As the UK grapples with a second-wave of COVID-19, its healthcare system is preparing for an onslaught.
This pandemic is forcing hospitals to kit out, and smarten up. Bringing about drastic measures to ensure patients are properly taken care of.
That’s why new innovations and technology are required. The kind of technology and innovation that Alcidion Group Ltd [ASX:ALC] provides.
Their unique patient platform is designed to reduce the burden on clinical staff. Providing nurses, doctors, and other healthcare professionals with more time to prioritise what matters most: helping people.
And that’s exactly what they’re aiming to do with their latest deal. A $9.47 million contract that has sent the Alcidion share price 33.6% higher today!
New NHS hospital signs on
South Tees Hospital is the newest client to sign up for Alcidion’s Miya and OPENeP systems. Executing a $9.47 million agreement over a five-year term.
The biggest deal Alcidion has signed yet.
For South Tees, this will give them the means to upgrade their patient and medication offering. Utilising the Miya platform to digitise their patient data and processes. Corroborating it for easier access and diagnosis via artificial intelligent systems. All of which will hopefully yield faster and more successful care outcomes for patients.
On top of that, the OPENeP will similarly digitise the hospitals prescription medication process. Designed to seamlessly integrate with the new digital patient data, and provide a smoother medication process.
As South Tees Chief Clinical Information Officer, Dr Andrew Adair noted:
‘This technology is designed for clinicians by people who really understand clinicians.
‘Our agreement with Alicidion will allow us to accelerate our digital maturity and adopt modern technology that will have a very significant impact on the daily lives of the people who use it.’
Crucially, as I mentioned, it also comes at a time when UK hospitals are under extreme pressure. With rising COVID-19 cases putting more pressure than usual on the entire healthcare system.
Because of this, the timing to integrate such technology is vital. Creating an environment that can hopefully keep up with not only demand, but a level of care that is expected from the UK.
For investors, it is also a great sign of the sort of impact Alcidion can have. A chance to prove just how valuable their software offering can be, and in conjunction how much value it can deliver to shareholders.
With that in mind, it may only be a matter of time before other hospitals reach out for more deals.
What’s next for Alcidion?
The good news is that this contract now brings Alcidion’s total revenue for FY21 to $20.2 million. A sizeable result for this small company.
Keep in mind that doesn’t include the roughly $4 million worth of future revenue either. All of which will add up over the five-year contract term.
Crucially though, this $20.2 million result is already above their final revenue tally for FY20. Which came to a total of $18.6 million.
So, with seven more months of the financial year, Alcidion is already set to deliver a record result. Meaning they could book some serious growth in coming months.
For investors, that is bound to be a pleasing prospect. The only question is: when and where will the next deal come from?
We’ll have to wait and see.
But in the meantime, this is one small-cap that is really impressing.
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