SCWorx announces the renewal and significant expansion of

NEW YORK, Aug. 30, 2022 (GLOBE NEWSWIRE) — SCWorx Corp (NASDAQ: WORX) today announced the renewal and expansion of a data service agreement with an existing 500+ bed hospital in New York. England.

The healthcare provider was previously on a one-year, $125,000 contract with SCWorx for data management services. The new deal is for 4 years, $200,000 per year. The agreement includes services currently provided as well as expanded services that are made possible by standardizing, enriching and integrating data from the three critical hospital data systems (supply, clinical and financial). Using the insights derived from data integration provides the hospital with in-depth analysis as well as identification of cost savings through comparison of supply chain data (expenditure), electronic medical records ( patient utilization) and finance (billing and discounts) .

“We are excited about this continued partnership as it allows us to further contribute to the advancement of the overall hospital data management agenda. In addition to meeting their data management needs, we are able to help them identify over $3 million in annual savings and revenue capture,” said President and CEO, Tim Hannibal. “Once the hospital completed their Epic EMR implementation, SCWorx was then able to provide deeper data integration which allowed us to identify the increased savings and also provide much more analysis. thorough than what they did before. This client has been a partner for many years and we have been privileged to be part of their ever-evolving data management program. »

About SCWorx
SCWorx has created an advanced attributed virtualized item data warehouse using machine learning and artificial intelligence to deliver a suite of software-based solutions as a service for healthcare providers. The value proposition for customers revolves around the full integration of all solution modules with the enterprise data platform for cost savings, operational efficiency, and benchmarking and reporting accurate. Modules in the solution include Virtual Item Master, Data Cleansing and Normalization, Contract Management and Request for Pricing (RFP) Module, Automated Rebate Management Module, Data Interoperability Module (EMR , MMIS, finance), automated item addition portal, virtual general ledger and data analysis module. SCWorx creates a single source of information for healthcare provider data governance and analytics requirements.

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 fact, included in this press release regarding strategy, future operations, future contract renewals and terminations, future financial condition, outlook, plans and objectives of management are forward-looking statements. You can identify many (but not all) of these forward-looking statements by searching for words such as “assumes”, “approaches”, “believes”, “expects”, “anticipates”, “estimates”, “projects “, ” look for “. ,” “intends”, “plans”, “could”, “will”, “may” or other similar expressions. You should not place undue reliance on these forward-looking statements. These statements are based on the current expectations of management and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements due to numerous factors, including, without limitation, economic disruptions affecting our customers, unexpected contract terminations, securing future contracts and orders, future product supply, supply disruptions, containing costs, ability to project future use of cash and necessary reserves for future liabilities contingencies and business operations, the availability of sufficient company resources to achieve its business objectives and operational requirements. es and other important factors which are detailed in documents filed with the securities and exchange commission made from time to time by SCWorx, including its annual report on Form 10-K for the fiscal year ended December 31 2021, its quarterly reports on Form 10-Q and its 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 publicly release any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events.


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Source: SCWorx Corp.

Released August 30, 2022

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