Health firmly in the long-term category as Telstra aims for growth

Telstra will continue to invest in its Telstra Health division and other new long-term businesses such as the Tesltra Software Group to allow them to grow in scale, capability and reputation, Telstra said as it released its half-year financial results today, which showed net profit after tax of $2.1 billion.

In what was a relatively quiet period for Telstra Health following a flurry of purchases and investments over the last two years, Telstra reported two small acquisitions and some contract wins, but revenue from the division was not reported.

Telstra Health was formerly grouped in the Telstra Retail division for financial reporting purposes but along with Telstra Ventures and Telstra International Group, has been moved over to the International & New Business category. Telstra has also set up a Media & Marketing category, separating its Foxtel joint venture from the Retail division.

Announcing that Telstra was on track to meet its full year guidance, Telstra CEO Andy Penn said the company was intent on pursuing new growth opportunities in the long term in addition to investing in its core business.

“This includes investments in Telstra Media, Telstra Health, the Telstra Software Group and Telstra Ventures,” Mr Penn said. “We are focused on growing these businesses to scale, sooner.”

The company's half-year report says that Telstra Health is now offering connected solutions in primary, aged and residential care, hospitals, radiology, pharmacy, health analytics and telemedicine.

Activities in the half included acquiring Health IQ, a company that supplies hospital resource optimisation and patient flow software, and community care software firm EOS Technologies. EOS has become part of Telstra Health's HealthConnex business.

According to the report, Telstra's MyCareManager integrated eHealth platform, which was built by HealthConnex, is now servicing seven leading aged care agencies.

It also reported that its ReadyCare telehealth service entered into an agreement with travel insurance provider Cover-More to enable travellers to talk to a doctor in Australia via phone 24/7 and receive advice, diagnosis, prescriptions, care and treatment.

Neither the Health IQ or EOS Technologies purchase prices were listed separately in the results, and nor was Telstra Health's revenue.

The company said its investments in Telstra Health and the Telstra Software Group form part of its growth agenda. “We are continuing to invest in our new businesses to allow them to grow in scale, capability and reputation,” it said.

Posted in Australian eHealth

Tags: Telstra Health

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