PALM BEACH, Florida, April 26, 2018 /PRNewswire/ --
Marketnewsupdates.com News Commentary
When people order a hamburger at a restaurant it's almost impossible to know whether that burger will cause nausea, vomiting, or even diarrhea later on that night. In fact, most people don't know this, but there's actually an entire industry working behind the scenes to ensure that innocent-looking burger doesn't make people sick. Analysts for the healthtech industry predict future growth to hit $228 billion dollars per year by 2020 . Governments and corporations seek to reduce food-borne illnesses to protect consumers by hiring healthtech companies to conduct tests right on site. A number of new competitors such as HealthSpace Data Systems Ltd. (OTC: HDSLF) (CSE: HS) has entered the game and made huge strides against giants like Tyler Technologies Inc. (NYSE: TYL), Cerner Corp. (NASDAQ: CERN), Athenahealth Inc. (NASDAQ: ATHN) and Allscripts Healthcare Solutions Inc. (NASDAQ: MDRX).
Prevention Is Key
Businesses can't afford to ignore food safety any longer. In 2017, Chipotle lost $516 million in market capitalization almost overnight after customers fell ill with norovirus. It's discomforting for restaurants to think that one outbreak could shut down their entire business for months or even years until the outbreak is neutralized. The CDC launched eight multistate foodborne outbreak investigations with salmonella and e.coli being the most common.
Businesses are only fooling themselves hoping to think that they are immune to food recalls and outbreaks. Restaurants and food manufacturing companies are now taking food safety very seriously by hiring healthtech companies to perform inspections. Government organizations are also allocating significant budgets to healthtech. For example, the FDA recently increased its software spending budget by $673 million to deal with the "data challenges" associated with food safety.
Investment Interest
With this much revenue potential it's no surprise that the food safety industry has attracted significant investor interest as of late. In August 2017, Tyler Technologies, Inc. (NYSE:TYL) acquired health tech company Digital Health Department ("DHD"), a SaaS company focused on environmental health software. HealthSpace CTO, Silas Garrison, was formerly a senior developer at DHD, and was very instrumental in the development of its initial software.
2017 was a banner year for healthtech with forty mergers and acquisitions in this space.
Food Safety Auditors Looking For Better Tech
Earlier today, HealthSpace Data Systems Ltd. (CSE: HS) (OTC: HDSLF) announced a major milestone, licensing their food inspection software to Safe and Sound Food Safety Consultants, a major food safety auditor. The founder, Mary FitzGerald, has been previously contracted to audit all New York City Starbucks, Hilton Hotels, TGI Friday's, and McDonalds.
Here's why HealthSpace Data Systems Ltd. is in a unique position to leapfrog their competition. Up until now, the company's CS Pro software has mainly been used by government agencies, restaurants, and agriculture companies. In fact, the company has clients with over 300 state and local government agencies, and has reviewed over 200,000 restaurants and over 14,000 hotels.
However, today's announcement marks an expansion of the company's client base as Safe and Sound Food Safety Consultants is now the first major auditor to use the HealthSpace CS Pro software for third party audits.
Digital Innovation Is Changing The Way Food Safety is Handled
Digital innovation is changing the way businesses, food safety auditors, and government agencies detect and respond to food safety issues. Cloud-based solutions are essential to keep up with the pace of business today.
So just how fast paced is the food service industry? Well, for starters, Americans eat nearly 50 billion hamburgers every year. At those volumes it's going to be pretty tricky to keep track of all those hamburgers using non-digitized methods. Clearly, a cloud-based digital solution is essential for tackling this problem.
The HealthSpace CS Pro software significantly increases the speed to detect food safety issues. How does the application work? The HealthSpace Data Systems Ltd. (OTC: HDSLF) (CSE:HS) CS Pro platform offers a database of food inspection data to food service operators to run self-inspections without waiting for government regulators to perform an inspection.
Because most software management systems do not adequately serve the needs of food safety auditors, the HealthSpace CS Pro software has the feature set for consultants, restaurants, hotels and governments adopt the platform for their inspections.
Active Players In The Food Safety Technology Space
Tyler Technologies Inc. (NYSE:TYL) - Tyler Technologies is a Texas-based software company providing integrated technology and management services to the public sector. The company's client base includes over 15,000 local governments. Recently, Tyler acquired Socrata, a Seattle-based startup that helps governments publish data online.
Cerner Corp. (NASDAQ: CERN) - Based in Kansas City, Cerner Corp. provides health information technology solutions and services in the U.S. and internationally. Its cloud-based HealtheIntent platform enables organizations to aggregate, transform, and reconciles data across the continuum of care. Its CareAware platform facilitates the connectivity of health care devices to electronic health records (EHR).
Athenahealth Inc. (NASDAQ: ATHN) - Athenahealth provides network-based medical record, revenue cycle, and patient engagement services for medical groups and health systems across the U.S. The company has a network of more than 100,000 providers and 100 million patients connected through its clinical and financial services.
Allscripts Healthcare Solutions Inc. (NASDAQ: MDRX) - Allscripts provides a range of information technology solutions and services to healthcare organizations in the U.S., Canada, and internationally. These include practice management and electronic health records, as well as patient engagement and analytics. Earlier this year, Allscripts acquired Practice Fusion, a Silicon Valley-based company with a cloud-based EHR technology.
HealthSpace Data Systems Ltd. (OTC: HDSLF) (CSE: HS) - Unlike those companies with market caps from $2.1 billion to $19.2 billion, Healthspace Data Systems is valued at just a CAD $9.6 million market cap. Although, still a new player in healthtech, Healthspace has made serious inroads with a cloud-based digital application that speeds up the detection of foodborne illnesses. The announcement of a new $3 million contract with the Virginia Department of Health and a new deal with Safe and Sound Food Safety Consultants establishes Healthspace Data Systems as the new player to watch.
For more information on HealthSpace Data Systems Ltd. (CSE: HS) (OTC: HDSLF), please visit microsmallcap.com for a free research report.
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