Alcidion set to list on the ASX following reverse takeover

Alcidion set to list on the ASX following reverse takeover

Adelaide-based health informatics platform vendor Alcidion is set to list on the stock exchange later this year following a reverse takeover by minerals exploration firm Naracoota Resources.

The acquisition will see Alcidion valued at $12 million with a healthy $7m in cash. A prospectus will be offered on October 23 with the company re-quoting on the ASX under the Alcidion name in late November.

Alcidion had revenues of $5.18m in the 2015 financial year, up from $3.8m the previous year, and recently signed a $1.75m deal with the Northern Territory Department of Health to roll out its new order sets technology to clinicians at the point of care.

Alcidion's executive vice president for sales and marketing, Nathan Buzza, said the ordering technology was a new module that had been built into Alcidion's Miya health informatics platform to process order sets directly from an iPad.

While computerised physician order entry (CPOE) technology has been around for some time, what Alcidion's technology includes is a “closed loop” system that provides clinical decision support, the ability to initiate a pathology order at the point of care, a message to the nurse and integration with pathology systems, results returned to the device at the point of care and an alert system if an intervention is required.

Mr Buzza said the solution had been driven by NT Health CIO Stephen Moo, and had been deployed for two months.

The CPOE capability and Alcidion's evolving Smartforms technology are new additions to the company's product suite, underlying which is the Miya health informatics platform. This has been used to develop its award-winning intelligent Cardiovascular Information System (iCVIS), which it developed in association with FujiFilm, as well as the intelligent patient journey system (iPJS) that is being used by Victoria's Western Health and the NT.

Mr Buzza said the smartforms technology was in its early stages but was an evolution from the old paper forms and contemporary electronic forms.

“What smartforms do is take the unstructured data that you key in, bring it into a structured format, map it to the ICD code, and dynamically adjust the form to suit the condition,” he said.

“One of the big differences with Alcidion's smartforms over electronic forms is that we have integrated clinical decision support.”

Miya is also used for Alcidion's emergency department product Miya ED, which is an set of clinical dashboards and whiteboards that highlights key clinical risks for each patient and with the ability to detect high risk lab results. The company also has an outpatients solution called Miya Clinic.

It also has a long-standing relationship with the Tasmanian Department of Health, where it has worked on an advance care planning platform.

While the company sees great potential in Australia, it also plans to target the US market with its new cash reserves. As part of the US government's healthcare measures, hospitals will start to lose funding if they have not adopted and deployed clinical decision support systems.

Posted in Australian eHealth

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