Alcidion sign $2.35m MoU with Western Health (ASX:$ALC)

Company Name: Alcidion

Announcement Date: 02/08/2016
Announcement Category: Contract/Partnership
Announcement Content:

Highlights:

$2.35m MoU for Footscray, Williamstown & Sunshine Hospitals.
Initial Term of three years, with an option to extend for an additional two years.
Apple iPad’s view Electronic Patient Records and highlight emerging clinical risk.
Optimises Patient Flow, Bed Management across the hospital group.
Patient Flow Market set to grow from $USD251m to $USD678.4 Million by 2019.

Western Health has signed a $2.35m Memorandum of Understanding with Alcidion Group Limited (ASX:ALC) to utilise the company’s technology across its three facilities. Western Health employs 6,500 staff and manages three acute public hospitals: Western Hospital at Footscray; Sunshine Hospital at St Albans; and the Williamstown Hospital.

The Miya platform provides all the necessary data to best manage patient care, from the Emergency Department through to the hospital wards. Clinicians can access individual patient information on a myriad of mobile devices and view clinical information such as pathology and radiology results as well as access clinical documentation. Furthermore, the platform identifies emerging clinical risk and highlights at risk patients to the clinicians using the system.

In the Emergency Department, clinical staff can quickly identify those patients nearing the National Emergency Access Target (NEAT) and plan care accordingly. The solution provides an overview of capacity and demand at both the ward and unit level, providing real time information about open and available beds, patients coming in (together with the admission source) and potential and confirmed ward discharges.

CEO of Alcidion Group Limited, Mr Ray Blight commented, “We are delighted to see Western Health extend the relationship with Alcidion. Western Health should be commended on their commitment to excellence in innovation and Alcidion is privileged to be work closely on these ground breaking initiatives”.

“Efficiency improvements are by far the most significant driver for investments in patient flow solutions. More specifically, healthcare organisations are focused on improving bed turnaround times and reducing patient wait times. We are delighted to be working with Alcidion in this cutting edge Patient Flow Solution”, Executive Director of Operations, Western Health, Russell Harrison said in a statement.

According to leading market research firm, Markets and Markets, the global patient flow management solutions market is estimated to grow at a CAGR of 22% from 2014 to 2019, to reach $678.4 million by 2019 from $251 million in 2014.

Over the years, the healthcare industry has realized that the traditional approaches to patient flow management and cost management are inefficient to keep pace with the emerging challenges. Therefore, patient flow management solutions will be among the priorities on the investment list of healthcare organizations for highly streamlined patient flow outcomes and cost management.

The Memorandum of Understanding is subject to approval by the BoD of Western Health.

Announcement URL: http://www.asx.com.au/asxpdf/20160801/pdf/43904s06y814b1.pdf
About Alcidion:

Alcidion provides intelligent Health Informatics technology that empowers healthcare professionals with Clinical Decision Support Systems to ensure the highest quality of care for their patients.

Go to Company Profile for: Alcidion

Announcement Contact: [email protected]