VitalHub Makes First Sale of its Mental Health Blockchain Solution

VitalHub (TSXV:VHI) announced on Thursday (May 31) that it has officially made the first sale of its WellLinc blockchain electronic health record solution, a service specifically targeted at mental health and long-term care organizations.

According to the release, the solution has been licensed by Bluewater Health and the Canadian Mental Health Association of Lambton-Kent, and will provide organizations access to a more secure, distributed client records that help facilitate the exchange of patient health data cross the continuum of care.

Once the solution becomes fully integrated, the release states that Bluewater Health and the Canadian Mental Health Association of Lambton-Kent will also license WellLinc.

Dan Matlow, CEO of VitalHub, said in the release that WellLinc is allegedly the first interoperable blockchain solution specific to mental health-related issues.

“Our goal is to prove WellLinc’s value using the Bluewater-CMHA LK implementation, and then continue in our efforts to expand the platform globally,” he said.

As it currently stands, the WellLinc platform is available to local health integration networks in Ontario and regional mental health programs across Canada. VitalHub partnered with Ernst & Young LLP in early May to explore an “outcomes-based ROI analysis” the impact WellLinc will have in order to support design decisions for VitalHub before expanding the product into other areas.

VitalHub first introduced the product in February and chose the mental health care industry due to “serious gaps in mental health care delivery that result from inadequate access to available patient health information.”

Matlow said in February that there would be an install base of over 300 organizations that will use its mental health solutions.

“WellLinc will provide our care providers with a longitudinal view of their clients’ record, which includes assessment information about the services they’ve received in the hospital when in crisis. Access to this information will enable us to better plan care in the community to avoid future crisis interventions,” Alan Stevenson,  CEO of the Canadian Mental Heaeth Association of Lambton-Kent said in the release.

Data from the Canadian Mental Health Association (CMA) shows that one-in-five people in Canada will suffer from a mental health issue in any given year and that by age 40 roughly 50 percent of the Canadian population will have experienced some form of mental illness.

Eight percent of adults will experience major depression at some point in their lives, while one percent of Canadians will go through bipolar disorder and that one percent of the population will be affected by schizophrenia. Different types of anxiety impact five percent of the population, while suicide accounts for a staggering 24 percent of deaths between 15-24 year-olds, and 16 percent of 25-44 year-olds.

VitalHub is company primarily focused on assisting organizations in the mental health and long-term care space by providing solutions in existing health data systems, specifically through blockchain technology.

Following Thursday’s announcement, shares of VitalHub increased 11.11 percent to close the trading day at C$0.20. According to data from TradingView, the company is currently ranked as a “Strong Buy” based off 26 analyst ratings with one raking as a “Sell,” nine as “Neutral” and 16 ranking the company as a “Buy.”

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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.