Dear fellow shareholders,
I wanted to provide you with an update on developments across our business, to provide an overview of my recent trip to UK and to give some of our current opinions relating to COVID-19.
Go-live for Miya Platform at two ACT campuses
Today we made a joint media release with ACT Health indicating that the Miya Platform has gone live at two ACT Health campuses – Canberra Hospital and University of Canberra Hospital – covering more than 600 beds. As the first implementation of the entire Alcidion platform comprising Miya Precision, Patientrack and Smartpage to go-live, the completion of its roll-out across these two sites represents an important milestone in this five-year agreement.
We have a longstanding and productive relationship with ACT Health, which is an important reference site for our whole platform. We are delighted to be progressing our collaborative engagement to improve clinical workflows and patient outcomes. This full deployment of Miya Precision provides ACT Health with access to real-time information that will directly contribute to improved patient care.
I recently returned from 10 days in the UK, where I spent time with our new General Manager of Sales and Marketing Lynette Ousby and visited both current and prospective customers.
I was delighted to attend ‘Digital Health Rewired’, a major conference where NHSX CEO Matt Gould discussed the details of the NHSX Tech Plan and his vision to use technology to reshape the health service. The NHSX is a joint unit bringing together teams from the Department of Health and Social Care, NHS England and NHS Improvement, to drive the digital transformation of care. Last week the NHSX released details of the first wave of funding for the Digital Aspirant Acceleration Fund, identifying the 23 trusts that will receive between £3-6M of funding which they must match to introduce innovative technology to transform healthcare delivery.
The UK not only represents the largest potential market that we operate in; it is also an ‘early adopter’ of technology in healthcare. It is particularly pleasing to see the pace of digital transformation continuing and we look forward to continuing to be a part of it.
Our Chief Medical Officer Malcolm Pradhan recently arrived in the UK and is currently conducting presentations to potential customers across the UK over a two week period. There is growing interest in Miya Precision and Miya MEMRe and we look forward to seeing how this aligns with the Digital Aspirant program.
We recognise the uncertainty that exists relating to the potential impact of the COVID-19 virus on global healthcare in the coming months and no business will be immune from its impacts. However, what we do know is that there will be increasing demand on the healthcare services as the number of cases accumulate globally and ultimately technology has a role to play in supporting the response to this increasing demand.
The current crisis represents an important context for us to demonstrate the merits of our unique platform that can give hospitals a site-wide view of their patient flow, automate workflows, alert clinicians to patients who are at risk or in decline, and assist in better management of resources to reduce the burden on clinicians and optimise patient care.
Our unique technology platform has been proven to support healthcare organisations to manage resources by improving efficiency and patient flow, enabling hospital beds to be freed up. We have recently built a feature in Miya Precision to provide flags to identify patients with and at risk of COVID-19 which we are now in a position to deploy to those customers requesting it. We have also developed COVID-19 screening assessments in Patientrack which we will shortly make available to customers. We will continue to monitor the situation in close consultation with our customers and provide what assistance we can as they manage this outbreak.
Our business itself is well positioned to accommodate whatever measures are prudent for us to take to safeguard the health of our staff, our customers, our customers’ patients and the wider community. Many of our services are delivered remotely and all our staff can work from home if self-isolation measures are required, either for individuals or for an entire office. Following consultation with our customers, we will be implementing contingency measures for each of our current projects to ensure we can continue to support these projects and our customers.
From an investment perspective, the fundamentals of the healthcare technology market have not changed – recent global events serve to heighten the value of investment in digital technology to improve clinical workflow and the delivery of care. We continue to strengthen our sales pipeline in Australia, New Zealand and the UK.
Alcidion is well positioned to capitalise on the rapidly increasing investment in digital healthcare. We have a clear strategy to accelerate growth, which we are successfully implementing, and we have a strong balance sheet to sustain the investment through current volatile capital markets.
Weakness in the share price is of course disappointing for all shareholders and earlier this week I took the opportunity to add to my shareholding with the on market purchase of 1,000,000 shares. Our Chair Rebecca Wilson has also purchased further shares.
As always, I take this opportunity to thank shareholders for their continued support of our business.
Managing Director and CEO