Telstra's investment in eHealth tops $100 million
Telco giant Telstra's investments through its healthcare division have gone well beyond the $100 million mark, with the value of some of its most recent acquisitions outlined in its half yearly results announced today.
While the numbers are dwarfed by Telstra's massive $2.1 billion in half-yearly profits, CEO David Thodey said Telstra Health's investments were part of the company's plan to build innovative offerings for customers.
“We formally launched Telstra Health in October 2014 and increased our total investment in health to more than $100 million,” Mr Thoday said.
“This includes acquisitions and joint ventures to provide technology solutions in telemedicine, aged and residential care, hospital, radiology and pathology and will help us deliver a more integrated health system.”
The largest single investment in the first half of the 2015 financial year was the 100 per cent shareholding it took in aged care software market leader iCareHealth last November, which today's results show was for a total consideration of $26 million.
In December, Telstra Health also acquired 100 per cent of acute care software vendor Emerging Systems for $15 million. Telstra's controlled entity CloudMed then bought the assets of cloud-based GP software firm Cloud 9 Software, along with its Indian-based acute care partner IdeaObject, for $19 million.
Earlier in the year it purchased radiology and pathology secure messaging solution provider Medinexus for $4 million. It also recently bought $18 million ($NZ20m) worth of shares in Orion Health as part of the New Zealand firm's IPO.
Telstra Health also has licensing agreements with Swiss joint venture parter Medgate for its planned ReadyCare telehealth service, Dr Foster Intelligence’s Quality Investigator and Global Comparators products, US consumer health portal provider Get Real Health and Canada's Telus Health for its iScheduler product.
Telstra Health's first investment was a $5m stake in online appointments and directory company HealthEngine in association with Seven West Media back in 2013, as well as major investments of $44 million to buy DCA Health outright and $27 million for a 50 per cent stake in Fred IT.
It also purchased IP Health, now known as Verdi, for an undisclosed amount, thought to be about $1 million.
More recently, it also committed $2 million to a two-year collaboration with the George Institute for Global Health to bring technology solutions to pressing healthcare challenges.
It is understood Telstra Health has plans to buy more assets in the next year, as well as gearing up for the launch of ReadyCare.
|Orion Health (2%)||$18m|
|Fred IT (50%)||$27m|
Posted in Australian eHealth