A big week in health IT kicked off on Monday with the announcement that medical specialist software vendor Genie Solutions had been sold to Citadel Group for the very healthy sum of $260 million. Considering that a majority stake in Genie was sold just four years ago for $55m, this is a pretty good return on investment for its private equity investors, but coming off the back of the extraordinary amount that Telstra Health paid for MedicalDirector, it shows that there is serious money out there at the moment for technology stocks.
We understand from immaculate sources that Genie Solutions was still planning to publicly list as late as last week, but had also been in discussions with Citadel for some time and was also offered up to Telstra Health. Telstra had to decide between MedicalDirector and Genie as it could not afford both, and chose the former, paying $350m for the GP sector’s second most used software. While understandable in the short term considering Telstra has long spoken about joining up disparate parts of the healthcare system in Australia, of which GPs are fundamental, but when it comes to long-term growth, we think Genie was the better bet.
Vaccine passes were back in the news this week as Victor Dominello, NSW Minister for Customer Service – yes, that is his real title – got on the blower to spread the word that the NSW government will trial an addition to the existing Service NSW app that will draw down data from the Australian Immunisation Register (AIR) and allow fully vaccinated NSW residents free movement within the state.
While a PDF of the vaccine certificate is currently available through the Express Plus Medicare app – and My Health Record, although no one ever mentions this – the idea behind the NSW system is that it will be added to an already widely used app that also allows people to check into venues, so users only need to open the one app. Security will be similar to what already covers NSW’s digital driver’s licences, and so should be exceptionally good. (The PDF can also be downloaded to the Apple Wallet and Google Pay, too, which is useful.)