Syra Health Secures Training Contract from Health Care Authority in Washington State to Bolster its Behavioral Health Workforce

Rhea-AI Summary

Syra Health Corp. (NASDAQ: SYRA) has secured a contract with the Health Care Authority (HCA) in Washington State to provide behavioral health and recovery training services. This contract marks Syra's 20th active state-level contract in the U.S. The goal is to enhance the recruitment and retention of qualified behavioral health professionals. The comprehensive training program will cover seven key categories, including Substance Use Disorder (SUD) Prevention, Mental Health Promotion, and Recovery Support Services. These initiatives aim to improve the quality of behavioral health care and reduce the burden of mental health and substance use disorders in Washington State.

Positive

• Secured 20th state-level contract, indicating strong market penetration.
• Comprehensive training across seven key behavioral health categories.
• Focus on recruitment and retention of qualified behavioral health workforce.
• Initiatives aim to reduce mental health and substance use disorder burden.
• Active contracts in significant states like Arizona, Indiana, and Kansas.

Negative

• Potential financial strain from extensive training programs.
• Dependence on state contracts may impact revenue stability.
• Increased operational costs associated with expanding into new states.

New contract marks the 20^th state in the nation where Syra has active contracts

CARMEL, Ind., May 28, 2024 /PRNewswire/ -- Syra Health Corp. (NASDAQ: SYRA) ("Syra Health" or the "Company"), a healthcare technology company with a mission to improve healthcare by providing innovative services and technology solutions, announced today that it has been awarded a contract by the Health Care Authority (HCA) in Washington State to provide essential behavioral health and recovery training and support services. This marks an important milestone as Washington becomes the 20th state where Syra Health has established, active contracts.

Under the terms of the agreement, Syra Health will be providing behavioral health and recovery training and support services to help strengthen the recruitment and retention of a qualified behavioral health workforce in Washington State.

To address this need, Syra Health will deliver comprehensive training across seven key categories:

• Substance Use Disorder (SUD) Prevention and Mental Health Promotion
• Behavioral Health Outpatient
• Residential Treatment
• Inpatient Psychiatric Services
• Recovery Support Services
• SUD Treatment and Mental Health Support in Correctional Facilities
• Continuum of Care Training

The training programs are designed to equip behavioral health professionals with the latest knowledge and skills necessary to effectively address and manage various mental health and substance use disorders. These initiatives will play a pivotal role in enhancing service delivery across multiple care settings, ensuring a holistic approach to behavioral health care. By focusing on both prevention and treatment, the programs aim to reduce the overall burden of mental health issues and substance use disorders in Washington State.

"Winning this contract in Washington State marks a significant step forward for Syra Health as we continue our rapid expansion across the country," said Dr. Deepika Vuppalanchi, CEO, Syra Health. "We currently provide similar trainings in Arizona, Indiana, and Kansas. Improving mental and behavioral health care is one of our corporate goals. A key piece of achieving this goal is improving the quality of behavioral health care by equipping providers with the needed training and support."

ABOUT SYRA HEALTH

Syra Health is a healthcare technology company addressing some of healthcare's most significant challenges in areas such as behavioral and mental health, digital health, and population health, by providing innovative services and technology solutions. Syra Health's products and services are centered on prevention, improved access, and affordable care. Syra Health supplies its solutions to payers, providers, life sciences organizations, academic institutions, and government. For more information, please visit www.syrahealth.com.

FORWARD-LOOKING STATEMENTS

Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements." These statements include, but are not limited to, statements relating to the expected use of proceeds, the Company's operations and business strategy and the Company's expected financial results. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The forward-looking statements contained in this press release are based on management's current expectations and are subject to substantial risks, uncertainty and changes in circumstances. Investors should read the risk factors set forth in our Form 10-K for the year ended December 31, 2023, and other periodic reports filed with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and, except as required by federal securities laws, the Company specifically disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

For more information, please contact:

For Media Inquiries:
Christine Drury
Communications and Marketing Director
Syra Health
463-345-5180
christined@syrahealth.com

For Investor Inquiries:
Ben Shamsian
Vice President
Lytham Partners, LLC
646-829-9701
shamsian@lythampartners.com

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SOURCE Syra Health

FAQ

What is the significance of Syra Health's new contract in Washington State?

The contract represents Syra Health's 20th active state-level contract, expanding their market presence and enhancing behavioral health workforce training in Washington.

What services will Syra Health provide under the new contract with Washington State?

Syra Health will provide behavioral health and recovery training, focusing on Substance Use Disorder (SUD) Prevention, Mental Health Promotion, and other critical areas.

How will Syra Health's new contract impact the behavioral health workforce in Washington State?

The contract aims to improve recruitment and retention of qualified behavioral health professionals by providing comprehensive training and support.

Which states currently have active contracts with Syra Health?

Syra Health has active contracts in states including Arizona, Indiana, Kansas, and now Washington State.

What are the expected benefits of Syra Health's training programs?

The training programs are designed to enhance service delivery, improve the quality of care, and reduce the burden of mental health and substance use disorders.