Alcidion re-signs Western Sussex Hospitals Trust
Alcidion Group Ltd (ASX:ALC) has signed a 5-year product licence renewal agreement with Western Sussex Hospitals NHS Trust for Patientrack licensing and support for an additional five years, to 2024.
The total value of the renewal is $970,000.
Contract successes such as this have been responsible for shares in the group trading strongly since March, increasing 370% to hit a 12 month high of 14 cents in June.
Alcidion’s Patientrack platform is a mobile and digital bedside solution that helps hospitals improve patient safety and quality of care, as well as optimising clinical staff efficiency.
Patientrack helps hospital workflow by planning and performing patient observations and assessments and providing clinical documentation at the bedside in real-time.
These functions of the Patientrack solution ensure the early detection and timely clinical response to deteriorating patients at all times, in a range of different ward environments.
Contract renewals are viewed as an endorsement
One of the important aspects of this contract win is that Western Sussex Hospitals NHS Trust first implemented Patientrack in 2012, making it one of the longest-serving users of the software.
It is endorsements such as this that will provide investors with confidence regarding further contract extensions, and it is worth noting that it is the second time the contract has been renewed.
The platform was initially deployed following a successful competitive tender in 2011, and the system is live in 68 wards across the trust’s three hospitals.
Alcidion’s group managing director Kate Quirke underlined the importance of the trust’s endorsement of the company’s products in saying, “We are delighted to continue our close partnership with Western Sussex Hospitals NHS Trust - one of our foundation customers in the UK - for the continued use of Patientrack for another five years.
“This demonstrates the longevity of our relationships with customers who have embedded Patientrack into their clinical care.”
Aligning tech innovation with industry developments
Alcidion’s UK general manager Donald Kennedy explained the importance of staying abreast of new healthcare developments in saying, “Our long-standing partnership with Western Sussex NHS Trust has seen several innovations made to Patientrack, and its use has expanded within the trust since it was implemented.
“These include the implementation of world-leading predictive analytics for acute kidney injury, as well as a broad range of clinical assessments and workflow for conditions such as Sepsis.
“This renewal demonstrates the benefits our solutions can bring to patients and health professionals, and the value our solutions can add to wards, hospitals and healthcare systems.”