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- Healthcare tech company Alcidion (ALC) has renewed a contract with NHS Fife worth almost $1.5 million
- The five-year contract will see NHS Fife deploy Alcidion’s Patientrack system across 10 hospitals
- Patientrack is a patient-monitoring product that helps carers keep track of patients and their conditions and prevent deterioration
- NHS Fife and Alcidion have been partnered since 2011
- After today’s news, Alcidion shares are trading almost eight per cent higher and worth 14 cents each
Healthcare tech specialist Alcidion (ALC) has renewed a contract with NHS Fife for its Patientrack patient monitoring product.
Alcidion will bank $1.47 million over the next five years from the contract as it supplies more Patientrack systems across the NHS Fife network.
NHS Fife, a branch of National Health Service (NHS) that services the region of Fife, Scotland, will deploy the Patientrack system across ten hospitals in the region.
Two of the hospitals are main acute hospitals, while the rest make up a network of community and day hospitals. All together, Patientrack will be servicing 1342 hospital beds.
What is Patientrack?
Essentially, Patientrack is Alcidion’s patient care technology.
The product lets health care workers actively monitor at-risk and deteriorating patients. The tech automatically reviews key indicators like blood pressure, heart rate, and temperature and immediately alerts carers when a patient starts deteriorating.
Further, the tech is designed for mobile devices and tablets, meaning it’s easily accessible and can help workers document and review a patient’s status from anywhere in a hospital at any time in the day.
Importantly, Alcidion Managing Director and CEO Kate Quirke said the tech has been proven to heavily reduce severe medical emergencies like cardiac arrests across the NHS Fife network.
“Our partnership with NHS Fife has seen significant patient outcome benefits including a reduction of up to two thirds in cardiac arrests in its Medical Assessment Acute Unit within the first six months of Patientrack deployment into this unit and the introduction of one of the most clinically relevant safety huddles in Scotland,” Kate explained.
A long friendship
NHS Fife and Alcidion have been partnered since 2011. The company said NHS Fife was one of the early adopters of the Patientrack tech and one of Alicidion’s longest-serving customers.
After today’s contract, the business relationship between the two companies will be extended until at least 2025.
“We are delighted to be continuing our close partnership with NHS Fife, one of our foundation customers in the UK,” Kate said.
“This renewal demonstrates the longevity of our relationships with customers who have embedded our solutions into their clinical care, and how over time, they seek to build on the benefits achieved by expanding their deployment,” she added.
A COVID-19 opportunity
Alcidion has been on close watch over the past two months as health care stocks take on the coronavirus storm.
The company told shareholders in mid-March that while no business is immune to the spreading virus, the crisis is presenting a unique opportunity to companies operating in the world of healthcare.
For Alcidion, the pandemic gives the company an opportunity to demonstrate the merits and importance of the Patientrack platform and its other services.
“This renewal demonstrates the longevity of our relationships with customers who have embedded our solutions into their clinical care, and how over time, they seek to build on the benefits achieved by expanding their deployment,” Kate wrote in a letter to shareholders.
“This renewal demonstrates the longevity of our relationships with customers who have embedded our solutions into their clinical care, and how over time, they seek to build on the benefits achieved by expanding their deployment,” she said.
With Alcidion now in the spotlight, shareholders have taken well to today’s news of the renewed NHS Fife partnership.
At lunchtime AEDT, shares in Alcidion are trading 7.69 per cent higher at 14 cents each.
