Wellteq Digital Health Inc. Announces Release of the IoMT HealthHub
- wellteq Digital Health Inc. (CSE: WTEQ) (OTCQB: WTEQF) has released the Company’s internet of medical things (IoMT) HealthHub into device integrations with Beta research partners for testing purposes.
- The wellteq HealthHub is the result of an extensive internal development effort to produce an open standard and scalable IoMT platform for distributed virtual care deployments in enterprise health, clinic, pharmacy, and remote locations.
- The wellteq HealthHub connects, manages, and monitors both standardized medical and non-medical devices for a completely integrated IoMT/IoT intelligent edge solution, allowing for control of any standardized commercial, industrial, residential, or medical smart device – an industry first and must-have for next generation virtual care deployments.
- The initial market for the wellteq HealthHub will be B2B for both in-market and new-to-market virtual care solutions.
- wellteq will soon offer its baseline B2B virtual care platform integrating the wellteq HealthHub, wellteq Clinical Vitals Wearable and the wellteq Virtual Care Coaching APP.
- The IoMT market is projected to grow from $30.79 billion in 2021 to $187.60 billion in 2028 at a compound annual growth rate (CAGR) of 29.5%1. While annual digital health spending is projected to reach $660 billion by 20252.
Vancouver, British Columbia–(Newsfile Corp. – April 13, 2022) – wellteq Digital Health Inc. (CSE: WTEQ) (OTCQB: WTEQF), (the “Company” or wellteq”), which supplies digital health and wellness solutions to customers in 12 languages across 32 countries is pleased to announce the Beta release of its new internet of medical things (IoMT) HealthHub, targeting commercial release later this year.
Based on a survey2of physicians in the United States who serve predominantly Medicare fee-for-service (FFS) and Medicare Advantage (MA) patients, McKinsey estimates that up to $265 billion (about $820 per person in the US) worth of care services – which represents up to 25% of the total cost of care – for Medicare FFS and MA beneficiaries could shift from traditional facilities to the home by 2025, without a reduction in quality or access.
The wellteq HealthHub has been developed from scratch by the Company, as an entirely new IoMT platform that can connect, manage, and monitor any standardized IoMT or IoT device using edge computing. Edge computing is part of a distributed computing topology in which information processing is located close to the physical location where things and people connect with the network. The HealthHub was specifically designed for the transition from centralized to distributed health deployments across enterprise health, clinic, pharmacy and for remote patient locations.
Edge computing augments and expands the possibilities of the primarily centralized, hyperscale cloud model of today, and supports the systemic evolution and deployment of the IoMT and new application types, enabling next-generation digital health applications. The HealthHub also offers contingency to cloud server processing in the case of a network outage to create a temporary stand-alone network.
The HealthHub has been built with wellteq’s next-generation Unified API, which allows for secure remote monitoring and management, and enables third-party integrations with all aspects of the HealthHub and the API. This allows the HealthHub to be an integral value add for both new and existing EPHI (electronic protected health information) systems. All features and functionality delivered through wellteq’s client applications and hardware will be offered as combined or stand-alone services for clients and partners to integrate with their own applications, services, and systems. This includes IoMT metrics capture, processing and automations, patient tracking with personalized digital coaching, reward scheme management, social activities, and content.
A powerful eight-core processor, large memory footprint and a versatile machine-learning secondary processor enable the hub to handle a wide variety of services, including natural language processing (NLP) services and auto-updated training models for artificial intelligence (AI). To best support the wide variety of IoMT devices, wellteq has designed a custom wireless chipset, enabling connectivity with Wi-Fi, Bluetooth, Zigbee, Z-Wave and, optionally, cellular. Alongside the wireless chipset is a completely customized and optimized firmware stack that helps manage the multitude of wireless protocols, allowing the HealthHub to support over 500 connected IoMT and/or IoT devices simultaneously.
wellteq CEO, Scott Montgomery stated, “We are excited to initiate wellteq’s entry into virtual care with a uniquely robust and truly one-of-kind solution. It has taken some time and a lot of effort, and we are proud to be the first company to launch an IoMT specific solution like the HealthHub that has been designed from scratch to facilitate the digital transition to virtual care for patients around the world.”
wellteq is now working closely with its Beta research partners to integrate the HealthHub into their already deployed IoMT and IoT device configurations and applications for a variety of healthcare use cases, which will be the basis for wellteq’s generic and condition-specific solutions for new B2B Virtual Care customers.
References
- https://www.fortunebusinessinsights.com/industry-reports/internet-of-medical-things-iomt-market-101844
- https://www.mckinsey.com/industries/healthcare-systems-and-services/our-insights/from-facility-to-home-how-healthcare-could-shift-by-2025
About wellteq Digital Health Inc.
Wellteq Digital Health Inc. is a leading global provider of personalized digital health and wellness solutions across the continuum of care. To learn more, visit http://www.wellteq.co.
Download the Wellteq Corporate Presentation:
https://wellteq.co/about/investors/
wellteq Investor Contact:
Glen Akselrod
Bristol Investor Relations
E: glen@bristolir.com
T: (905) 326-1888
Cautionary Note Regarding Forward-Looking Statements:
This news release contains information or statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are, but not always, identified by words such as “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward looking information may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, milestones, strategies, and outlook of Wellteq, and includes statements about, among other things, future developments and the future operations, strengths, and strategies of Wellteq. Forward-looking information is provided for the purpose of presenting information about management’s current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements should not be read as guarantees of future performance or results.
The forward-looking statements made in this news release are based on management’s assumptions and analysis and other factors that may be drawn upon by management to form conclusions and make forecasts or projections, including management’s experience and assessments of historical trends, current conditions and expected future developments. Although management believes that these assumptions, analyses, and assessments are reasonable at the time the statements contained in this news release are made, actual results may differ materially from those projected in any forward-looking statements. Examples of risks and factors that could cause actual results to materially differ from forward-looking statements may include: the timing and unpredictability of regulatory actions; regulatory, legislative, legal or other developments with respect to its operations or business; limited marketing and sales capabilities; early stage of the industry and product development; limited products; reliance on third parties; unfavourable publicity or consumer perception; general economic conditions and financial markets; the impact of increasing competition; the loss of key management personnel; capital requirements and liquidity; access to capital; the timing and amount of capital expenditures; the impact of COVID-19; shifts in the demand for Wellteq’s products and the size of the market; patent law reform; patent litigation and intellectual property; conflicts of interest; and general market and economic conditions.
The forward-looking information contained in this news release represents the expectations of Wellteq as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Wellteq undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change.
The CSE has neither approved nor disapproved the contents of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/120289
