• Expanded agreement with G Medical Innovations will allow hospitals and other healthcare providers access to 24-hour remote patient monitoring services
• Large market opportunity and shared revenue model based on tiered subscription model of ~A$19-$35 per month
HSC Technology Group (ASX: HSC) has expanded its agreement with mobile and telehealth company G Medical Innovations (ASX: GMV)to offer G Medical’s Independent Diagnostic Facilities Testing (IDTF) type infrastructure and remote patient monitoring solutions in Australia and New Zealand.
The development follows an initial non-exclusive agreement secured in April, where G Medical integrated its Prizma device into HSC’s uVue telehealth platform to monitor the vital signs of elderly patients in a nursing home setting. This broadened agreement allows G Medical to now introduce its 24-hour remote patient monitoring service through an established and respected partner that has leading assistive technology platforms.
The expanded offering deliver to patients a more comprehensive service which can be utilised by hospitals, health insurance companies and independent practice organisations, and other operators for transitional care programs, allowing patients to return home earlier by using 24-hour remote patient monitoring.
Patients enrolled under the service will be charged a subscription fee ranging from ~$A19-$35 per month, which will be shared between HSC Technology Group, G Medical, and third-party providers.
HSC Technology Group has an established network of healthcare solution resellers and healthcare providers, with significant patients numbers across Australia and New Zealand and G Medical is confident of implementation in the near term. Discussions with potential partners are well progressed and HSC Technology Group looks forward to providing updates on binding agreements and first patient enrolments when appropriate.
HSC Technology Group, Graham Russell, said telehealth provides the remote connection of patients with health professionals to visually see a patient in their home or hospital bed, but without access to live and historical vital signs data.
“This can increase the risk of misdiagnosis and has limited the adoption of telehealth across the sector, even though telehealth offers massive benefits to the health sector by reducing risk of cross infection when entering doctor surgeries and hospitals with heightened infection risk,” he said.
“This integration with G Medical and their Prizma platform will provide vital signs data directly to the doctors desk with access to historical readings, improving health outcomes for remotely isolated people and people with chronic disease who can access these services anywhere with an internet connection.
“The extension of our technology to G Medical will enable our 24hour response centres to monitor vital signs data readings, and if a patient’s reading is outside their doctors recommended parameters our response centre will call the patient and request another reading and then instigate triage health intervention.
“These advances will take telehealth to the next level and significantly improve patients' lives who can now monitor their health provocatively from home and have a 24hour response triage if required.”
This announcement has been authorised by the Board of Directors of HSC Technology Group Ltd.