Toronto, Ontario-based VitalHub is a blockchain-based healthcare solutions provider. Primarily serving mental health and long-term care communities, VitalHub’s software-as-a-service (SaaS) platform is designed to interconnect existing healthcare systems and data repositories through secure interoperability solutions. In 2017, VitalHub acquired EHR-provider HI Next (owner of TREAT), and healthcare platform-provider B Sharp. Together these acquisitions significantly expanded VitalHub’s offering and customer base. On January 11th, 2018, the company announced that it was officially entering the blockchain-based healthcare technology marketplace with plans to focus on blockchain-powered solutions that bring greater interoperability to the healthcare ecosystem.
VitalHub maintains that the rapidly growing blockchain-based IT solution marketplace presents a unique opportunity for properly positioned healthcare solution providers. As blockchain-powered platforms begin to reshape the healthcare IT landscape in 2018, VitalHub argues that it has four complementary strengths that position it for success in the blockchain-based healthcare solution marketplace: extensive in-house expertise; a management team seasoned in scaling global healthcare businesses; a large pre-existing customer base; and an IT team highly experienced in building innovative healthcare applications. As VitalHub enters the blockchain-based solution marketplace, it is positioning itself as a “A private key is a string of data that shows you have access to cryptocurrency in a specific wallet. Private keys enable a user to spend from the wallet through a cryptographic signature. as a Service (BaaS)” provider addressing the challenge of interoperability “across the continuum of care.”
Partnerships and acquisitions
VitalHub plans to seek partnerships with “global consulting groups” to help spread blockchain-based solutions throughout the global healthcare sector. In addition to these strategic partnerships, VitalHub aims to significantly accelerate its growth through mergers and acquisitions, a process that is already “successfully underway.” On March 24, 2017, VitalHub announced its intention to acquire two healthcare IT companies: HI Next and B Sharp Technologies. On October 5th, 2017, VitalHub further announced that it had finalized the B Sharp acquisition; and on December 22nd, 2017, VitalHub announced a “definitive agreement” to acquire HI Next.
HI Next is the owner of TREAT, a fully hosted, web-based EHR and healthcare coordination platform used by more than 80 healthcare providers in North America. The TREAT integrated solution includes “over 100 clinical assessment tools” spanning a wide range of sectors including primary care, mental and behavioral health, and community care.
B Sharp Technologies
Toronto-based B Sharp Technologies, founded in 1998, primarily provides EHR, clinical documentation and case management solutions for health, community care and social services organizations. Their solutions specifically address mental health, cardiology, specialty care, “complex continuing care,” long term care and pharmacy. In addition to their solutions, B Sharp provides business consulting and custom development services. B Sharp has more than 40 customers across Canada.
The VitalHub executive team includes President and CEO Dan Matlow, who formerly held the same executive leadership position at Medworxx Solution Inc., a patient-throughput management solution provider co-founded by VitalHub’s VP of Mobile Technology, Andre Vandenberk. VitalHub’s CFO and Executive VP Brian Goffenberg, also from Medworxx, previously held financial management positions at Philips Lifeline, DWL Inc. and Delrina Corp. Peter Catford, HI Next Principal, is joining VitalHub as Chief Strategist.
VitalHub, publicly traded as VHI on the TSX Venture Exchange, first established itself as a technology platform for developing mobile health (mHealth) solutions. The company maintains that their “platform provides the control, security, privacy and consistency essential in the healthcare industry.” With applications already ranging from clinical care to medical research, the mHealth platform provider is now expanding into blockchain-based solutions. According to the VitalHub team, a lack of interoperability among healthcare stakeholders has been stifling progress across the entire healthcare ecosystem. In response, VitalHub plans to develop and sell blockchain-powered interoperability solutions. VitalHub’s long-term strategic mission is to secure a global leadership position among blockchain-based healthcare solution providers. They aim to grow rapidly through mergers and acquistions, while selling innovative blockchain-based healthcare solutions to their existing customer base.
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