Academia evaluates SCWorx Platform

Dr. Handfield, Professor of Supply Chain Management at North Carolina
State University, commentary

NEW YORK–(BUSINESS WIRE)–SCWorx Corp. (Nasdaq: WORX) announced today that it is releasing a new
series of engineer driven ad-hoc reports focused on delivering increased
content to its already robust report delivery capabilities. “This new
environment will allow our customers greater access to reporting by
providing simple point and click functions that will empower even the
most casual end-user the ability to create finished reports on-demand”
said Marc Schessel CEO of SCWorx.

“Currently, at most hospitals, administrators cannot confidently
determine the cost of labor or supplies for any given procedure and they
cannot apply a reasonable overhead rate for procedures based on the
utilization of equipment and real estate. Yet these same hospitals are
negotiating contracts with insurance company payers without truly
knowing what the costs of these procedures” said Dr Robert Handfield,
Professor of Supply Chain Management at North Carolina State University,
“The information fundamentals of operating a business are missing, and
this can lead to operational decision-making that interferes with
efficiency, productivity, supplier selection, and countless other
critical decisions.

SCWorx is a data governance system designed to specifically address the
gaping hole in data synchronization and integrity in hospitals. The
system has three essential elements that provide a comprehensive
solution for healthcare providers to deal with the lack of integration
between their systems and synchronization of their disparate databases.

These elements include:

  1.     Item Master Creation – SCWorx provides toolsets to providers that
help them create the expanded attributes necessary to synchronize
and integrate the core administrative systems that in turn manage
the systems that provide information around the purchase, use and
ultimate reimbursement of all items used by the hospitals. In
addition to the internal operational benefits which are tremendously
valuable – the SCWorx system – with over 200 data elements that
create a common healthcare vernacular, enable each hospital system
to join a consortium of other hospitals that all translate data in
an identical fashion – enabling instant communication, sharing of
business practices and processes.
  2.     Automation – Today a vast majority of healthcare related information
is built and managed via human touches of some sort – once SCWorx
attaches the raw data to a system that delivers predictable and
synchronized data the next step was to ensure that it is delivered
in the same manner each and every time – this SCWorx tool is
designed to automate most of the human touches dealing with the
updating of the purchase data as well the connection of this data to
the clinical and billing systems increasing productivity by
automatically assigning general ledger numbers, categorization or
UNSPSC codes, and other critical codes that remove the human
interaction and ensure continuous standardization of data. This
makes it universally standardized and recognizable by all the
stakeholders throughout the business channels of the hospital.
  3.     Advanced Analytics Tooling – Information standardization leads to
improved analysis of trends, data reports, and provides the baseline
for healthcare to begin the journey towards effective data
analytics. Hospitals cannot be successful in their quest to drive
down costs and substantially increase safety unless they have the
cohesive and accurate data that allows them to track their costs,
utilization and reimbursement available on an almost real-time
basis, with extreme confidence in its accuracy.

As hospitals deploy these tools, C-Suite management, hospital board
members and especially hospital managers, are finally able to trust
their data, better understand their cost drivers, and, for the first
time truly assess the cost of performing the complicated procedures that
each day are being performed in their hospitals, allowing them to not
only reduce the costs of products but reduce the entire cost of all
processes and procedures run on a day to day basis.”

About SCWorx

SCWorx offers an advanced software solution for the management of health
care providers’ foundational business applications. Together these
software systems have been credited with the healthcare providers’
customers tending to realize reduced medical expenses, while healthcare
providers have tended to experience expanded revenues and more
successful and safer clinical outcomes. The SCWorx software solution
ultimately transforms many aspects of the healthcare providers’ business
through its delivery of highly accurate, real-time information that
offers the executives of these healthcare providers the ability to
optimize many areas of their day-to-day operations, negotiate better
contracts with their vendors and payors and make better decisions with
respect to strategic purchases.

Forward-looking Statements

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substantial risks and uncertainties for purposes of the safe harbor
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statements, other than statements of historical facts, included in this
press release regarding strategy, future operations, future financial
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forward-looking statements. Examples of such statements include, but are
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intentions or meet the expectations or projections disclosed in the
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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, the ability to project future cash
utilization and reserves needed for contingent future liabilities and
business operations and the availability of sufficient resources of the
combined company to meet its business objectives and operational
requirements.

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Contacts

John Price, CFO
[email protected]

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