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InnovaQor will enter Magic Quadrant as Mental Health EMR
2023.01.05 21:44 SmallCapsDaily InnovaQor will enter Magic Quadrant as Mental Health EMR
 | TL;DR for InnovaQor (VMCS) submitted by SmallCapsDaily to pennystocks [link] [comments] https://preview.redd.it/s9dhm3zrdaaa1.png?width=850&format=png&auto=webp&s=c8c054803c25c15e1e079a5b63653757306d5ce5
With all the mid-cap and small-cap stocks on the downslide, it appears to be a very good time for bottom fishing right now. We have been looking at niches with high growth potential that would be the fastest to recover as soon as the winds of the market change their direction. One of the niches that we believe to have immense potential is healthcare technology. The rising healthcare IT spending, and changes and improvements in network connectivity and infrastructure are propelling the market's expansion making it a very attractive space to be in. We recently came across a small-cap gem within this space that has been creating innovative technology solutions to enable healthcare facilities and providers to successfully improve their operations and workflows while safeguarding their resources and patient data – InnovaQor, Inc. (OTCPK:VMCS). Let us have a closer look at its various lines of business and evaluate its stock as an investment opportunity for a medium-to-long-term horizon. Company Overview InnovaQor Inc. is a fast-growing small-cap company that serves healthcare and laboratory customers in the US with information technology solutions and services. Its core offerings include Medical Mime, is an electronic health record and patient management tool; M2Pro, a custom-built, cloud-based, electronic health tracking device for ambulatory physician practices; ClinLab, a turnkey client or server lab data system for mid-range research laboratory; Qira, a healthcare business analytics tool, and MedTuning, offering clinical decision support for doctors and individualized drug treatment for patients. The company also offers virtual chief information officers (vCIOs), IT-managed services, and data analytics dashboards. Additionally, it provides medical support services largely to corporate operations, behavioral health or substance abuse facilities, rural hospitals, and physician offices. InnovaQor is headquartered in West Palm Beach, Florida. Medical Mime – A Unique EMR Offering For Behavioral Health Source: Company Presentation Medical Mime, one of InnovaQor’s primary offerings, provides best-in-class patient lifecycle management for behavioral health/ substance abuse treatment institutions with its robust yet effective electronic medical records (EMRs) purpose-built software. Medical Mime merges into a user's daily flow, from pre-admission to billing and aftercare. C-Suite and executive users can quickly find gaps, track operational effectiveness, and make smart choices about the general state of the business. With this electronic health records software, users can manage the complete lifecycle of a patient's care, which allows for quickly examining the most up-to-date information on each patient. It can alter the amount of care without too many clicks through and windows. Users can access the facility's preloaded default forms to maintain or modify documentation and care level. The system also offers automated alerts to maintain patient care punctuality and enables users to check the missing documents or signatures, diagnoses, suggested actions, etc. Besides, Medical Mime allows users to check patients' vital signs and follow their development over time to gauge the success of their treatment. The software comprises COWs or Clinical Opiate Withdrawal Scale and CIWA or Clinical Institute Withdrawal Assessment of Alcohol Scale, which helps to spot trends and automatically determine the severity of withdrawal. Their simple group or individual session calendars take the hassle out of group scheduling, which means users can easily schedule, conduct, and record their sessions in one location. Furthermore, it helps users to view conversation topics and quickly distinguish appointment types using color coding. Lastly, it also allows users to access the appropriate patient forms and documents while classes are in session, saving a significant amount of time. We see an excellent comparison of Medical Mime with competitors in the snapshot below: Source: Company Presentation HTS Products Healthcare Technology Solutions, or HTS, form a part of InnovaQor’s specialist IT services for healthcare facilities, helping to improve customers' business operations within the healthcare sector. InnovaQor provides two types of HTS services, including HTS vCIO and HTS Qira. The HTS vCIO or Virtual Chief Information Officer services basically offer healthcare facilities a one-stop, specialized IT services improving company operations and promoting sustainable growth. Their services are centered on managing infrastructure. Organizations may access best-in-class managed IT and cloud solutions without the hassles of managing an internal workforce with the help of HTS' vCIO services. Businesses can also allocate resources for IT infrastructure rapidly if they have a clear, current image of their hardware and software assets. With vCIO, it is possible to estimate asset obsolescence and purchase software licenses, hardware and software updates, and improvements for upcoming needs. The solution also integrates various systems to provide a strong level of business continuity. It aims to facilitate users of IT administration responsibilities and transform it from a transactional business relationship into a partnership. They also provide training for critical employees that covers all HIPAA guidelines and certifications. HTS vCIO helps businesses analyze and manage IT risks to assist them in spotting and addressing potential issues that might arise with their IT infrastructure. The fact remains that large volumes of valuable medical and billing data make businesses a prime target for cyber security attacks. HTS vCIO assesses the security profiles and systems and offers the best security advice to safeguard patient and company data. InnovaQor’s other HTS offering, HTS Qira analytics connects data across the entire company, optimizing processes to enhance services, reporting, and financial health. Qira's captivating, quick-to-read graphic presentations make complex information relevant to all levels of end users. With the help of their forms and powerful data-slicing techniques, standard reports have more analytical capability. Besides, Qira enables drill-through from high-level summaries to line-item granularity with a few quick clicks. The purpose-built dashboards from Qira were designed for daily usage in the healthcare industry and were thoroughly investigated and selected. In addition, this tool allows users to connect from anywhere using various platforms on any web-connected device. Qira also travels with users and makes user data accessible wherever they are using Microsoft's PowerBI platform. Thus, it is a very useful tool for the healthcare industry. ClinLab & MEDtuning Apart from Medical Mime and its HTS offerings, InnovaQor's ClinLab and MEDtuning are two other important products that can help the company scale. ClinLab is a laboratory information management system that has been created by medical technologists and can be used in various clinical settings, including small point-of-care laboratories and big multi-user, multi-location facilities. As a data warehouse for laboratory results, ClinLab offers reporting, data capture, label printing, electronic signoff, and a variety of interface options for a wide range of reference labs and practice systems. Besides, ClinLab LIS (Laboratory Information System), a fully featured system, was created for modern-day small- to mid-sized clinical laboratories. The application can be interfaced with many tools and other systems based on LAN technology. Since most activities are Table Driven, Lab Management may set up and maintain a configuration tailored to the institution's needs while minimizing the clerical labor that technologists must perform throughout their typical workday. MEDtuning, offers Personalized Medicine to modern clinical procedures and creates ground-breaking PhyzioType Systems for DNA-guided administration and prescription medications to treat mental illness, heart disease, pain, and diabetes. These systems are made to allow doctors to choose the safest and most efficient medication for every patient to meet treatment objectives and improve patient compliance. With MEDtuning, patients, doctors, and clinicians may personalize drug therapy to improve safety and compliance. MEDtuning is a genetic evaluation of the 200 neuro-psychiatric and 160 cardio-metabolic medications that are currently prescribed to or being investigated for the patient. Implementing this system enables the tailored administration of medications for the treatment of cardiovascular disease, diabetes, mental illness, and pain, guiding physicians and patients to their intended treatment outcomes. In the US, more than 500 providers and 15,000 patients have used MEDtuning. Some clinical research and case studies further revealed that MEDtuning provides interpretive advice to evaluate a person's inherent drug metabolism to identify and measure functions and deficiencies. Then, depending on those metabolic strengths and weaknesses, clinicians and individuals are directed to make prescribing choices. The use of MEDtuning, guided by the patient's genome, enables the patient to choose and take the medication with the lowest risk and most efficacy. Social Platform For Physicians Source: Company Presentation InnovaQor is a kind of a pioneer in the domain of creating a social platform for physicians, creating a networking, knowledge sharing, and hiring mechanism along the lines of LinkedIn. There is a global shortfall of 4.3 million doctors, nurses, and other healthcare professionals. Through its platform, InnovaQor primarily targets physician groups, facilities and associations trying to acquire advocacy through the larger governing boards with a member-exclusive discount. The revenue streams of this social media platform would include freemium, premium subscription fees, sponsorship, talent search per individual/ facility, and so on. As LinkedIn has shown, there is a need for additional access, knowledge, and connectivity, which comes with a monthly premium access fee. In fact, LinkedIn’s data indicates that individuals are willing to spend $30, while corporations are willing to pay $60 for such services which means InnovaQor definitely can earn strong revenues from its niche. The Talent Search Subscription program is anticipated to upend the market by utilizing AI for matchmaking based on user profile optimization. The Talent Solutions feature on LinkedIn generates 65% of the company's revenue, displacing market leaders like Monster and Indeed. With InnovaQor employing an industry-specific model, TSSP is a boon for healthcare professionals, especailly in todays hiring market. Large pharma would find the platform to be alluring for advertising with an engaged industry audience as well. Thus, this new platform could be s huge revenue catalyst for InnovaQor. Growth Strategy Source: Company Presentation InnovaQor is a part of the broad healthcare IT market which is expected to reach a level of $821.1 billion by 2026, growing at a phenomenal CAGR of 20.3% as per Markets & Markets research. The same research determines the EMR market to reach $20.7 billion by 2025 at a CAGR of 7.8% which is the space in which Medical Mime, InnovaQor’s core product operates. The market is growing due to the expanding trend of digitization in healthcare, increasing demand for preventative care solutions, the creation of numerous entrepreneurial initiatives, and expanding collaborations and funding. With fresh funds flowing in and a robust product portfolio in place, it is only logical that InnovaQor’s management is going to make investments in sales and marketing activities and product development to improve capabilities and services could also dramatically raise these revenues and make them profitable. The company intends to adjust its budgets as it closely monitors performance and concentrates on the products where it gets the highest revenue per dollar spent on advertising. They intend to develop a strong sales staff through reseller relationships with businesses compatible with their industry. The management also looks to provide ongoing training, KPIs, and a marketing budget for their internal sales staff to increase their messaging, visibility, and persuasion. This should ideally be followed by a well-coordinated customer service program to provide the best possible user experience. InnovaQor aims to create a powerful sales team for each product, enlisting industry leaders from rivals. They also look to invest in an effective media campaign that spans all channels. With respect to the social media platform that it intends to launch, the new platform should be introduced on a monthly subscription basis and a recruitment matching platform for the healthcare industry will be created. Platform revenues gaining momentum might take some time but there is little doubt as to its future growth potential. Strong Management Team InnovaQor is led by CEO Sharon Hollis who leads the company by focusing on offering simple-to-use software tools that produce effective solutions and visual interpretation of essential and useful facts and information. In 2010, Sharon made a move from selling real estate in New York and Florida to the healthcare industry by managing the creation of a proprietary lab ordering and reporting program called Advantage. This EMR program allowed clinical laboratories and doctors to move away from paper orders and reports with little disruption and expense. She managed the development of Advantage into a fully integrated system that allowed real-time tracking of lab sample collection, reporting, billing, and the outcomes of lab tests. Sharon sold her shares in this software to Medytox Solutions, Inc., the company that preceded Rennova Health, Inc. She also served as the corporate office's VP of Operations, managing medical billing, software product development, and sales growth processes. In 2016, she re-joined Rennova and was appointed COO of the software segment HTS where she helped establish the direction for the software division to separate it from Rennova Health and is engaged in providing software solutions to the hospital’s entities for real-time reporting and analysis of billing-related data in simple-to-use dashboards for management. Martin Mellon, the company’s CIO, is another veteran with over 30 years of experience in the IT industry. Martin is in charge of the company's software and hardware initiatives in genomics, revenue cycle management, business intelligence and lab information systems, and electronic health records. After a quick-paced career in general management, he transitioned to information technology. His experience spans across sectors such as retail, telephony, utilities, speech technology, finance, investment banking, and healthcare. Additionally, he has been involved in purchasing and selling numerous laboratories and outlying healthcare institutions indicating a strong healthcare network. Thomas J. Bellante, the company’s CFO, is a qualified CPA and plays a key role in helping the company obtain the relevant funds for its operations. He has helped InnovaQor with its IPO, secondary offerings, SEC filings, reverse acquisitions, obtaining bank financing, private placement memoranda, and tax planning. In the past, Thomas served as the CFO of Garyn Angel Enterprises, Inc. He has also worked for Surety Accounting Services from its inception. Apart from the three members mentioned above, the company has other experienced professionals in its core team such as Albert Kish (Senior Network Engineer), Sonya Hutson (Network Operations Manager). Overall, it is safe to say that the future of the company is in safe hands. Key Risks InnovaQor is catering to a vast addressable market through Medical Mime, its EMR offering but this space is getting increasingly crowded. There are a number of players such as Epic, Allscripts, , eClinicalWorks, Cerner, NextGen, athenahealth, GE Centricity, Meditech, and Greenway Health which could expand their presence into the mental health domain. With their buying power and technology, it could become difficult for smaller players like InnovaQor to remain as a stand alone business. Niche EMR companies are often acquired by larger players in the space. In order to accommodate growth and compete effectively, InnovaQor’ management will need working capital to maintain adequate inventory levels, develop additional procedures and controls and increase, train, motivate and manage its work force. Final Thoughts InnovaQor's primary objectives are to boost sales of its existing fully developed products and services and to create a cutting-edge platform tailored specifically for the healthcare industry. Their biggest bet is expected to be on Medical Mime which, we expect, should be the largest contributor to the top-line given the huge demand for EHR in the behavioral health and drug use sectors. Snowballing adoption of behavioral health software, government initiatives to foster EHR adoption in behavioral health organizations, the availability of government funding are some of the key factors driving the expansion of this market. While its EHR products might account for most of its revenues, InnovaQor’s social media platform and other offerings also have a lot of potential. Source: Yahoo Finance We see the company’s stock price as low as $0.004 and a market capitalization below $1 million. Now, this looks ridiculously cheap. Even if the management were to break down its products and sell the company in parts, it could easily be worth at least 10 times more than its current market capitalization. InnovaQor is a ripe investment opportunity and could generate multi-bagger returns for small-cap investors in the coming years. |