If Doctor Google can diagnose your current ailments, medical informatics company Alcidion (ASX: ALC) may soon be predicting your future needs after being engaged by Healthscope to develop a data and analytics solution.
The agreement, valued at $895,000 over three-years, will see the two companies work together as Healthscope seeks to transform the way healthcare is managed and delivered, capitalising on its large network of 43 hospitals which all log critical data.
“Alcidion is excited to establish this relationship with Healthscope to augment their data and analytics capabilities across the organisation,” said Alcidion Managing Director, Kate Quirke.
“This is Alcidion’s first implementation of our data analytics capabilities into a private hospital group. It demonstrates how important data is becoming across the healthcare sector.
“We look forward to sharing our extensive capabilities around health care data management to assist Healthscope to drive better outcomes.”
Within the partnership, Alcidion will commence by developing dashboards which can support predictive analytics for Healthscope, as well as long-range planning of other services.
Data analytics is a growing trend in the healthcare sector which has traditionally been largely dependent on qualitative analysis but companies like Alcidion are seeking to change this by implementing smart technology solutions to transform the sector.
Developing a range of software products, Alcidion aims to support clinical decision making and has undergone a significant transformation over the past 12 months having last year acquired bedside patient monitoring software Patientrack, and IT solutions firm MKM Health. Incorporation of the two businesses into Alcidion saw FY19 revenues rise to $16.9 million, a 300% rise on FY18.
In May 2019, shareholders of previously-listed Healthscope approved a $4.4 billion acquisition bid by Canada’s Brookfield Asset Management. At the time, Healthscope was Australia’s second largest private healthcare operator.