Victory Square Technologies Inc (CSE:VST, OTCQX:VSQTF) announced that its wholly-owned subsidiary VS Digital Health Inc (VSDH) has launched a white-label digital health platform powering consumer health experiences for a wide range of health service providers on a business-to-business subscription model, which consists of a fixed annual rate and revenue sharing.
The launch of VSDH provides Victory Square with the opportunity to expand into different health and wellness verticals, the company said.
It noted that patients are increasingly demanding more convenient and remote digital health experiences; thus, healthcare providers are forced to provide seamless and more integrated solutions from online booking systems to virtual digital health consultations, including initial outreach and any required follow-up.
READ: Victory Square Technologies looks ahead to 2022
"VSDH was created to support our own health and wellness verticals with a digital health platform,” said Shafin Diamond Tejani, Victory Square CEO in a statement. “We could not find a suitable solution already on the market, especially given the technical deficiencies we saw in the available offerings.”
Tejani added that this resulted in the creation of a white-label platform that can be utilized not only by Victory’s portfolio companies, but is customizable to suit a wide range of businesses.
VSDH provides a unique, custom-built proprietary digital health service that allows users to book confidential health and wellness and medical services in their home, hotel, office, or wherever they may need assistance.
The Vancouver, British Columbia-based company said that this service also includes the setup of a virtual pharmacy facilitating online ordering, payment, and processing all in one spot.
The business model leverages decentralized healthcare to bring quality digital health to all 50 states in the US, in an efficient, scalable, and cost-effective way.
According to the 2020 National Nursing Workforce Survey, the total number of active licenses for nurses within the US in 2020 was approximately 5 million. Each nurse could be a potential partner utilizing VSDH's white-label technology to easily turn their skillset into a lucrative business on the platform, the company noted.
“Think of VSDH as Shopify (TSX:SH., NYSE:SHOP) for digital health,” Tejani said. “Whether you are a small business or individual such as a nurse, a medium-sized specialty health and wellness business such as IV bars, or a large-scale health care facility, VSDH can support all your digital health needs."
VSDH's white-label software provides partner companies with a customizable, branded digital health platform, carrying the partner's preferred color palettes and icon-sets, and allows the partner to utilize a full suite of digital health software features to create partner-specific onboarding, training, and operational systems to complement how they do business.
Building upon VSDH's API-powered healthcare infrastructure, the virtual healthcare platform equips its partners with the tools they need to create direct-to-consumer e-commerce solutions that meet their members' specific needs. The infrastructure includes features such as customizable product suite; company-specific internal and external structure; Uber-style remote patient bookings and scheduling; and digital health consultation services.
Victory Square also announced that the contract for investor relations services with Edge Growth Holdings Corp will end on March 11, 2022. Edge was paid in the range of C$8,500-C$10,000 per month based on provided services for the length of the contract.
Edge provided investor/public relations services to Victory Square, established brand awareness and increased market share to its customer base while improving visibility to the retail investment community.
Contact Ritika at ritika@proactiveinvestors.com