CARMEL, Ind. - Syra Health Corp. (NASDAQ: SYRA), a healthcare technology firm, has been awarded a contract to create a health equity accelerator plan for the City of Portland, Maine, aimed at improving chronic disease outcomes among populations facing health disparities. With this latest contract, Syra Health expands its operations to 19 states across the United States.
The accelerator plan developed by Syra Health will focus on evidence-based interventions to strengthen community-clinical linkages and social connectedness. These interventions are expected to enhance access to healthcare, preventive health services, and community support networks.
Dr. Srikant Devaraj, Vice President of Health Analytics and Population Health Business Unit Leader at Syra Health, expressed the company's commitment to advancing healthcare improvements nationwide. "We are honored to collaborate with the City of Portland on this critical project which will serve as a model for other communities seeking to address social determinants of health and promote population health," he stated.
Syra Health's team, comprising data scientists, public health experts, and analysts, was chosen for their extensive experience in the field. The company is involved in multiple projects across various states, focusing on health equity and the impact of social determinants on health outcomes.
This initiative aligns with Syra Health's mission to tackle significant challenges in the healthcare sector, including behavioral and mental health, digital health, and population health, by offering innovative services and technology solutions. The company caters to a broad spectrum of clients, including payers, providers, life sciences organizations, academic institutions, and government entities.
The information provided in this article is based on a press release statement from Syra Health.
InvestingPro Insights
As Syra Health Corp. (NASDAQ: SYRA) secures a new contract to foster health equity in Portland, Maine, it's essential to consider the company's financial health and market performance. SYRA holds more cash than debt on its balance sheet, which could provide the flexibility needed to support such expansive projects. Additionally, analysts expect sales to grow in the current year, an optimistic sign for the company's future revenue streams.
InvestingPro data shows that SYRA has a market capitalization of approximately $13.95 million, underscoring its position in the market as a small-cap company. Despite challenges, such as a recent decline in stock price over the last week and month, the stock is considered to be in oversold territory according to its Relative Strength Index (RSI), which may interest investors looking for potential entry points.
The company's commitment to addressing healthcare disparities is mirrored by its financial commitment to maintaining liquidity, as evidenced by the fact that its liquid assets exceed short-term obligations. This financial stability could be crucial as Syra Health continues to grow its operations nationwide.
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