Oneview’s MedTech combats COVID-19 and keeps everyone safe
Australian healthcare providers have accelerated their use of technology during COVID-19.
First it was the pharmacies that took advantage of changes that allowed medicines to be dispensed based on an electronic prescription.
GPs followed suit, offering video consultations.
And now, more than 90% of Australian Public Hospitals are utilising My Health Records, with 5.2 million more clinical documents uploaded by hospitals, pathologists or radiologists, increasing the total to more than 70 million.
The focus on digital health is a global trend. Certainly, if there is a positive to come out of COVID-19, it is that it helped fast track the adoption of technology accessible to all healthcare providers.
US and Australian governments approved reimbursement for telemedicine consultations, while the UK launched a coronavirus chatbot to relieve the pressure on the National Health Service (NHS) and reduce in-person contact.
The underlying benefits are long-term as we could see a reduction in unnecessary use of health services in future. This would alleviate the burden on undermanned or under resourced health providers, while cutting costs and still caring for patients.
In the US, there is now a deep re-imagining of how healthcare and patient care is delivered.
This is being facilitated by Oneview Healthcare (ASX:ONE), an ASX-listed med-tech provider, which this year launched a cloud-based solution to help healthcare systems manage hospitalised patients during and after COVID-19.
Known as Oneview Cloud, the tablet enables virtual rounds, visitations and services, helping patients feel supported, whilst educating them about their current situation and the post-op recovery work they may have to do to help themselves heal properly.
Oneview Cloud also helps healthcare workers to provide more care more efficiently.
In April this year, the technology was deployed to New York-based medical centre, NYU Langone Health, one of the top five medical institutions in the US and the hospital behind the cure for one of the last major global pandemics – polio.
Note, OneView Healthcare will hold an investor webinar on Wednesday 5 August to discuss:
- NYU Langone’s experience in rolling out the Oneview solution at the height of the pandemic;
- How digital technology is helping to improve the patient experience;
- How COVID-19 has made digital infrastructure at the bedside and agile innovation more important than ever; and
- Oneview’s strategy for growth and product vision.
Click the link below to register for the Webinar:
Roll out to Langone
The rollout of OneView Cloud occurred in April this year.
NYU Langone Health is one of America’s premier academic medical centres. It is known for its high quality patient safety and patient centric care.
As we all know New York has been one of the hardest hit cities, having to deal with a COVID-19 crisis that has been going on for months, so quality of care is now more paramount than ever.
There are 418,000 confirmed cases in New York and 32,333 deaths (at time of writing). Fortunately, the daily new case numbers are now just in triple figures.
However, those numbers have put an enormous strain on the city’s medical profession: the stress and the strain on doctors and nurses has been difficult for them to bear and hard for us to watch.
There are synergies between Langone and OneView’s philosophy to patient care (to put the patient at the centre of the care experience). So to ease the burden on its staff and give its patients a better experience, Langone deployed Oneview’s Cloud for COVID-19 tablet solution, with more than 370 additional tablets across multiple hospitals.
At the time of adoption, Oneview CEO James Fitter said, “Healthcare organisations are having to rapidly adapt now to ensure they can deploy critical resources where they are needed the most and one of the big changes is to the daily ‘rounds’ to monitor patients.
“This is extremely difficult during a pandemic because of the need for clinicians to wear personal protective equipment (PPE) which is in short supply. Our solution enables ‘virtual rounds’, eliminating unnecessary exposure between clinicians and patients, preserving scarce PPE and ensuring clinicians are being deployed for critical clinical care.
“The feedback we have been getting from both clinicians and patients at NYU Langone Health has been very positive. I’m very proud of how our team has responded to this crisis, working hard to support our clients and launch this innovative new solution.”
In short, OneView’s technology solved the two major use cases for Langone: keeping clinicians out of rooms and keeping families connected to loved ones.
OneView is also working with Epworth HealthCare in Melbourne and Chris O’Brien Lifehouse in Sydney to deploy virtual rounding and virtual visitation on their existing Oneview platforms.
What does CloudView actually do?
According to the company, Oneview Cloud technology is designed for rapid deployment and does not require new infrastructure, on-site servers or integrations with other systems, meaning costs are low for healthcare providers.
The following video explains how CloudView operates:
The only requirement is Wi-Fi and a point-to-point VPN to the Oneview Azure infrastructure.
Oneview Cloud does however, offer many COVID-19 appropriate features. Not only can patients watch Netflix, it includes the communication applications Cisco Jabber, Zoom, and Microsoft Teams, among others. Auto-answer capabilities for inbound video calls in the patient room (with compatible enterprise video solutions) are also on hand. Patients can even order their food via the tablet.
Hospital Tablets come pre-configured for immediate deployment, but staff can feel confident in the knowledge that devices are locked-down to prevent configuration changes and they can be remotely monitored all day every day to ensure they stay operational.
The real value is that there is no need for staff to access patient rooms when there is no reason to and that relevant staff can deal with patient issues directly relevant to them.
Finally, to deal with COVID issues, when a patient is discharged, the device is digitally wiped of all user data, sanitised, and made ready for the next patient.
Notably, the per bed per day is around $2, which means it is a high gross margin business.
CloudView is just one part of the OneView whole
CloudView is a light version of OneView Healthcare’s overall software offering.
Looking at its overarching business, Oneview provides interactive healthcare technologies for patients, families, and caregivers. Its technology weaves a facility’s existing disparate systems into a single seamless platform, allowing healthcare facilities to engage patients in meaningful ways, improve communication, and streamline clinical workflows.
Like all great tech, it was created out of need.
Serial entrepreneur and founder Mark McClosky was discharged from hospital with not only a clean bill of health, but also a very clear vision of how technology could better serve the needs of patients and their carers. McClosky was thus driven to develop the ‘best’ interactive patient care system on the market.
OneView was founded as a software and solutions business with a global headquarters in Dublin, Ireland and commenced operations in 2008 with the objective of enabling healthcare organisations to make use of technology to drive cost efficiencies, improvements in clinical outcomes and enhanced patient satisfaction, leading to overall excellence in healthcare economics and quality of care.
Borne of this was the Oneview Solution – an innovative, feature-rich patient engagement platform for hospitals and other healthcare providers that integrates all of the company’s apps.
The overall uptake of the technology has been excellent.
Oneview has 55 hospitals under contract across four countries, with new contract wins and expansion orders including NYU Langone Orthopaedic Hospital in New York, Angie Fowler AYA Cancer Institute in Cleveland, OU Medicine in Oklahoma City, Sydney Children’s Hospital in Randwick and The Prince Charles Hospital in Brisbane.
Interestingly, in FY2019, North America surpassed Australia as the company’s largest installed base for the first time with 4,012 hospital beds now live. Furthermore, there was a deployment of contract win in Asia for the Bumrungrad International Hospital, Bangkok Thailand, which the company says affirmed the global need for patient engagement solutions.
The following graph highlights the company’s growth to:
Continued growth will come from the US, where the total addressable market is 1 million beds, of that OneView sees a 400,000 bed opportunity.
Hospitals with a superior customer experience are known to generate 50% higher margins. With that in mind, OneView’s aim is to target as many hospitals as possible to give it the systems to provide personalised, exemplary care – at scale – to win and retain customers.
A better world view
Better healthcare management, better systems and better patient care is paramount in a world devastated by COVID-19.
This is no more evident than in the US, where hospital beds across the nation are filled to capacity (and beyond) as active cases remain out of control.
Many of these patients haven’t been able to receive the care required to help them recover, many others have been pushed out of beds by patients who could be managed at home with the right tools.
Technology is thus crucial in mitigating the risks associated with COVID-19, whilst keeping everyone safe.
Remote and targeted patient care is an excellent leap forward in managing this current crisis.
OneView is disrupting the industry, so that better care of all stakeholders is forefront of the medical industry’s mind.
When the experts at Next Investors have a stock pick, it may pay to listen.
The Next Investors have been investing in ASX small cap stocks for years, with their best small cap picks yielding returns of 1,200%, 1,120%, 900% and 678%.
They have just revealed their hand-picked, FY2021 stock portfolio of high conviction long-term investments.
Click the link below to see what they are currently investing in.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.