22 November 2023
In a high pressure environment, healthcare workers often need to be able to make the right decision in a split second
In a high pressure environment, healthcare workers often need to be able to make the right decision in a split second. As budget constraints, staffing issues, and the transition to digital healthcare place more pressure on healthcare workers, the risk of making the wrong decision becomes more likely. In the US, the third largest killer of Americans is adverse effects from the delivery of healthcare.
Alcidion Group Limited (ASX: ALC) is an Australian healthcare technology company that has a simple focus: To make the right thing to do the easiest thing to do for healthcare workers.
“It is an industry where there are lots of changes driving a rapid shift towards digital health,” said CEO Kate Quirke when she presented on The Insider.
Alcidion’s platform protects the investment that healthcare systems have made by taking the physical paper trail and transforming it into a digital format.
“We’re using that data to support the decision making process of the clinicians. Not to take the process away, but to relieve the cognitive load on them on their day-to-day delivery of healthcare to patients,” said Kate.
The platform can then deploy algorithms over that patient data to identify patients who are at risk of something going wrong, such as mistakenly being given unsuitable medication.
Alcidon listed on the ASX in 2016 and has since been demonstrating positive growth. This year, the company has reported a revenue growth and profit growth of 36% and 37% respectively.
Alcidion has a strong customer base with many opportunities for further relationships.
“Healthcare is a very sticky business. Once you have a customer sign up, they’re typically with you for quite some time, usually 10 to 20 years,” said Kate.
The company recently finalised a milestone $11.3 million contract with South Tees NHS Trust. This contract opens up the opportunity for Alcidion to access more NHS Trusts around the UK.
“We’re really well positioned for the second half,” said Kate. “We’re on track to surpass the FY20 revenue just six months into the year.”
Alcidion’s CEO, Kate Quirke, recently joined us for our fortnightly webcast ‘The Insider: Meet the CEOs’. This article summarises some of the information she shared with us during the session. You can watch a full recording below, or you can click here to book into our next session.
‘The Insider’ is a great way to hear directly from the CEOs of fast growing Australian businesses. You will get valuable insights to their industries and companies future prospects.
The Insider: Meet the CEOs – Event Details:
Date: Wednesday, 14th April Time: 12pm AEST Format: Online
This is a free event. Click here to book your spot.
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