COMPREHENSIVE HEALTHCARE SYSTEMS INC. PROVIDES CORPORATE UPDATE
CALGARY, AB, Oct. 5, 2023 /CNW/ - Comprehensive Healthcare Systems Inc. (TSXV: CHS) (the "Company" or "CHS"), an industry leader in healthcare benefits administration software and services, is pleased to announce its Company update for Q3.
Comprehensive Healthcare Systems is pleased to provide an update on the business ending Sept 30th, 2023.
One of the company's main overarching initiatives has been to deliver on its "Pathway to Profitability". To that affect, CHS has rolled out its new strategy for improving operations and client support while streamlining its cost structure, allowing the company to accelerate its delivery and support model. This model will allow CHS to create better speed to value for its clients, higher level of satisfaction along with reducing costs. This strategy is designed to allow CHS to maintain and increase its competitive advantage in the market. The Company is pleased to report that it has achieved significant cost reduction in its operations and will continue to work towards an operational profitability status by end of year 2023.
The company will continue to implement and expand on this strategy through the end of Q4, while continuing to invest in initiatives, resources and strategies that will support its long term "Path to Profitability" goal.
"One major operational restructuring that has occurred in Q3 has been the migration of all third-party vendors that support development and implementation of its software to an in-house employed model. This model allows CHS to operate in a more coordinated and seamless way, providing better service and communication with our clients. The company has already found that this is improving productivity while driving down costs through accelerated delivery and better utilization of its resources. This has not come without its challenges, the company still needs liquidity and more capital to grow, but we are pleased to say that by the end of Q4 the operational transition will be successfully completed.
The company continues to build a strong sales pipeline and believes that its value proposition continues to resonate strongly with prospective clients. CHS CEO, Chris Cosgrove, commented that new sales, along with an improved delivery methodology will allow the company to enjoy a higher level of client satisfaction and growth. We believe that the software platform we provide is a critical and essential platform for healthcare benefits administration. We are only one of few vendors that can service healthcare funds supporting multiple employers' and that provides us a strategic advantage.
CHS also remains focused on an inorganic growth strategy, focusing on growing through acquisitions within the Third-Party Administration (TPA) market. These acquisitions have the potential to add solutions, capabilities, talent, and a larger client base which will stimulate additional growth for the organization.
The Company also announces the resignation of Mariam Cather as an officer and a board director. Her resignation was accepted, effective September 30, 2023. Ms. Cather will continue to work with CHS in a consulting capacity.
Comprehensive Healthcare Systems Inc. is a corporation incorporated under the laws of the Province of Alberta and is the parent company of Comprehensive Healthcare Systems Inc. (Delaware). The Company is a vertically integrated software as a services (SaaS) company focused on digitizing healthcare with Healthcare Benefits Administration solutions, providing reliable and high-volume transaction capable systems. The Company's state-of-the-art Novus 360 Healthcare Welfare and Benefits Administration (HWBA) SaaS platform is used by clients for all aspects of healthcare benefits administration (including self-funded employers, providers, and labor unions), providing healthcare administrative software and technology-enabled services.
FORWARD-LOOKING INFORMATION:
The press release contains "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "budget," "believe," "project," "estimate," "expect," "scheduled," "forecast," "strategy," "future," "likely," "may," "to be," "could," "would," "should," "will" and similar references to future periods or the negative or comparable terminology, as well as terms usually used in the future and conditional. An example of a forward-looking statement in this news release is the intended use of the proceeds of the Private Placement. These forward-looking statements are based on assumptions as of the date they are provided. However, there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
Additionally, there are known and unknown risk factors that could cause the Company's actual results and financial conditions to differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important risk factors that could cause actual results and financial conditions to differ materially from those indicated in the forward-looking statements, include among others: general economic, market and business conditions in Canada and globally; market volatility; unforeseen delays in timelines for any of the transactions or events described in this press release; and the risk of regulatory changes that may impact the business of the Company. All forward-looking information is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking statement or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Comprehensive Healthcare Systems Inc.
COMPREHENSIVE HEALTHCARE SYSTEMS INC., Chris Cosgrove Chief Executive Officer, E-mail: [email protected]
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