On 10 December 2018, Global Health Limited (ASX: GLH) announced the execution of an agreement with Justice Health for the deployment of MasterCare Electronic Medical Record (EMR). The agreement is for a minimum term of 3 years with two further extension options.
Global Health is Australia’s leading player in developing software solutions for the healthcare industry.
The company is a member of the Medical Software Industry Association (MSIA) engaged in transforming Australia’s healthcare delivery system. Its product line includes. It offers various support services to psychologists and psychiatrists such as reporting, appointments, client assessments, data records and risk identification.
The MasterCare EMR data warehouse assists healthcare players visually read and analyse the data. It allows them to monitor and analyse referrals, clinical outcomes and services. MasterCare EMR offers effective medical record solutions with integration to MasterCare Data Warehouse for data analytics and ReferralNet for the secure exchange of clinical documents with third parties. MasterCare EMR offers benefits of increased efficiency in data collection resulting in reporting advantages and reduced work replication.
Sales of Mastercare EMR application to mental health and chronic disease health care providers, reported an impressive jump of 35% for the year. The business segment now contributes more than 50% to the company’s revenue base.
Justice Health is a functional segment of the Department of Justice & Community Safety responsible for the delivery of health services for Victoria prisoners in the Youth Justice Custodial and adult Correctional space.
The agreement with Global Health is targeted at supporting the clinical workflow of the mental health services, primary care, alcohol and drug services for persons in justice centres in Malmsbury, Parkville and other community outlets, via deployment of MasterCare EMR.
As stated by Kye Cherian, MasterCare EMR’s Product Manager, the company is looking forward to connecting its flagship offering with such a broad scope in tight timelines. Global Health and Justice Health are committed to continuing the collaboration in order to further improve client care and data capture to support the continued improvement of health services in Victoria.
As per ASX announcement dated 23 October 2018, Bass Coast Health tied up with Global Health to leverage the benefits of deployment of the flagship software EMR. The agreement is signed for an initial period of three months. This would involve deploying MasterCare EMR interface to the already existing DXC iPM Patient Management System currently used in acute services around Victoria.
Annual Financial performance: Global Health reported a 14% rise in new and recurring License Subscriptions. FY 2018 saw 13% growth in overall revenue of the company to almost $6 million. A 12% reduction in operating expenses was recorded. The company declared EBITDA of approximately $138k.
Stock performance: The shares of Global Health are trading flat today at A$0.150 (as at 3:16 PM AEST, 10 January 2019). The company’s stock offers a negative YTD return of 33.33% till date. However, the shares are up by 15.38% since last month.