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ImpediMed Announces Software Update For SOZO®

Summary

  • ImpediMed Limited (ASX:IPD) announced the release of the next-generation Version 4.0 software for the SOZO® Digital Health Platform.
  • Version 4.0 is now live with a series of significant enhancements around usability, new applications, and security.
  • Richard Carreon, Managing Director and the CEO, believes that SOZO® is the key to ImpediMed’s high renewal and low customer churn rates.

Medical technology company ImpediMed Limited (ASX:IPD) has finally launched the next-generation Version 4.0 software for its SOZO® Digital Health Platform.

Impressively, in under four years, SOZO® software has developed from a simple interface, offering basic information, into an intuitive, data-rich, secure, and cloud-based connected platform. The Company’s ability to innovate and improve the SOZO® offering offers a significant competitive advantage and supports expansion of its footprint among the existing customers.

ALSO READ: ImpediMed stock jumps on FDA nod for SOZO® heart failure index

Unveiling SOZO® Version 4.0 Software

Version 4.0 went live on 25 May 2021. It brings a series of significant enhancements around usability, new applications, and security.

The response has been great, as more than 70 customers successfully upgraded their software to Version 4.0 within hours of the launch.

SOZO® evolution, Source: Company announcement, May 2021

DON’T MISS: ImpediMed reports key milestones across oncology, heart failure & renal failure in 1H21

Usability advancements

Among the many advantages in SOZO® Version 4.0 Software, perhaps the most notable is the revamp of User Interface. An intuitive redesign makes the software extra intuitive and easier to use. Subsequently, clinicians can now access and review data with ease.

Besides, the information is customizable. This means that clinicians can see the data in the format that is the most meaningful to them.

New applications and features

  • Body Composition Reference Ranges- gives the clinician a meaningful comparator data to better assess a patient’s health.
  • Segmental Analysis- the above is expected to lead to an increase in the adoption of the Body Composition module from within the existing customer base. The application also opens new segments of the breast cancer reconstructive, lymphatic, and plastic surgery markets.
  • Notes and Tags- enables clinicians to tag and make patient notes supporting clinical decision-making and assist them in the timely retrieval of valuable information.
  • Alignment of iOS and Android Software- allows for a streamlining of support and development going forward.

GOOD READ: How is SOZO® paving the success path for ImpediMed (ASX:IPD)?

Security advancements

Enhanced privacy and security features like Multi Factor Authentication (MFA) and Single Sign On (SSO) continue the track record of striving for the most stringent security measures to protect the patient data.

Version 3.0 brought HIPAA, Business Associate compliance and HiTrust certification to SOZO®. Further enhancing the levels of security at the source of sign on, Version 4.0 brings multifactor authentication and single sign on capability.

RELATED READ: ImpediMed (ASX:IPD) Edges Up on ASX on Acquiring HITRUST Certification

SOZO® software version feature comparison, Source: Company announcement, May 2021

Bottomline

Improvements in SOZO® software over the time have led to a continuously increasing average selling price for software licences. The customer churn rate has been negligible at just 1%.

In the months to come, the Company expects similar upside resulting from the release of Version 4.0, especially from the new features that enrich clinician data and offer in-depth actionable information about a patient’s health.

INTERESTING READ: Which organisations have recently acknowledged ImpediMed Limited?

On 25 May 2021, IPD quoted A$0.125 on the ASX.

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