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Syra Health (NASDAQ: SYRA) Becomes A Subcontractor For The $75 Billion Federal Contract Awarded To Caduceus Healthcare

By: News Direct

February 14, 2024 at 08:25 AM EST

--News Direct--

By Jeremy Golden, Benzinga

Syra Health Corp. (NASDAQ: SYRA), a healthcare technology company has been selected as a subcontractor for a contract awarded to Caduceus Healthcare, Inc. The federal Department of Health and Human Services (HHS), Administration for Families and Children (ACR) and Office of Refugee Resettlement (ORR) Medical Staffing and Support issued the contract with a ceiling value of $75 billion.

Based in Carmel, Indiana, Syra Health will provide multiple services to Georgia-based Caduceus Healthcare, Inc., which is the prime contractor in support of this multi-billion-dollar Federal Influx Care Facilities contract.

The indefinite-delivery, indefinite-quantity (IQID) contract is set to provide temporary shelter, care facilities, direct care services, medical care, case management, education, and transportation for HHS's Influx Care Facilities. Periodic IDIQ task orders will define the scope of work for Syra Health.

“Syra is honored to be part of this important federal contract to help ensure the welfare, health, and safety of children through this important program,” said Sandeep Allam, Executive Chairman and President, Syra Health. “We look forward to a long-standing partnership with Caduceus Healthcare in fulfillment of this multi-year contract.”

Syra Health aims to address some of healthcare's most significant challenges in areas such as behavioral and mental health, digital health, and population health by providing innovative services and technology solutions. The company’s products and services are centered around prevention, improved access, and affordable care, supplying solutions to payers, providers, life sciences organizations, academic institutions, and the government.

The partnership with Caduceus Healthcare comes after Syra Health announced the launch of its federal government solutions business unit in December 2023 to build upon its years of service in the state and local government sector.

“We are thrilled about the rapid success of our federal government solutions through this partnership that has awarded us our first federal-based contract,” said Dr. Deepika Vuppalanchi, CEO of Syra Health. “Our ability to service local, state, and now federal agency agreements, provides us with broadened capabilities and experience that will serve us well as we continue to bid on additional federal contracts.”

Syra Health is a healthcare technology company addressing some of healthcare's most significant challenges in areas such as behavioral and mental health, digital health, and population health, by providing innovative services and technology solutions. Syra Health’s products and services are centered on prevention, improved access, and affordable care. Syra Health supplies its solutions to payers, providers, life sciences organizations, academic institutions, and government. For more information, please visit www.syrahealth.com.

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 registration statement on Form S-1 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.

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