We have extensively covered InnovaQor (OTCPK:VMCS) in the past as one of the most undervalued healthcare-tech microcaps with a wide variety of offerings for certified healthcare organizations (HCOs). The company is expected to benefit heavily from the growing healthcare IT spending, and changes and improvements in network connectivity. While InnovaQor has a long list of offerings, each of which is a ground-breaking innovation in its domain, we believe that its analytics-based offering, Qira, has some excellent growth potential in the near term, particularly with small and medium-sized HCOs.
InnovaQor Recap
InnovaQor is a Florida-based technology small-cap catering healthcare and laboratory customers in the U.S. with information technology solutions and services. Its has a wide set of offerings which include Medical Mime, an EHR (electronic health record) and patient management tool; ClinLab, a turnkey client or server lab data system for mid-range research laboratory; M2Pro, a customizable, cloud-based, electronic health tracking device for ambulatory physician practices; and most importantly, Qira, a healthcare business analytics tool that is changing the way HCOs do business. The company also offers IT-managed services, and provides medical support services largely to corporate operations, behavioral health facilities, rural hospitals, and physician offices.
What Is HTS Qira?
Qira falls within the Healthcare Technology Solutions (HTS) offerings of InnovaQor. This analytics-based offering essentially caters to small and medium-sized HCOs and connects different data sources across an entire health care company, to enhance services, reporting, and financial health. Qira has been developed to have a highly engaging graphic display that helps combine and simplify complex information making it understandable for all levels of healthcare end-users. In fact, it is known to aptly summarize complex data points and bring it down to a granular analysis of individual line items for simplicity. This is made possible by performing complex computations on massive data sets. It provides end users with the ability to customize what they would like to see in any given visual (dashboard) based on any number of slicers and filters. Moreover, users can easily extract the relevant data into any Microsoft Office application and analyze it further or prepare reports. The platform is accessible from all forms of hardware whether it is computers or mobile phones. Qira makes user data accessible wherever any customer is using Microsoft's PowerBI platform.
Why Is Qira Such A Game Changer For HCOs?
Existing software providers for the healthcare sector provide the occasional bolt-on custom-built analytics solution as a part of their existing software to clients to help them work with a specific data set. As such, healthcare companies are often limited to only the data that is generated by a single-system being accessible via any given dashboard. This is a problem as most healthcare companies use not one but a suite of applications that may be sourced from many different developers. This forces healthcare companies to either adopt a single-system solution. However, these have their own share of problems as they may underperform at any point in the process. Many smaller HCOs often end up abandoning or generally disregarding analytic tools due to the limitations of their scope. This has created a wide market for an offering like Qira. Given its analytics capabilities and its flexibility, Qira can consume, transform, and aggregate data from any system into a single, end-to-end view of a process. The fact that it is an independent analytics tool with such flexibility is helping its customers feel empowered to choose the ideal software that meets their needs at each step of their claims process.
Final Thoughts
As we can see in the above chart, InnovaQor’s stock price has been volatile but the stock is priced very cheaply at $0.005. Qira’s vast application in the small and medium-sized HCO market alone could result in the company’s revenues growing exponentially. Let us not forget that the company also has other solid offerings like Medical Mime, ClinLab, and vCIO services which are all high-quality offerings for HCOs too. Overall, we continue to be bullish on InnovaQor and we believe that there is a strong upside for the shareholders of this company.