Wearable Health Solutions, Inc. (OTCMKTS: WHSI) Contracts With Mazars, Compliance Expert, To Help Obtain HITRUST Certification
Seeking HITRUST certification for its products and systems, Wearable Health Solutions, Inc. (OTCMKTS: WHSI) announced yesterday it has contracted with Mazars, a top global compliance expert. WHSI is a manufacturer of next generation, advanced technology personal medical alarms and safety alert devices.
HITRUST created and maintains the Common Security Framework (CSF). It helps organizations comply with HIPAA and other regulations. They include PCI, NIST and ICO.
Peter Pizzino, the president of WHSI, explained the transaction, “It’s not possible for healthcare organizations to become HIPAA-certified, as there is no official certification process or accreditation. An external audit is the best way to ensure HIPAA compliance.”
Because WHSI deals with sensitive medical data, it is contracting with Mazars to assist it in obtaining HIPAA and other regulatory compliance through HITRUST’s certification. Mazars operates in 90+ countries worldwide.
Pizzino said, “When partnering with third-party organizations, covered entities have business associates sign a Business Associate Agreement that’s essentially a promise that they’ve implemented the right security controls to protect protect sensitive data.
“As a certifiable framework with controls mapped to every HIPAA standard and specification, HITRUST CSF® certification provides a more reliable and consistent way for covered entities to ensure that their business associates are, in fact, compliment,” he said.
Pizzino concluded, “Several major healthcare payers already require their business associates to comply with the HITRUST CSF. Certification adds a dose of confidence and a layer of trust.”
WHSI is forecasting volume of $5.87 million for the full year 2022. New telecommunications will be driving those sales. WHSI is bringing its products forward to the next generation.
WHSI’s stock last evening closed at $0.0120, off 21.57%.
It is already in the testing and production phase of iHelp MAX™4G and WHSI anticipates an early 2022 launch. WHSI’s iHelp MAX™ 4G will be ‘telehealth ready’ when it launches early next year.
It will offer GPS tracking services plus remote patient monitoring (RPM). It will have body mounted sensors and artificial intelligence (AI). Fall detection and geofencing are other features.
iHelp MAX™ 4G will offer two-way voice communication. And it will deliver data on a user’s vital health information. It will enable monitoring in the mobile health (mHealth) industry. A monitor will learn not only is the wearer in some distress, but have medical vitals to learn more.
iHelp MAX™ 4G is currently in the testing and production phase. It features Wi-Fi, NFC (wireless data transfer) technology and Bluetooth 4.0 Low Energy features. It also offers “telehealth-ready” advantages such as remote monitoring and transmission of the user’s health vitals to emergency personnel and caregivers.
Sales are made to healthcare facilities, including hospitals, home healthcare entities and direct to consumers. WHSI also sells through a global distribution network of independent dealers.
To that end, the Company has engaged R&D firm MIDI Product Development Corporation (MIDI), an expert in medical innovation. MIDI is to develop and commercialize for WHSI a biometric sensor to communicate with the company’s flagship product 4G iHelp MAX™ product platform. It is titled the iHelp Next Generation Platform (NGP).
WHSI-MIDI’s collaboration goal is to add to the platform’s existing safety monitoring capability. Health monitoring and medication reminders will be added. This next generation platform would monitor in real time medical vitals, such as blood pressure and oxygen levels.
WHSI is a multiple revenue stream company. It sells high-technology wearable devices and body mounted sensors internationally. It also operates a subsidiary, Medical Alarm Concepts LLC (MAC), which works with monitoring stations.
The key investment catalyst for WHSI is a larger market share in several remote monitoring soaring markets employing the newest technology. They include artificial intelligence (AI), Blue Tooth, Backend As A Service (Baas), IoT, Wi-Fi, Central Cloud Management and in 2022 4G telecommunications.
WHSI’s products provide tech-forward and real-time proprietary personal home security devices and medical alarm products. It sells to the growing home security and home healthcare markets. It is now integrating the newest technology, such as voice artificial intelligence (AI), into its existing Smart products.
WHSI’s future strategy, according to an October 2021 Company Report by Globe Small Cap Research LLC, is completion of a financial audit. The goal is to become a fully reporting company with the Securities and Exchange Commission. A Form 10 filing is anticipated, a report by Globe Small Cap Research LLC says.
Keep WHSI on your watch list as it integrates technology into its increasingly sophisticated monitoring products. It competes in several dynamic remote monitoring growth markets. For more information, go to wearablehealthsolutions.com.
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