Syra Health Wins Contract Valued at Nearly $6 Million to Train Indiana Health Workers

Rhea-AI Summary

Syra Health Corp. (NASDAQ: SYRA) has been awarded a $5.8 million contract to train healthcare professionals in Indiana who provide home and community-based care. The contract, awarded by the Indiana Family and Social Services Administration (FSSA), runs for four years with two additional one-year renewal options.

Syra Health will deliver curriculum development, competency assessments, a learning management system (LMS), a training registry, and a quality improvement plan. The company's curriculum development team, with over 200 years of combined experience, will create module-specific learning objectives and activities across various curricula, integrating health equity and cultural competency principles.

This contract aligns with Syra Health's recent surge in demand for off-the-shelf training services and positions the company to expand its health training services nationwide.

Positive

• Secured a $5.8 million contract with Indiana FSSA
• Contract duration of 4 years with potential for 2 additional years
• Opportunity to expand health training services nationwide
• Reported surge in demand for off-the-shelf training services

Negative

• None.

CARMEL, Ind., July 24, 2024 /PRNewswire/ -- Syra Health Corp. (NASDAQ: SYRA) ("Syra Health" or the "Company"), a healthcare technology company powering better health by providing meaningful solutions, announced today that it has been awarded a $5.8 million contract to train professionals who deliver health care to Indiana residents at home or in a community-based setting under the purview of the Indiana Family and Social Services Administration (FSSA). Syra Health has been selected to begin negotiating the contract which runs for four years with two additional one-year renewal options.

Syra Health will deliver curriculum development, competency assessments, a sophisticated learning management system (LMS), a comprehensive training registry, and a dynamic quality improvement plan, all to fulfill FSSA's vision of "ensuring all home and community support professionals serving any population under a home and community-based settings waiver have the same competencies and training."

"We are proud to have been selected to implement statewide home and community support professionals training, as part of this important program administered by FSSA," said Dr. Deepika Vuppalanchi, CEO, Syra Health. "In recent months we have seen a surge in demand for our off-the-shelf training services and we look forward to providing additional health training services across the country."

Guided by several gold-standard learning models, Syra Health's curriculum development team will utilize over 200 years of experience to formulate module-specific learning objectives and interactive activities across the foundational, fundamentals, medication administration, and micro-credentials curricula. These curricula, aligned with State-defined core competencies, seamlessly integrate health equity and cultural competency principles to ensure effective and comprehensive learning by home and community support professionals of all backgrounds.

Syra Health's robust training registry will track the utilization of the training materials and will be integrated into the LMS to give a snapshot of the workforce capacity and competency at any given moment in time.

Effective monitoring and reporting will also be a critical aspect of this project. Syra Health will be providing comprehensive reports to FSSA at a regular cadence and modifying the process to meet any evolving monitoring or reporting needs.

ABOUT SYRA HEALTH

Syra Health is a healthcare technology company powering better health in challenging areas such as behavioral and mental health, digital health, and population health, by providing innovative services and technology products. Syra Health's offerings are centered on prevention, improved access, and affordable care. Syra Health supplies its solutions to payers, providers, life sciences organizations, academic institutions, and the 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.

Contacts
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 value of Syra Health's new contract with Indiana FSSA?

Syra Health (NASDAQ: SYRA) has been awarded a contract valued at $5.8 million to train healthcare professionals in Indiana who provide home and community-based care.

How long is the duration of Syra Health's contract with Indiana FSSA?

The contract runs for four years with two additional one-year renewal options, potentially extending the partnership for up to six years.

What services will Syra Health provide under the new Indiana FSSA contract?

Syra Health will provide curriculum development, competency assessments, a learning management system (LMS), a comprehensive training registry, and a quality improvement plan for home and community support professionals in Indiana.

How does this contract align with Syra Health's recent business trends?

The contract aligns with Syra Health's reported surge in demand for their off-the-shelf training services and positions the company to expand its health training services across the country.