Last checked at 4 Apr 2022 07:00
Induction Healthcare Group PLC
("Induction", the "Company", or the "Group")
Four London NHS Trusts sign with Induction Zesty
NHS Trusts in South West London partner with Induction to support long-term outpatient care transformation
Induction (AIM: INHC), a leading virtual care platform driving digital transformation of healthcare systems worldwide, announces that the South West London Integrated Care System ('ICS') will deploy Induction Zesty to support their outpatient transformation programme. The partnership comes at a time of significant national focus and spending on digital transformation for NHS secondary care providers in England, and Induction Zesty can play its part supporting Trusts across South West London ('SWL').
Induction Zesty is a digital front door for hospitals, with an intuitive interface that empowers patients to take control of their appointments, correspondence and virtual consultations from the convenience of their smartphone. For the first time, patients can see a joined up view of their care journey, spanning multiple care providers, via a single digital platform.
Comprising four of the acute NHS Trusts within SWL, the combined contracts have terms ranging between 2 and 9 years and will result in total revenue of c. £3,600,000 with an ARR of around £650,000 from FY23 onwards. We expect to recognise around £450K of revenue in FY23 in respect of these contracts as implementation work is completed and the sites go live. The contracts were in part driven by a strategic collaboration with Cerner Corporation ("Cerner") (NASDAQ: CERN) and Induction, who created a joint product, made available as part of a value-added reseller agreement to NHS Trusts that are already Cerner clients as an extension to their existing Cerner EPR contracts.
In June 2021, Induction acquired Attend Anywhere which is South West London's preferred platform for remote video consultations. The opportunity to combine both platforms' complementary capabilities will strengthen patient engagement and underpins the Company's growth strategy for FY23 and beyond.
Induction CEO, James Balmain, said: "This is an exciting first step and strong proof point in our strategy to support regional digital transformation via newly forming Integrated Care Systems. We have a strong pipeline of further Cerner customers who are keen to purchase the joint Induction / Cerner patient portal. Equally encouraging is the positive reaction we've seen from customers around the integration of Attend Anywhere into our Induction Zesty product."
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ENQUIRIES
Induction James Balmain, Chief Executive Officer | Via Walbrook PR Ltd: induction@walbrookpr.com |
Guy Mitchell, Chief Financial Officer |
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Singer Capital Markets (Nominated Adviser and Broker) | +44 (0) 20 7496 3000 |
Philip Davies / Kailey Aliyar |
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Walbrook PR Ltd | +44 (0)20 7933 8780 |
Paul McManus / Alice Woodings |
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About Induction - www.inductionhealthcare.com
Induction (AIM: INHC) Induction delivers a suite of software solutions through a single integrated platform that transform care delivery. Our system-wide applications help healthcare providers and administrators to deliver care at any stage remotely as well as face-to-face - giving the communities they serve greater flexibility, control and ease of access. Purpose-built for integration with leading Electronic Medical Record (EMR) platforms, our products offer immediate stand-alone value that becomes even greater when integrated with pre-existing systems.
Used at scale by national and regional healthcare systems, as well non-health government services, our applications are relied upon by hundreds of thousands of clinicians and millions of patients across almost every hospital in the British Isles.