Syra Health, a healthcare technology company that provides tools to analyze population health, announced it signed a five-year $275,000 contract to examine the City of San Antonio’s implementation of its Racial and Ethnic Approaches to Community Health (REACH) project.
The program, which San Antonio adopted, aims to expand HHS’ Healthy Neighborhoods program and reduce racial and ethnic health disparities, including chronic disease for specific populations in rural, urban and tribal communities with a high disease burden.
In San Antonio, REACH is intended to promote safe and accessible physical activity, adult vaccines, food security and standards in early education and care settings among Latino and African American communities on the city’s South, West and East sides.
Syra Health will utilize its technology to evaluate and advise the city on the scalability, impact and sustainability of its strategies pertaining to its REACH project.
The Indianapolis-based company’s population health tools include health equity analytical solutions and epidemiology-focused offerings. The company also provides analytics about identifying and addressing social determinants of health using data from various resources that monitor and track health outcomes.
“The nation’s focus on a healthier population presents a wonderful opportunity for Syra Health,” Sandeep Allam, executive chairman and president at Syra Health, said in a statement. “We are proud to be a part of the solution, helping our partners in state government achieve the healthier populations that they are striving for in their states and for their citizens.”
THE LARGER TREND
Earlier this month, Syra secured a two-year contract with Minnesota’s Department of Human Services, valued at nearly $215,000, to evaluate the needs of Hennepin County’s Hispanic and Latino communities and to support those needs by implementing Culturally and Linguistically Appropriate Services (CLAS) standards.
The healthcare services company, which was formed only three years ago, began trading on the NASDAQ in September, opening with a stock price of $3 per share, which has since decreased to $1.30 per share as of today.
In a filing with the SEC in May regarding risks associated with the business, the company said, “Although we have generated approximately $5.3 million and $1.3 million of revenues as of December 31, 2022 and 2021, respectively, our future profitability is uncertain.”
Still, the company hopes to “become a leader in clinical healthcare solutions” by working with the public and private healthcare sectors. It also noted it anticipates growth and expects to expand its footprint by acquiring companies with similar offerings.