Alcidion Group secures $9.5m deal to supply smart platform to UK’s largest hospital trust
By Imelda Cotton
-
November 9, 2020
https://*********.com.au/wp-content/uploads/2020/11/Alcidion-Group-ASX-ALC-smart-platform-UK-hospital-South-Tees-Hospitals-NHS-Foundation-Trust.jpg
Alcidion’s contract with South Tees Hospitals NHS Foundation Trust is the largest ever deal for its Miya Precision platform.
Health software company Alcidion Group (ASX: ALC) has signed a $9.5 million contract to supply a combination of its Miya Precision smart platform and Better OPENeP electronic prescribing and medicines administration (ePMA) to UK-based South Tees Hospitals NHS Foundation Trust.
South Tees is the largest hospital trust in England’s Tees Valley, hosting over 1,000 beds, employing around 9,000 clinical and operational staff, and providing care for more than 1.5 million people in the areas of heart disease, trauma, neurosciences, renal services, cancer services and spinal injuries.
Alcidion’s five-year contract is believed to be the largest ever deal for Miya Precision and will include $960,000 in product implementation (one-off) revenue, with the remaining $8.51 million representing recurring product (licence and maintenance & support) revenue over the full term.
Approximately $5.48 million of the total contract value is planned to be recognised as revenue in 2021, subject to achievement of undisclosed milestones.
Digitising processes
Miya Precision will enable South Tees to digitise its patient care processes and records while providing a trust-wide orchestration layer to integrate new clinical data with patient data in existing administration systems using the FHIR (fast healthcare interoperability resources) standard for data interchange.
It will allow information currently held in disparate systems to be consolidated and presented in a common format for application of artificial intelligence and use in advanced clinical decision support.
Alcidion’s Better OPENeP solution – labelled a next generation ePMA system – will allow the trust to digitise its prescribing and medicines administration processes.
Miya and Better OPENeP will launch concurrently during the first phase of the technology deployment allowing for seamless integration between electronic observations, digital patient assessments, care planning and medication processes.
Game changer
Alcidion managing director Kate Quirke said the contract would be a game changer for South Tees.
“Clinical staff working across South Tees will be among the first in the UK to benefit from a range of healthcare technologies specifically built to make the right thing to do, the easiest thing to do, even during the busiest of times,” she said.
“It is extremely rewarding to see South Tees enter into this agreement so soon after we formally launched Miya Precision as the first smart clinical asset for the NHS [which] remains one of our most significant partners anywhere in the world.”
Easing workloads
Alcidion UK general manager Lynette Ousby said Miya Precision would ease the workload for NHS employees.
“South Tees will use [it] to move beyond their static system of [recording data] to systems that proactively engage staff by providing a more complete view of patient data in a manner that supports the way they work,” she said.
“We are committed to working with the trust and its suppliers to unlock substantial value from their current IT investments and complement that with new technological capabilities in an interconnected way.
“Discarding investments to accelerate digital maturity is no longer the only option for the NHS [and] South Tees’ decision demonstrates [businesses] can deliver technology in a way that is genuinely helpful to users.”
ALC Price at posting:
17.3¢ Sentiment: Buy Disclosure: Held
(20min delay)