SCWorx Corp (NASDAQ: WORX), the leading data management platform in the healthcare industry, announced today the signing of a renewal agreement with a treatment and academic medical center located in the northeast. The renewal is for a 3-year term commitment and the total service value is $648,000 for this healthcare provider. SCWorx is licensing this New York based single standing teaching institution its basic benchmarking analytics subscription platform with a planned upgrade to SCWORXs full suite of data automation services scheduled for the second quarter in anticipation of implementing SCWORXs closed loop supply chain solution scheduled for full release in the third quarter of this year.
Customer satisfaction remains a top priority for SCWorx. We are proud of the successes achieved across all areas of the business which is directly related to our customer loyalty and satisfaction, said Marc Schessel, Founder and CEO of SCWorx. As we plan for our next high-growth year, were excited to see our sales, marketing, services, and product teams contribute to the growth of the company. We remain laser-focused on delivering the best-in-data management services that our customers rely on every day to assist in their efforts to provide the highest quality healthcare.
The Company does not expect to incur any significant additional overhead resulting from this contract and anticipates procuring new contracts for its software by numerous other healthcare providers in the foreseeable future.
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.
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John Price, CFO