Syra Health Wins New Workforce Contract, Announces Existing Contract Extension

Rhea-AI Summary

Syra Health (NASDAQ: SYRA) has secured two significant contracts: a new healthcare workforce contract with the Washington D.C. government valued at up to $1 million, and a $1.2 million extension to an existing contract with Indiana's NeuroDiagnostic Institute, bringing its total value to $18.7 million.

The D.C. contract, awarded on behalf of the Office of the State Superintendent of Education, involves deploying registered nurses, licensed practical nurses, and certified nursing assistants to provide healthcare services to students. This one-year agreement includes extension options and requires developing individualized service plans for students.

The expanded Indiana contract continues Syra Health's support in providing healthcare professionals to evaluate and treat patients with complex neuropsychiatric illnesses at the NeuroDiagnostic Institute. This marks Syra Health's fourth contract with the D.C. government, building on their partnership with the NeuroDiagnostic Institute that began in 2021.

Positive

• Secured new contract worth up to $1M with Washington D.C. government
• Existing contract with Indiana increased by $1.2M to total $18.7M
• Fourth contract secured with Washington D.C. government, showing strong client relationship
• Contract includes potential extensions, indicating growth opportunities

Negative

• None.

News Market Reaction

+50.70%

1 alert

+50.70% News Effect

On the day this news was published, SYRA gained 50.70%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

CARMEL, Ind., Jan. 7, 2025 /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 the Washington D.C. government has awarded it a healthcare workforce contract, valued at up to $1 million, on behalf of the Office of the State Superintendent of Education. The Company also announced that the Indiana Family and Social Services Administration's NeuroDiagnostic Institute has increased its existing contract by $1.2 million, bringing the total value to $18.7 million.

Syra Health will deploy registered nurses, licensed practical nurses, and certified nursing assistants to deliver healthcare services to students as part of Washington D.C.'s ongoing commitment to ensuring the safety and well-being of students. Under the agreement, Syra Health will supply services in compliance with D.C. regulations and adhere to strict guidelines to affirm timely and efficient care delivery. This includes developing individualized service plans for students. The one-year agreement includes multiple options for extensions.

In addition to this new contract, Syra Health continues to expand its support for the Indiana Family and Social Services Administration's NeuroDiagnostic Institute. Syra Health provides healthcare professionals to the Institute to evaluate and treat patients with complex neuropsychiatric illnesses.

"These contracts highlight our deep commitment to driving better health outcomes," said Dr. Deepika Vuppalanchi, CEO of Syra Health. "By providing tailored services that alleviate staffing shortages and ensure continuity of care, we are not only addressing immediate healthcare needs but also supporting long-term solutions. This marks our fourth contract with the Washington, D.C. government, and we are excited to continue our partnership with them. At the same time, we are eager to further strengthen our collaboration with the NeuroDiagnostic Institute, a valued partner since 2021."

About Syra Health

Syra Health is a healthcare technology company powering better health in critical areas such as behavioral and mental health, population health, and the healthcare workforce. The company's leading-edge technology and innovative services focus on prevention, access, and affordability. With a commitment to improving health, Syra Health is advancing healthcare solutions nationwide and around the world.

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 Investor or Media Inquiries:
Christine Drury
IR/PR
Syra Health
463-345-5180
christined@syrahealth.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/syra-health-wins-new-workforce-contract-announces-existing-contract-extension-302343703.html

SOURCE Syra Health

FAQ

What is the value of Syra Health's (SYRA) new Washington D.C. contract in 2025?

Syra Health's new contract with the Washington D.C. government is valued at up to $1 million.

How much was the contract extension with Indiana's NeuroDiagnostic Institute worth for SYRA?

The contract extension was worth $1.2 million, bringing the total contract value to $18.7 million.

What services will Syra Health (SYRA) provide under the Washington D.C. contract?

Syra Health will provide registered nurses, licensed practical nurses, and certified nursing assistants to deliver healthcare services to students.

How many contracts has SYRA secured with the Washington D.C. government?

This is Syra Health's fourth contract with the Washington D.C. government.

When did Syra Health (SYRA) begin its partnership with Indiana's NeuroDiagnostic Institute?

Syra Health began its partnership with the NeuroDiagnostic Institute in 2021.