MedAdvsor helps to address isolation and quarantining issues during COVID-19 pandemic
Shares in MedAdvisor Limited (ASX:MDR), traded up to 10% higher on Monday after the company announced that its telehealth and on-demand home delivery features are now live.
The company is a prominent technology partner used by about 60% of Australian pharmacies, as well as having a prominent presence in the US and Asia.
MedAdvisor is preparing to launch in the UK, an initiative that will see its client base grow substantially.
The company has been busy on a number of fronts and only last month it commenced a support service for pharmacies with the delivery of medications to patients' homes, allowing them to order, pay and request delivery all within the MedAdvisor app.
While these are important developments, the company first came under the spotlight in mid-January after signing a second US agreement to provide medication education programs for a top 10 global pharmaceutical company through its strategic US partner Adheris Health LLC a Syneos Health Group company (NASDAQ: SYNH).
This triggered a 50% share price increase within a week, and it went on to notch up a 12 month high of 60.5 cents.
Since then it has been a rollercoaster ride for shareholders as it was sold down heavily during the coronavirus rout despite the fact that its technologies are of assistance in negotiating the current conditions, particularly where there are extensive quarantine regulations in place.
Telehealth and home delivery go live on the east coast
Acceleration of Pay in Advance and GP Link services has highlighted a broader pool of patients now able to access home delivery and telehealth services respectively.
The company has already received more than 3000 delivery requests from patients with more than 9000 items ordered.
About 1000 pharmacies are now offering delivery to MedAdvisor app patients.
The home delivery service is live in Sydney, Melbourne and Brisbane with MedAdvisor now facilitating end-to-end remote medical consultation, pharmacy payments and medication delivery.
This service was launched to help pharmacies leverage the Federal Government’s recently announced $25 million package to deliver much-needed medications to those at risk in the community.
MedAdvisor has discounted the fee for each delivery through its Kings delivery service (up to a 5 kilometre radius from the pharmacy) to $7.77 during the COVID-19 crisis.
Pharmacies can claim this full amount, meaning it costs the pharmacy nothing to deliver to an eligible patient, once monthly.
The service through Kings went live in Sydney and Melbourne last week.
As part of its PlusOne professional services module which is included in the pharmacy’s monthly SaaS fee, MedAdvisor is the first to launch a professional services form for pharmacies to record eligible deliveries under the COVID-19 Home Medicines Service funding to assist the claiming process through PPA.
More than 12,000 delivery claim forms completed
Underlining pharmacists’ support for the home delivery services through MedAdvisor, over 12,000 delivery claim forms have already been completed.
Activations of MedAdvisor’s Pay in Advance functionality has expanded from just over 11% of the pharmacy network to nearly 80% of the network now offering the contactless pay in advance feature through MedAdvisor to their patients.
Pay in Advance services are an important leading indicator for the further uptake of home delivery services because an increase in pharmacies deploying Pay in Advance services increases the total addressable patient pool with access to home delivery services.
End to end remote medical consultation
MedAdvisor noted that its telehealth service had gone live through an extension of its GP Link technology.
The platform now facilitates end-to-end remote medical consultation, pharmacy engagement and medication delivery.
The next-generation GP Link service enables MedAdvisor patients to access a GP from the convenience of their own home.
This means all patients, including those in rural areas, or physically unable to access healthcare facilities can now obtain the medical care they require.
MedAdvisor has recently seen an upswing in GP Link activity, through which the company earns fees off each consultation, a promising sign for the adoption of the company’s telehealth services.
Management has noted an increase in the rate of new user activations on the MedAdvisor platform during the COVID-19 pandemic, suggesting that it may be a stock to target at a time when many companies are facing coronavirus related headwinds.