Top Companies are Fighting to Overcome Cybersecurity Challenges in Healthcare December 17, 2020 - Baystreet.ca Global big data in healthcare was a $14.7 billion market in 2018 and could grow at a CAGR of around 20% to reach $42.8 billion over the next four years. All thanks to increased adoption of Electronic Health Records, and the government’s interest in adopting a healthcare information system. “Moreover, increasing government funding and expenditure for the development of healthcare IT solution are promoting the adoption of electronic health records, globally,” as reported by Reportlinker. In addition, increasing adoption of mobile health apps and wearable devices, are further stressing on the need for managing large amount of data to obtain critical information, thereby driving the demand for big data in healthcare sector, added Reportlinker. Plus, the U.S. Cybersecurity and Infrastructure Security Agency (CISA), with the Federal Bureau of Investigation and the Department of Health and Human Services, have issued a cybersecurity advisory to the U.S. healthcare sector regarding a concerted effort to compromise and take hostage the computer systems of healthcare providers. It’s why protection against cybersecurity issues is essential. Some of the companies that take this threat seriously include CloudMD Software & Services Inc. (TSXV:DOC) (OTCQB:DOCRF), Teladoc Health Inc. (NYSE:TDOC), Amazon.com Inc. (NASDAQ:AMZN), Palo Alto Networks Inc. (NYSE:PANW), and 1Life Healthcare Inc. (NASDAQ:ONEM). CloudMD Software & Services Inc. (TSXV:DOC)(OTCQB:DOCRF) BREAKING NEWS: CloudMD Software & Services Inc., a healthcare technology company revolutionizing the delivery of care, is excited to announce that it has signed a binding term sheet (the “Agreement”) to acquire IDYA4, a leading data integration and cybersecurity company based in the United States. Focused on the health and wellness sector, IDYA4 has built a proprietary technology platform that provides improvements in data access, management, security and integration, as well as proactively providing protection against today’s ever-changing cyber threats. Built on over 20 years of experience, the IDYA4 team has been at the forefront of the development of information sharing and interoperability solutions across all 50 states for clients including, U.S. Department of Justice, the U.S. Department of Homeland Security, U.S Health and Human Services, and National Intelligence. Global legislations are evolving to ensure patients have access to their own healthcare data and are empowering them to take control of their healthcare journeys. IDYA4’s health data platform already leverages critical national and international technology standards and allows providers and patients access to sensitive and private health data in an efficient and intuitive manner with adherence to privacy and security regulations. The IDYA4 platform is designed to allow various health technology solutions like Electronic Medical Records (EMR), Apps, telehealth solutions and medical devices to connect and share data with all the relevant privacy and data security rules applied that can vary state to state or program to program. The IDYA4 software and team will also immediately help accelerate CloudMD’s integration of its healthcare technology solutions to provide one, digitally connected platform to enable team-based, continuity of care and an ecosystem of healthcare providers focused on the overall health and wellness of the patient. The integrated technology will also be valuable as CloudMD continues to emphasize patient engagement through connected technology, healthcare portals, telehealth applications, and wearable devices. In addition to accelerated integration, CloudMD will be able to leverage IDYA4’s already existing relationships and cross-sell its suite of healthcare solutions and enterprise healthcare platform to these clients. This includes offering solutions such as Livecare, Benchmark, Snapclarity and iMD Global Health to IDYA4’s existing and prospective clients to provide an enhanced health and wellness offering. Using their standard-based interoperable platform, IDYA4 has developed several applications which have been commercialised and continues to develop and add to their portfolio of solutions to address the evolving healthcare landscape and the unmet demand for innovative and secure healthcare solutions. The recently launched Health and Wellness Platform will be deployed to assist First Responders initially and will be rolled out to Public Health, Professional Sports and other communities. This program will address the issues of Behavioural Health including Mental Health and Substance Use Disorder heightened by the COVID-19 pandemic across North America, and will be the core component of CloudMD’s enterprise health solutions. CloudMD is committed to the privacy and security of patient data, and this integrated health data platform is Health Insurance Portability and Accountability Act (HIPAA) compliant and is enabled for continuous monitoring to ensure the protection and privacy of sensitive data. The platform has been architected to support U.S. and International security standards like the National Institute of Standards and Technology (NIST) Cybersecurity Framework to address internal and external cyber threats. Amit Mathur, President of CloudMD commented, “Earlier this year we entered into a vendor resale agreement with IDYA4, but after working closely together for a number of months, it’s evident that the synergies between both companies will be instrumental in accelerating the integration of CloudMD’s solutions, continuing the growth and expansion across North America and lastly, ensuring state of the art intelligence and cybersecurity across the platform.” He continued, “The future of healthcare delivery is patient-focused, team-based and digitally connected. This is an exciting inflection point for our Company, as the acquisition of IDYA4 provides CloudMD with a backbone of innovative, proprietary data integration and security technology that will position us as leaders in the healthcare technology sector.” “Healthcare data integration and security is a complex and critical problem that must be addressed on a global basis. IDYA4 has prioritized this issue to help government agencies and private health care entities to establish secure integration using a globally recognized standards-based integrated health data platform. Changes are occurring rapidly in current global healthcare legislation to empower patients and ensure their ability to access personal healthcare records and share what is needed with confidence and assurance of its safety. Our team’s capabilities and depth of knowledge on standards for sharing information, combined with the expertise offered by CloudMD, will provide a holistic, patient-centric approach to care, based on one single and connected platform, transforming the way healthcare is being delivered. We look forward to working jointly with CloudMD, and through our combined knowledge, expand and grow the capabilities for the critical healthcare environment,” commented, Ashwini Jarral Co-Founder, Chief Operating Officer of IDYA4. IDYA4's current annualized revenue run rate, based on the 9-month period ending September 31, 2020, is approximately US$ 4.1-million with EBITDA (earnings before interest, taxes, depreciation and amortization) margins of 36%. Upon closing, the acquisition of IDYA4 will be immediately accretive to CloudMD with synergies the Company believes will drive further revenue and increased EBITDA margin through cost savings achieved through the scaling of operations and by tapping into CloudMD's current health technology solutions that will be added to IDYA4’s current product portfolio. From IDYA4’s currently commercialised products, the Company expects to achieve an annual Revenue growth rate greater than 45%, calculated based on expected revenue from currently committed and/or high probability contracts forecasted to generate annual gross revenue greater than US$ 6M and US$ 8.5M in calendar years 2021 and 2022, respectively. A total of 30% of the total consideration for the acquisition amounting to US$ 4.44 million is based on two performance based earnouts, 15% each, that are contingent on meeting these forecasted revenue targets. Other related developments from around the markets include: Teladoc Health Inc. (NYSE:TDOC), the global leader in virtual care, reported strong financial results for the quarter ending September 30, 2020. “Our strong third quarter results exceeded expectations, driven by broad-based strength across the business and building on the momentum we saw in the first half of the year,” commented Jason Gorevic, chief executive officer of Teladoc Health. “We are seeing significant market success and consistent growth in member visits throughout all of our commercial channels. With the addition of Livongo later this year, we will be creating a new category of whole person virtual care that will transform how people live healthier lives.” Amazon.com Inc. (NASDAQ:AMZN) announced two new pharmacy offerings to help customers conveniently purchase their prescription medications. Amazon Pharmacy, a new store on Amazon, allows customers to complete an entire pharmacy transaction on their desktop or mobile device through the Amazon App. Using a secure pharmacy profile, customers can add their insurance information, manage prescriptions, and choose payment options before checking out. Prime members receive unlimited, free two-day delivery on orders from Amazon Pharmacy included with their membership. To learn more and get started, visit amazon.com/pharmacy. Also new today, Prime members can access savings on medications at Amazon Pharmacy when paying without insurance, as well as at over 50,000 other participating pharmacies nationwide. The Amazon Prime prescription savings benefit saves members up to 80% off generic and 40% off brand name medications when paying without insurance. Prime members will have access to their prescription savings at checkout on Amazon Pharmacy. Palo Alto Networks Inc. (NYSE:PANW), the global cybersecurity leader, announced that it has entered into a definitive agreement to acquire The Crypsis Group, a leading incident response, risk management and digital forensics consulting firm. Under the terms of the agreement, Palo Alto Networks will acquire The Crypsis Group for a total purchase price of $265 million, subject to adjustment, to be paid in cash. The proposed acquisition is expected to close during Palo Alto Networks’ fiscal first quarter, subject to the satisfaction of regulatory approvals and other customary closing conditions. As threat actors continue to professionalize and grow in sophistication, the risk of revenue and reputational impact of a security breach increases dramatically. In order to focus on the health and growth of their business, organizations need trusted partners to not only quickly and efficiently respond to and contain attacks but also leverage their learning and insight to prevent future attacks. 1Life Healthcare Inc. (NASDAQ:ONEM) announced financial results for the third quarter ended September 30, 2020. “We are pleased to have reached new heights in performance this quarter--with our membership surpassing half of a million members and quarterly total net revenue exceeding $100 million for the first time,” said Amir Dan Rubin, Chair & CEO of One Medical. “We are further seeing how One Medical’s human-centered and technology-powered model is delivering impacts for multiple key stakeholders, advancing our efforts to transform healthcare at scale.” Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. CloudMD Software & Services Inc. has paid three thousand five hundred dollars for advertising and marketing services to be distributed by Winning Media. Winning Media is only compensated for its services in the form of cash-based compensation. Winning Media owns ZERO shares of CloudMD Software & Services Inc. Please click here for full disclaimer. Contact Information: 2818047972 ty@LifeWaterMedia.com
Top Companies are Fighting to Overcome Cybersecurity Challenges in Healthcare December 17, 2020 - Baystreet.ca Global big data in healthcare was a $14.7 billion market in 2018 and could grow at a CAGR of around 20% to reach $42.8 billion over the next four years. All thanks to increased adoption of Electronic Health Records, and the government’s interest in adopting a healthcare information system. “Moreover, increasing government funding and expenditure for the development of healthcare IT solution are promoting the adoption of electronic health records, globally,” as reported by Reportlinker. In addition, increasing adoption of mobile health apps and wearable devices, are further stressing on the need for managing large amount of data to obtain critical information, thereby driving the demand for big data in healthcare sector, added Reportlinker. Plus, the U.S. Cybersecurity and Infrastructure Security Agency (CISA), with the Federal Bureau of Investigation and the Department of Health and Human Services, have issued a cybersecurity advisory to the U.S. healthcare sector regarding a concerted effort to compromise and take hostage the computer systems of healthcare providers. It’s why protection against cybersecurity issues is essential. Some of the companies that take this threat seriously include CloudMD Software & Services Inc. (TSXV:DOC) (OTCQB:DOCRF), Teladoc Health Inc. (NYSE:TDOC), Amazon.com Inc. (NASDAQ:AMZN), Palo Alto Networks Inc. (NYSE:PANW), and 1Life Healthcare Inc. (NASDAQ:ONEM). CloudMD Software & Services Inc. (TSXV:DOC)(OTCQB:DOCRF) BREAKING NEWS: CloudMD Software & Services Inc., a healthcare technology company revolutionizing the delivery of care, is excited to announce that it has signed a binding term sheet (the “Agreement”) to acquire IDYA4, a leading data integration and cybersecurity company based in the United States. Focused on the health and wellness sector, IDYA4 has built a proprietary technology platform that provides improvements in data access, management, security and integration, as well as proactively providing protection against today’s ever-changing cyber threats. Built on over 20 years of experience, the IDYA4 team has been at the forefront of the development of information sharing and interoperability solutions across all 50 states for clients including, U.S. Department of Justice, the U.S. Department of Homeland Security, U.S Health and Human Services, and National Intelligence. Global legislations are evolving to ensure patients have access to their own healthcare data and are empowering them to take control of their healthcare journeys. IDYA4’s health data platform already leverages critical national and international technology standards and allows providers and patients access to sensitive and private health data in an efficient and intuitive manner with adherence to privacy and security regulations. The IDYA4 platform is designed to allow various health technology solutions like Electronic Medical Records (EMR), Apps, telehealth solutions and medical devices to connect and share data with all the relevant privacy and data security rules applied that can vary state to state or program to program. The IDYA4 software and team will also immediately help accelerate CloudMD’s integration of its healthcare technology solutions to provide one, digitally connected platform to enable team-based, continuity of care and an ecosystem of healthcare providers focused on the overall health and wellness of the patient. The integrated technology will also be valuable as CloudMD continues to emphasize patient engagement through connected technology, healthcare portals, telehealth applications, and wearable devices. In addition to accelerated integration, CloudMD will be able to leverage IDYA4’s already existing relationships and cross-sell its suite of healthcare solutions and enterprise healthcare platform to these clients. This includes offering solutions such as Livecare, Benchmark, Snapclarity and iMD Global Health to IDYA4’s existing and prospective clients to provide an enhanced health and wellness offering. Using their standard-based interoperable platform, IDYA4 has developed several applications which have been commercialised and continues to develop and add to their portfolio of solutions to address the evolving healthcare landscape and the unmet demand for innovative and secure healthcare solutions. The recently launched Health and Wellness Platform will be deployed to assist First Responders initially and will be rolled out to Public Health, Professional Sports and other communities. This program will address the issues of Behavioural Health including Mental Health and Substance Use Disorder heightened by the COVID-19 pandemic across North America, and will be the core component of CloudMD’s enterprise health solutions. CloudMD is committed to the privacy and security of patient data, and this integrated health data platform is Health Insurance Portability and Accountability Act (HIPAA) compliant and is enabled for continuous monitoring to ensure the protection and privacy of sensitive data. The platform has been architected to support U.S. and International security standards like the National Institute of Standards and Technology (NIST) Cybersecurity Framework to address internal and external cyber threats. Amit Mathur, President of CloudMD commented, “Earlier this year we entered into a vendor resale agreement with IDYA4, but after working closely together for a number of months, it’s evident that the synergies between both companies will be instrumental in accelerating the integration of CloudMD’s solutions, continuing the growth and expansion across North America and lastly, ensuring state of the art intelligence and cybersecurity across the platform.” He continued, “The future of healthcare delivery is patient-focused, team-based and digitally connected. This is an exciting inflection point for our Company, as the acquisition of IDYA4 provides CloudMD with a backbone of innovative, proprietary data integration and security technology that will position us as leaders in the healthcare technology sector.” “Healthcare data integration and security is a complex and critical problem that must be addressed on a global basis. IDYA4 has prioritized this issue to help government agencies and private health care entities to establish secure integration using a globally recognized standards-based integrated health data platform. Changes are occurring rapidly in current global healthcare legislation to empower patients and ensure their ability to access personal healthcare records and share what is needed with confidence and assurance of its safety. Our team’s capabilities and depth of knowledge on standards for sharing information, combined with the expertise offered by CloudMD, will provide a holistic, patient-centric approach to care, based on one single and connected platform, transforming the way healthcare is being delivered. We look forward to working jointly with CloudMD, and through our combined knowledge, expand and grow the capabilities for the critical healthcare environment,” commented, Ashwini Jarral Co-Founder, Chief Operating Officer of IDYA4. IDYA4's current annualized revenue run rate, based on the 9-month period ending September 31, 2020, is approximately US$ 4.1-million with EBITDA (earnings before interest, taxes, depreciation and amortization) margins of 36%. Upon closing, the acquisition of IDYA4 will be immediately accretive to CloudMD with synergies the Company believes will drive further revenue and increased EBITDA margin through cost savings achieved through the scaling of operations and by tapping into CloudMD's current health technology solutions that will be added to IDYA4’s current product portfolio. From IDYA4’s currently commercialised products, the Company expects to achieve an annual Revenue growth rate greater than 45%, calculated based on expected revenue from currently committed and/or high probability contracts forecasted to generate annual gross revenue greater than US$ 6M and US$ 8.5M in calendar years 2021 and 2022, respectively. A total of 30% of the total consideration for the acquisition amounting to US$ 4.44 million is based on two performance based earnouts, 15% each, that are contingent on meeting these forecasted revenue targets. Other related developments from around the markets include: Teladoc Health Inc. (NYSE:TDOC), the global leader in virtual care, reported strong financial results for the quarter ending September 30, 2020. “Our strong third quarter results exceeded expectations, driven by broad-based strength across the business and building on the momentum we saw in the first half of the year,” commented Jason Gorevic, chief executive officer of Teladoc Health. “We are seeing significant market success and consistent growth in member visits throughout all of our commercial channels. With the addition of Livongo later this year, we will be creating a new category of whole person virtual care that will transform how people live healthier lives.” Amazon.com Inc. (NASDAQ:AMZN) announced two new pharmacy offerings to help customers conveniently purchase their prescription medications. Amazon Pharmacy, a new store on Amazon, allows customers to complete an entire pharmacy transaction on their desktop or mobile device through the Amazon App. Using a secure pharmacy profile, customers can add their insurance information, manage prescriptions, and choose payment options before checking out. Prime members receive unlimited, free two-day delivery on orders from Amazon Pharmacy included with their membership. To learn more and get started, visit amazon.com/pharmacy. Also new today, Prime members can access savings on medications at Amazon Pharmacy when paying without insurance, as well as at over 50,000 other participating pharmacies nationwide. The Amazon Prime prescription savings benefit saves members up to 80% off generic and 40% off brand name medications when paying without insurance. Prime members will have access to their prescription savings at checkout on Amazon Pharmacy. Palo Alto Networks Inc. (NYSE:PANW), the global cybersecurity leader, announced that it has entered into a definitive agreement to acquire The Crypsis Group, a leading incident response, risk management and digital forensics consulting firm. Under the terms of the agreement, Palo Alto Networks will acquire The Crypsis Group for a total purchase price of $265 million, subject to adjustment, to be paid in cash. The proposed acquisition is expected to close during Palo Alto Networks’ fiscal first quarter, subject to the satisfaction of regulatory approvals and other customary closing conditions. As threat actors continue to professionalize and grow in sophistication, the risk of revenue and reputational impact of a security breach increases dramatically. In order to focus on the health and growth of their business, organizations need trusted partners to not only quickly and efficiently respond to and contain attacks but also leverage their learning and insight to prevent future attacks. 1Life Healthcare Inc. (NASDAQ:ONEM) announced financial results for the third quarter ended September 30, 2020. “We are pleased to have reached new heights in performance this quarter--with our membership surpassing half of a million members and quarterly total net revenue exceeding $100 million for the first time,” said Amir Dan Rubin, Chair & CEO of One Medical. “We are further seeing how One Medical’s human-centered and technology-powered model is delivering impacts for multiple key stakeholders, advancing our efforts to transform healthcare at scale.” Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. CloudMD Software & Services Inc. has paid three thousand five hundred dollars for advertising and marketing services to be distributed by Winning Media. Winning Media is only compensated for its services in the form of cash-based compensation. Winning Media owns ZERO shares of CloudMD Software & Services Inc. Please click here for full disclaimer. Contact Information: 2818047972 ty@LifeWaterMedia.com