercisable for one common share of the Corporation at an exercise price of $0.15 per share, and are set to expire on April 30, 2018.
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
For more information about the organization, please visit ey.com/ca.
About EY’s Global Health Sector
Across the world, health care systems and entities are under unprecedented pressure. Spiraling costs, exacerbated by aging populations and emerging market growth, are bringing newfound focus on value and outcomes. Mobile health and data analytics promise to revamp care delivery but are also bringing in competitors from other sectors. For governments, payers and providers, these trends create a host of challenges: extracting insights from “big data,” partnering in new ways, boosting operating efficiencies and more.
EY’s Global Health Sector brings together a worldwide network of more than 4,000 sector-focused assurance, tax, transaction and advisory professionals with a range of health care and business backgrounds. Our wide-reaching network allows us to rapidly share leading practices and solutions around the globe and deploy diverse delivery teams to meet your needs.
VitalHub 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".
The TSX Venture Exchange has in no way passed upon the merits of the transactions and has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
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