I wanted to track the opportunity of the DAP currently occurring in the UK and will use this thread as the platform to do so. Main reason for doing this is due to the increased opportunity Alcidion has to capitalise external to NHS Trusts utilising their own funding to continue growing their digital ambitions.
For those still coming up to speed, the DAP was established to help NHS Trusts raise their digital maturity by supporting organisations to deliver on digital strategies. 59 NHS Trusts have currently been announced to participate, selection seems to be focused on those NHS Trusts least digitised. Digital maturity can mean many different things, it can be as little as new laptops and better infrastructure to access online services or it could be what Alcidion specialise in. The DAP has three waves:
Wave 1 - Received funding already (it is assumed these 23 trusts have spent their £6m).
Wave 2 (Fully Funded) - These Trusts have developed their digital strategies and business cases and have already spent or are in the process of receiving up to £6m over the next three years to help deliver their digital ambitions.
Wave 2(Seed Funding) - These Trusts are receiving up to £250,000 each to develop their digital strategy and business case. Following this, Trusts will receive up to £6m over the next three years to help deliver their digital ambitions.
A quick summary of Wave 1 - 27 NHS Trusts participated, two NHS Trusts prior to the DAP had Patientrack.
In my view, we acquired the South Tees NHS contract partly due to the additional access to funding and objectives of the DAP. Total contract value was $11.3m with contracts executed in November and December of 2020. Currently utilising Miya Precision, Miya Observations & Assessments, Smartpage, Better OPENeP and Alcidion Cloud services. There is also the Miya Precision video available to provide a great review.
Are there further opportunities at South Tees NHS in the future for a full EPR - I believe so...
The trust’s digital strategy has at its heart the implementation of an electronic patient record (EPR): this will provide clinicians access to integrated patient information from one source, saving time and increasing efficiency. Funding through the Digital Aspirant programme has enabled us to make good progress on this journey, and while the solution that the trust has now implemented through investment of Digital Aspirant funds is not a full EPR, it provides the building blocks required to progress our digital transformation. These include electronic prescribing, electronic noting, alerts and clinical decision support.Source:https://www.nhsx.nhs.uk/blogs/aspiring-to-digital-excellence-in-south-tees/
Wave 2 (Fully Funded) - seven NHS Trusts are now at this stage. Through the acquisition of ExtraMed and Silverlink in the last 12 months - Alcidion has existing products with three. I have not yet been able to confirm if NHS Trusts in this category have executed all their funding at present or still in the process of doing so. Due to that unknown, I will sum this up here to avoid speculation.
Wave 2(Seed Funding) - 27* NHS Trusts are at this stage. Again, through the acquisition of ExtraMed and Silverlink in the last 12 months - Alcidion has existing products with six*, the below table provides a summary of these Trusts.
This Wave provides a real opportunity for Alcidion to capitalise as these Trusts are still establishing their digital strategies and business cases. Brand recognition of Alcidion is continuing to spread with more and more positive reviews coming with each successful contract implementation. NHS Trusts will naturally provide greater interest in what we do and offer as the word spreads. A search on Twitter alone of ALC products has great customer feedback.
In closing, I need to make it clear, the DAP is not Alcidion's only opportunity to get growth in the UK, it simply creates an even greater opportunity to get rapid growth in NHS Trusts. Just in the last month, there have been a flurry of announcements, majority of which are not in the DAP (below table courtesy of @struggling1). Worth noting in particular Herefordshire and Worcestershire Health and Care NHS Trust currently in Wave 2 (Seed Funding) announced the implementation of Miya Flow.
Table courtesy of struggling1.
As brand recognition continues to develop and spread, I am excited to see what the future holds for Alcidion, as Kate Q has previously mentioned in previous investor presentations, Alcidion would now have at least one module in 38 or 39 NHS Trusts - this alone provides great opportunity to continue expanding the ALC produce suite to existing customers.
Hopefully these ramblings provide some value to some people.
*Royal United Hospitals Bath NHS Foundation Trust (working in collaboration with Great Western Hospitals NHS Foundation Trust and Salisbury NHS Foundation Trust)
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