Health Outcomes Worldwide (HOW) is using its How2trak technology and data analytics to improve wound healing and surgical site infection. The company is attracting interest from health care providers across the country and beyond, who want to improve patient care, particularly for diabetes and other chronic illnesses, and reduce health care costs.
With support from the province, the company plans to double its workforce from 15 to 30 employees to meet this growing demand.
"I am excited to see this innovation from our people and our town reach out across the country, and create more good jobs for the province," said Deputy Premier Frank Corbett. "Each job means more support for local businesses and I am looking forward to seeing this company grow, innovate and move its products into the global marketplace."
The province is supporting HOW with a $1.5-million equity investment, to be returned in the form of preferred shares. The company will use the investment as working capital to hire new employees and further commercialize its products internationally.
HOW was established in 2000 by Corrine McIsaac, a registered nurse with 30 years' experience in the health sector and a PhD candidate at Dalhousie University. Ms. McIsaac is an Associate Professor at Cape Breton University and an Adjunct Professor at Western University.
"These investments will enable us to grow our company, strengthen our team with new positions and further develop our technology," said Ms. McIsaac, founder and president of HOW. "We have a team of 15 now and will be hiring about 15 more IT and health care experts as we develop markets internationally."
HOW's team is composed of salespeople, IT and health care experts.
"It really is amazing to be able to be part of this growing company that is creating a difference for New Waterford," said Lydia McIsaac, a registered nurse and customer service specialist for HOW. "Wound healing is a complex process and our technology is helping patients heal faster."
HOW's clients are currently located in 50 jurisdictions across Canada.
"HOW has the largest collection of data on wound management in the country, even the major global medical product and technology suppliers, such as Hollister, have gone to the New Waterford company looking for research that does not exist anywhere else," said Stephen Lund, president and CEO of Nova Scotia Business Inc. (NSBI). "HOW's big data is in demand and we're helping them access and serve health care markets."
According to a report by the Canadian Home Care Association, it is estimated in Canada alone, one-third to one-half of all home-care clients have wound care needs. Wounds cost the Canadian health care system about $4 billion per year according to Wound Care Alliance Canada.
NSBI is the province's private-sector-led business development agency. Through trade development, investment attraction, business financing and venture capital, NSBI assists local companies and attracts international companies to Nova Scotia.