Summary
- ALC has signed one of the largest Miya Precision contracts of AU$9.5 million TCV over five years.
- South Tees is the second NHS Trust to procure Miya Precision and Better OPENeP solution.
- Alcidion has now booked AU$5.48 millions of TCV in FY21, bringing the total revenue to AU$20.2 million.
Healthcare software service provider Alcidion Group Limited (ASX: ALC) recently announced signing a significant deal with South Tees Hospitals NHS Foundation Trust (South Tees). The partnership will bring them together to work on Alcidion’s Miya Precision solution and the Better OPENeP electronic prescribing along with the medicines administration (ePMA) system.
South Tees is one of the largest hospital Trusts located in Tees Valley in the United Kingdom. They have over 1000 beds and around 9000 clinical and operational staff on board. The Trust is providing healthcare to more than 1.5 million people.
The second NHS Trust ends up signing the largest Miya Precision contract with Alcidion. Apart from Dartford and Gravesham NHS Trust, South Tees Trust will now receive a combination of Miya Precision and the Better OPENeP solution.
The contract with South Tees is valued at AU$9.47 million for the next five years, of which about AU$0.96 million is considered as a Product implementation revenue. The remaining AU$8.51 million will go towards licencing, maintenance, and supporting the product for the five-year contract.
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Feather in the hat:
Alcidion said in the media statement that about AU$5.48 million of the total contract value would be booked in FY2021. The company recognises this as a milestone achievement.
With AU$5.48 million coming from the U.K. NHS Trust, Alcidion now totals its revenue at AU$20.2 million for FY21 with seven months of the year remaining compared with AU$18.6M in FY20.
Alcidion said that their product Miya Precision would allow South Tees to digitise processes and records related to the patients. It will also provide a trust-wide orchestration layer which will help them integrate new data in the existing system.
Lynette Ousby, UK general manager for Alcidion, expressed that South Tees will now be able to provide its staff with a complete view of patient data.
The information currently in the different systems can also be consolidated and integrated into one standard format. The use of artificial intelligence will support these softwares.
The Better OPENeP solution, also known as a ‘next generation’ ePMA system, will provide a platform for the Trust to digitise prescribing and medicines administration processes.
South Tees Trust’s Chief Clinical Information Officer and Emergency Medicine Consultant, Dr Andrew Adair commented on the deal that the technology is designed for clinicians by the people who understand clinicians work and processes. Adapting modern technology will see a significant impact on the lives of its users.
Share performance:
ALC share price is currently trading at AU$0.172 which is an increase of more than AU$0.047, 38% rise, as on 9 November 3:35pm
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