ORHub Announces Mid-Year Corporate Update
NEWPORT BEACH, Calif., Aug. 8, 2018 /PRNewswire/ -- ORHub, Inc. (OTCQB: ORHB) (the "Company" or "ORHub"), a HIPAA compliant, physician-driven digital software company focused on improving profitability and the cost effectiveness of hospitals through real-time smart data and analytics, today provided a corporate update. The Company announced that during the first half of this year, ORHub continued to accelerate its evolution as a software company, from progressing product innovation, prioritizing sales and marketing efforts to streamlining operational resources.
"We're encouraged with our performance year-to-date as we continue our evolution as an innovative, consumer-centric, SAAS based software company that utilizes state-of-the-art data analytics to drive surgical productivity," said Colt Melby, Chief Executive Officer of ORHub. "We have the right team and strategies in place and remain focused on achieving our anticipated milestones for 2018."
The Company announced that its SAAS software has yielded data analytics on over 5,700 surgical cases year-to-date that measure economic benefits related to surgical material spend (in total and by vendor), material usage and surgical case counts by location and indication.
ORHub also announced that its innovation team has expanded the Company's platform to include three additional modules that can be sold separately or bundled together to provide flexibility to the clients, which is expected to be launched in the calendar fourth quarter of this year.
Sales and Marketing Pipeline
The Company has streamlined its operations to significantly reduce its cash burn rate as it normalizes operations and is now well positioned to nationally scale the platform. The tangible power of its technology has resonated and the Company now has a robust pipeline of hospitals and surgery centers that share its vision to actively lower healthcare spend and optimize the quality of care through state-of-the-art platforms.
The Company also upgraded to the OTCQB, which provides better transparency to ORHub's shareholders.
2018 Milestones Year-to-Date
- Upgraded to the OTCQB Venture Market
- Powered data analytics for over 5,700 surgical cases to date
- Developed three new modules that will move to market by calendar Q4 of 2018
- Strengthened senior management team with the appointment of Barney Monte as Interim Chief Financial Officer
- Strengthened the Board of Directors with the appointment of Stephen Cochennet as an Independent Director and Chairman of the Audit Committee
- Reduced headcount by nearly 70% as we normalize operations and scale to market
- Expanded indications from spine into cardiovascular and neurological surgical cases
About ORHub, Inc.
ORHub is an advanced surgical software provider focused on real-time surgical data analytics. The Company's suite of products serves the needs of the health care industry, hospital, patient, government and the medical device vendor. ORHub provides a cloud-based software solution that captures information before, during and after surgery, filling a void in the current surgical information infrastructure and providing the first process to capture and measure the surgical process -- evolving Big Data into Intelligent Digital Data. ORHub's software applications allow hospitals and medical device vendors to utilize any web-enabled device to create an anatomical graphic depiction of exactly what occurs during surgery. The application automatically translates the resulting schematic into an intelligent, electronic operative report that links every detail of surgery, including implant location, surgical techniques, product usage, and all clinical parameters to create a dynamically new source of comparative information.
As a result, hospitals and surgeons can make real-time, data driven decisions to improve business profitability and the quality of patient care. This innovative technology results in hospitals under- standing costs and identifying areas of cost reductions, as well as results in increased accountability, automatic creation of comprehensive anatomic implant registries, real-time analytics, improved efficiencies, and compliance with existing government regulations. ORHub has offices in Tempe, Arizona; Newport and Laguna Beach, California; Bellevue, Washington; and Jacksonville, Florida.
For more information, visit www.ORHub.com
To view a previously released Microsoft Case Study on HOI and ORHub visit: https://customers.microsoft.com/en-us/story/hoi-health-azure
Forward-Looking Statements: This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be attained. Such statements are inherently uncertain, and actual results and activities may differ materially from those estimated or projected. Certain factors that can affect the Company's ability to achieve its anticipated results include, among others, uncertainties inherent in the development of a new software product business.
Jason Brown, Shareholder Communications
844.545.4508 x 405
Cathy Loos, Senior Media Relations Specialist
View original content with multimedia:http://www.prnewswire.com/news-releases/orhub-announces-mid-year-corporate-update-300693804.html
SOURCE ORHub, Inc.
Company Codes: OTC-PINK:ORHB, OTC-QB:ORHB