In the real world, Australia and New Zealand began to put into action their respective roadmaps out of lockdown this week as vaccination numbers rose to much hoped-for levels. However, in the somewhat obscure world of health IT standards, a quite remarkable report was released late last week that has stimulated a firestorm of debate over the basic security of healthcare data.
Las Vegas-based cybersecurity analyst, former hacker and content creator Alissa Knight – who going by her bio and her Knight Ink business description is surely to become the subject of a novel one day if not a pretty cool movie – released the second phase of a year-long research project she has undertaken into the basic security of apps and aggregators drawing data from FHIR APIs linked to electronic medical records and other patient record databases.
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.