SCWorx’s data catalog of over 13 million items used in hospitals provides details of manufacturer catalogs, functional cross references, product availabilities and product lead times, which assists hospitals in identifying and locating approved equivalent products that are critical during times of national emergencies.
NEW YORK, Feb. 13, 2020 (GLOBE NEWSWIRE) -- SCWorx Corp. (Nasdaq: WORX) announced today that it is working with its hospital customers to ensure that they are able to meet their “just in case” inventory needs during the coronavirus epidemic.
“Within the healthcare industry, data governance has proven to be transformative in many obvious ways - and in some not so obvious ways as well,” said Marc Schessel, CEO of SCWorx. “For instance, typical hospital response to non-standard operational disruptions (such as the coronavirus or industrywide production-related failures) is rapid, though not equal to the current threat level. The response to such disruptions is that each individual facility dramatically increases their ordering of basic supplies such as isolation gowns, protective gloves and masks necessary if the disease takes on epidemic proportions. Hospitals classify this response as “just in case” inventory.”
Mr. Schessel continued, “The rapid response coupled with the supply demands, which in some cases are 1,000 times greater than usual, stretches the manufacturers’ fulfillment capabilities and quickly results in the cost of these products increasing hundreds to even thousands of times greater than usual. In extreme cases, this creates indiscriminate “stock outs” and extensive delivery delays of such a magnitude that many hospitals can’t get their normal orders necessary to operate scheduled surgeries let alone prepare for a potential emergency response of any size.
“Further exacerbating the situation is a global economy that has pushed a significant portion of manufacturing of these basic products overseas. Production is completed in countries that are more susceptible than the U.S. to the rapid transmissions of a disease. A global healthcare emergency the size and profile of the coronavirus creates an even larger demand response from these overseas countries. A typical response for these governments is to halt exports completely and divert supplies internally as they build their own “just in case” inventories.”
Curtis Lancaster, VP of Supply Chain at Dartmouth-Hitchcock Medical Center, recognizes the need for improved early warning systems that support a global supply chain perspective. "We are seeing a greater need to readily predict, and react, to a negative impact within the global supply chain and to be able to accomplish our mission of taking care of patients within the community we serve. Our partnership with SCWorx, in combination with other data focused tools, supports Dartmouth's ability to forecast its supply chain needs and respond to the impact of global product and supply chain disruptions. By equipping our team with clear insights that anticipate and predict the impact on the availability of products and services, we ensure Dartmouth's clinical care givers can focus on delivering uninterrupted quality patient care."
How the SCWorx data governance program transforms these practices to lead to a safer global community:
Using SCWorx’s data governance programs, hospitals have been able to rapidly understand, in granular detail, their historical utilization so the ordering response of “just in case” inventories is more balanced against the current threat.
SCWorx’s data catalog of over 13 million items used in hospitals provides details of every manufacturer and product location, which assists hospitals in locating approved and functionally equivalent products.
Finally, the SCWorx proprietary healthcare-focused business logic, an AI-driven language that allows hospitals on disparate systems and languages to “talk to one another,” enables our clients to speak to each other accurately and comprehensively so that they can work together to mount an even more appropriate response. During the critical initial days of a global health emergency, such as the coronavirus, hospitals armed with such tools are positively affecting the safety of entire regions by maintaining the resiliency of their respective supply channels.
Clients that use the SCWorx Ultraverse platform are now speaking in global terms. Healthcare providers are discussing collaborative ordering and forward aggregated scheduled supply purchases. This has the effect of building up supplies over time and enables sharing amongst multiple hospitals in a manner that does not disrupt prices or availability and is cost effective as each hospital bears a portion of the burden. In the case of a global health emergency, supplies can be delivered to those specifically targeted hospitals or regions.
The SCWorx solution has global implications with the group of SCWorx customers now looking to expand their programs both nationally and internationally. SCWorx assists these healthcare providers in the creation of a supply-based international “emergency medical response” that could one day allow multiple countries to communicate and invest in a shared platform to create a safer global community.
About SCWorx Corp.
SCWorx has created The Ultraverse Platform™, an advanced attributed virtualized item data warehouse (“VDW”) utilizing machine learning and artificial intelligence in order to offer a suite of software-as-a-service based solutions for healthcare providers. The value proposition for customers revolves around all solution modules being fully integrated with the VDW platform. The solution modules include Virtual Item Master, contract management and request for pricing (RFP) module, automated rebate management module, data interoperability (EMR, MMIS, finance) module, Automated Item Add Portal, Virtual General Ledger, and the data analytics module. SCWorx’s Ultraverse Platform™ creates a single source for information for healthcare providers’ data governance and data analytics for executives.
Forward-Looking Statements
This press release contains “forward-looking statements” that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, future financial position, prospects, plans and objectives of management are forward-looking statements. You can identify many (but not all) such forward-looking statements by looking for words such as “assumes,” “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “projects,” “seeks,” “intends,” “plans,” “could,” “would,” “may” or other similar expressions. You should not place undue reliance on these forward-looking statements. Such statements are based on management’s current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including, without limitation, securing future contracts and containing costs, the ability to project future cash utilization and reserves needed for contingent future liabilities and business operations, the availability of sufficient resources of the company to meet its business objectives and operational requirements and other important factors that are detailed in filings with the Securities and Exchange Commission made from time to time by SCWorx, including its Annual Report on Form 10-K for the year ended December 31, 2018, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Matters described in forward-looking statements may also be affected by other known and unknown risks, trends, uncertainties and factors, many of which are beyond the company’s ability to control or predict. SCWorx undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contacts:
Marc Schessel
mschessel@scworx.com
Investor Contact:
Scott Gordon
President
CORE IR
516 222 2560
scottg@coreir.com
Media Contact:
Jules Abraham
Director of Public Relations
CORE IR
917-885-7378
julesa@coreir.com
Source: SCWorx Corp.