Cape Breton healthcare administration company Health Outcomes Worldwide has secured $840,000 in funding from federal and provincial governments to help with the roll-out of its new how2trak product.
Innovacorp, the Nova Scotia government’s innovation agency, said this morning it has made an equity investment of $250,000 in the New Waterford-based company. And the Atlantic Canada Opportunities Agency said in a posting on its website that it has extended Health Outcomes a $500,000 provisionally repayable contribution, which means it will have to be wholly or partially repaid under certain conditions.
The company has also received $89,900 in funding from the Nova Scotia government’s Productivity Investment Program, which helps companies improve the productivity of their workers.
Founded by CEO Corrine McIsaac, Health Outcomes helps healthcare providers improve the service they provide patients while reducing costs. The company is now launching its how2trak wound care system, which allows a health professional to enter a patient’s clinical data through a laptop or mobile device. The system then tells nurses the best practice for the patient’s situation while it tracks and reports on the quality and cost of the care provided.
How2trak tells healthcare providers the outcomes of their care and allows administrators to track and manage their budget.
Health Outcomes Worldwide has the largest proprietary database of wound care treatment data in North America and is using the proceeds of this round of investment for a nationwide rollout of how2trak. It will also finance the continued development of the platform to add modules for diabetes, chronic obstructive pulmonary disease, chronic heart disease, post-operative surgical site surveillance and palliative care.
"This investment will help us move into new markets with the how2trak system," said McIsaac, who is also an associate professor of nursing at the Cape Breton University. "We look forward to helping health care organizations affordably deliver the best care to patients."
Innovacorp has been active in Cape Breton this year. It launched a partnership with Venture Solutions of Sydney to offer support to startups on the island, and it has developed an incubation centre at the Sydport Industrial Park. The agency in August provided $250,000 in funding to Sydney-based Marcato Digital, which offers online administrative support to musicians and festivals.