- ALC has signed its largest ever Miya Precision contract representing $9.5M TCV over 5 years
- Second NHS trust to procure both Miya Precision and Better OPENeP solution in the last year
- With $5.48M of TCV to be booked in FY21 from this contract, total revenue now sits at $20.2M able to be recognised in FY21 – vs $18.6M in FY20 with 7 months of the year remaining
Alcidion Group Limited (ASX: ALC) is pleased to announce today that it has signed a major deal with South Tees Hospitals NHS Foundation Trust (South Tees) for Alcidion’s Miya Precision solution and the Better OPENeP electronic prescribing and medicines administration (ePMA) system.
South Tees is the largest hospital trust in Tees Valley in the United Kingdom, with over 1,000 beds and employing approximately 9,000 clinical and operational staff and providing care for more than 1.5 million people.
In the largest Miya Precision contract Alcidion has signed to date, South Tees will also be the second NHS trust to procure a combination of Miya Precision and the Better OPENeP solution following on from early adopter Dartford and Gravesham NHS Trust.
The total value of the contract is $9.47M (£5.15M) over five years, with approximately $0.96M to be recognised as Product implementation (one-off) revenue, with the remaining $8.51M representing recurring Product (licence + maintenance & support) revenue to be recognised over the 5-year term of the contract. Approximately $5.48M (£2.98M) of the total contract value is planned to be recognised as revenue in FY2021, subject to milestone achievement.
With $5.48M of TCV to be booked in FY21 from this contract, total revenue now sits at $20.2M able to be recognised in FY21, compared with $18.6M in FY20 with 7 months of the year remaining.
Miya Precision will enable South Tees to digitise patient care processes and records while also providing a trust-wide orchestration layer to integrate this new clinical data with patient data in existing trust systems using the FHIR standard for data interchange. This will allow information currently held in disparate systems to be consolidated and represented in a common format for application of artificial intelligence and use in advanced clinical decision support. The Better OPENeP solution – a ‘next generation’ ePMA system – will allow the trust to digitise its prescribing and medicines administration processes. The solutions will launch concurrently at the trust in the first phase of the technology deployment, allowing for seamless integration between electronic observations, digital patient assessments, care planning and medication processes.
Dr Andrew Adair, Chief Clinical Information Officer and Emergency Medicine Consultant at South Tees, said: “This technology is designed for clinicians by people who really understand clinicians. Our agreement with Alcidion will allow us to accelerate our digital maturity and adopt modern technology that will have a very significant positive impact on the daily lives of the people who use it.
“We have been determined to finalise this agreement at a time of unprecedented pressure in the NHS. The systems we are about to implement will help to lighten the burden faced by clinical staff who are working fantastically hard, by reducing time spent on manual processes and providing some extremely impressive clinical decision support tools. We have chosen to work with Alcidion as more than just another technology supplier – but as a partner that has already demonstrated it understands the needs of our healthcare professionals, our digital strategy and the specific needs of our organisation.”
Lynette Ousby, UK general manager for Alcidion, said: “South Tees will use Miya Precision to move beyond static systems of record, to systems that proactively engage staff by providing a more complete view of patient data in a manner that supports the way they work. We are committed to working with the trust and its existing suppliers to unlock substantial value from their current IT investments and complementing that with new technological capabilities in an interconnected way.
“Discarding investments to accelerate digital maturity is no longer the only option for the NHS. South Tees’ decision demonstrates this, and we look forward to working with the trust to make sure we deliver technology in a way that is genuinely helpful to users.”
Alcidion Group managing director, Kate Quirke, added: “Clinical staff working across South Tees will be among the first in the UK to benefit from our range of healthcare technologies that have been specifically built to make the right thing to do, the easiest thing to do, even during the busiest of times.
“It is extremely rewarding to see South Tees enter into this agreement so soon after we formally launched Miya Precision as the first smart clinical asset for the NHS. The NHS remains one of our most significant partners anywhere in the world, and I look forward to driving forward this new partnership for the benefit of staff and patients at the trust.”