A Cape Breton company that helps health care organizations improve care while controlling costs has received a boost.
Health Outcomes Worldwide has secured $250,000 in financing from Innovacorp to help develop its business and expand operations.
The company has also received $89,800 from the Department of Economic and Rural Development and Tourism's Productivity Investment Program, an initiative that provides financial incentives to encourage businesses to become more productive, innovative and globally competitive. The incentive will be used to purchase software that will increase the company's competitiveness in mobile health technology, while increasing efficiency when maintaining and enhancing the technology.
"Health Outcomes Worldwide is a prime example of an innovative Nova Scotia start-up with immense market potential," said Economic and Rural Development and Tourism Minister Percy Paris. "These investments support the innovation and competitiveness priorities of jobsHere, our plan to grow the economy."
The New Waterford-based company has developed how2trak, a web-based measurement system that can track, monitor and report on care and costs for wound treatment. It helps health care organizations deliver high quality care while managing costs, which benefits patients, frontline staff, administrators and decision makers.
"This company has solid leadership, an innovative product, and a vision for future growth based on reducing the suffering and costs associated with wound care," said Clifford Gross, president and CEO of Innovacorp.
With subject expert Corrine McIsaac as president and CEO, Health Outcomes Worldwide plans a nationwide rollout and to continue developing the platform to add modules for diabetes, chronic obstructive pulmonary disease, chronic heart disease, post-operative surgical site surveillance and palliative care.
The company is working on a project for the First Nations Inuit Health Branch through the Cape Breton District Health Authority. The project is reducing costs, while improving the quality of the treatment of wounds.
"These investments will help us move into new markets with the how2trak system," said Ms. McIsaac. "We look forward to helping health care organizations affordably deliver the best care to patients."
Health Outcomes Worldwide offers innovative and technologically advanced outcome measurement solutions to customers in the health care market to help them improve quality, cost and safety outcomes. The company's team has extensive experience in the health care market. The team includes clinicians, outcome measurement specialists, researchers, and business, finance and technology experts. To find out more, visit WWW.HEALTHOUTCOMESWW.COM.
Innovacorp is Nova Scotia's venture capital company, investing in entrepreneurs with high growth potential opportunities. Target industries include clean technology, information technology and life sciences.
Corrine McIsaac, president and CEO, Health Outcomes Worldwide; Patrick Keefe, vice president of investment, Innovacorp; Frank Corbett, deputy premier of Nova Scotia - October 28, 2011 - Membertou, Nova Scotia - Photographer: Vaughan Merchant
For more information, contact:
Dawn House
Innovacorp
902.424.8670 ext. 1189
DHOUSE@INNOVACORP.CA
Jennifer Guy
Economic and Rural Development and Tourism
902.424.5836
GUYJA@GOV.NS.CA
Membertou, Nova Scotia, October 28, 2011