MyFiziq and WellteQ’s integrated offering seen as paradigms shift
MyFiziq Limited (ASX: MYQ) has signed its first Binding Term Sheet to expand the newly developed CompleteScan platform capabilities with Asia Pacific corporate wellness platform WellteQ into the $10 trillion global telehealth, corporate wellness and insurance market.
Under the commercial terms, CompleteScan will be integrated into WellteQ’s personalised digital wellness and analytics platform in readiness for January 2021.
The integrated offering will be first offered to existing corporate customers including Willis Towers Watson APAC, NIB, Bupa Australia, Toll Logistics, Credit Suisse and DBS Bank before a wider reach into prospective clients and markets outside of APAC.
WellteQ anticipates that the CompleteScan platform will appeal to multiple verticals in telehealth, corporate wellness and insurance partners already engaged with WellteQ around the globe.
With regard to MyFiziq’s products, the company has developed its capabilities by leveraging the power of Computer Vision, Machine Learning, and patented algorithms to process images on secure, enterprise-level infrastructure, delivering an end-to-end experience that is unrivalled in the industry.
The technology simplifies the collection of measurements and removes the human error present in traditional methods.
COVID creates demand
WellteQ has an impressive background, being the leading digital wellness solution for employee health engagement and HR data analytics.
Recognised globally as a leading B2B wearable agnostic platform, the group offers a suite of innovative engagement programs including activity challenges, mental wellness, financial wellness, HR onboarding, virtual coaching and telehealth for employees.
With the COVID-19 pandemic, digital health platforms such as WellteQ are becoming a much sought after point of engagement for the medical, wellness and health sectors.
The use of video consultations is quickly becoming the norm with providers and their patients.
These sectors are looking for new and innovative ways to engage, diagnose and manage people remotely, both pre and post medical and health interventions.
WellteQ provides a unique solution that will now combine its mental health, nutrition, activity and wellness capabilities with the power of CompleteScan.
The group’s technology analyses multiple facets of health and activity with multiple engagement protocols from mental wellbeing to activity tracking.
Transparently optimising health outcomes and productivity
The holy grail of this activity for the providers is the ability to not only assist in better health outcomes and productivity, but to augment the change and be able to deliver a visual tool that shows the return and change their users are achieving, enabling them to understand the value that the combined platforms will bring.
MyFiziq chief executive Vlado Bosanac highlighted the significance of combining the technologies in saying, “This will be a world first as multiple organisations worldwide are positioning themselves with offerings to the corporate wellness space.
‘’Combining our new CompleteScan technology with WellteQ will be a paradigm shift in both tracking and analytic capabilities across multiple market segments.
‘’The WellteQ solution is a perfect fit for CompleteScan and the multiple verticals WellteQ has positioned itself in.
‘’It’s a great first deployment for CompleteScan when looking at the corporate register WellteQ brings to this partnership.
‘’This is an exciting new pathway to increase revenue for both organisations.’’
Highlighting the win-win benefits of the agreement, Wellteq chief executive Scott Montgomery said, “Not one of our corporate wellness industry peers possesses such comprehensive capabilities as that of our WellteQ and Complete Scan integration.
‘’Using just your smartphone we can assess, continuously monitor, coach and if needed triage a user into virtual care via telehealth.
‘’This extends our continuum of care and therefore user and client value substantially.
‘’We set out to bring affordability and accessibility to preventative care and through this integration we can deliver our on-demand insights and personalised coaching system, all for the annual price of a single doctor consultation.
‘’Healthcare has changed for the better and its technology collaborations like this that continue that evolution”.
Under the terms of the binding term sheet, MyFiziq will be paid the following volume-based pricing by WellteQ.