Induction Heal. Regulatory News (INHC)

Induction Healthcare Group PLC

("Induction", the "Company", or the "Group")

Scottish contract renewals secure £2m of annual recurring revenues

Induction Attend Anywhere contract renewals with NHS Scotland and Scottish Government

Induction in line to meet Market Expectations for year ending 31 March 2022

Induction (AIM: INHC), a leading virtual care platform driving digital transformation of healthcare systems worldwide, announces that NHS Scotland and the Scottish Government contracts for the provision of remote consultation solutions using Induction Attend Anywhere ("AA") have been successfully renewed for a further year. Together these renewals secure approximately £2m of Annual Recurring Revenues going into the year ending 31 March 2023.

Highlights:

§ AA national NHS Scotland contract renewed for 12 months to 31 March 2023

§ Further renewals from Scottish Government reinforce non-healthcare application

§ AA remains Scotland's public service remote consultation platform of choice

Induction Attend Anywhere is the UK market leading video consultation service used in secondary care, with growing adoption in non-healthcare settings. The service provides the option of a simple patient-centric video consultation that benefits* both patients (reducing the time, expense and stress of travelling) as well as clinicians and health systems (optimising the time and capacity of staff, relieve on-site congestion, benefits from fewer no-shows, and saves money). Attend Anywhere aims to improve lives and help address social, access, equity, and sustainability

NHS Scotland - UK leaders in video consultation deployment

Induction Attend Anywhere is a purpose-built suite of services, tools, and resources that have introduced video consultations into everyday practice across all NHS Scotland Health services. It offers patients the option to attend a health or care appointment via video, in a way that benefits the patients, healthcare professionals and the health and care system.

The Induction Attend Anywhere service is currently available to all NHS Scotland Health services across all 14 regional health boards and is branded as Near Me. The service was first introduced to the NHS in Scotland in 2016 and this initial deployment provided the blueprint for NHS England's rollout of the service just prior to the pandemic. NHS Wales also renewed its existing contract with Induction in July 2021, with an update and expansion of its current scope that now sees AA and other Induction products used widely across Wales.

The deployment of Induction Attend Anywhere has been highly successful across NHS Scotland, both by number of consultations undertaken, but also the estimated cost savings made for both patients and health services. Over 985,000 Near Me video consultations took place between January 2021 and January 2022. NHS Scotland has estimated that over the last two years the environmental impact of Attend Anywhere has avoided around 47 million miles of patient travel.

The renewed contract will incorporate Induction's newly launched clinical group consultations, where one-to-one consultations take place within a group setting of patients with similar clinical conditions.

Scottish Government renewal to support social security system

The Scottish Government has also extended its contract with Induction to provide remote consultations for non-health public services support. This is another area where Scotland was at the vanguard of digital transformation for public services, having used video consultation services initially to support Scotland's social security system since 2020, with the opportunity for future use by other public funded bodies in Scotland.

This example of successful deployment in Scotland foreshadowed the decision by the Department of Work and Pensions to include Induction Attend Anywhere in a two-year contract award to support of the virtualisation of the UK benefits system, as announced in November 2021.

James Balmain, Chief Executive Officer of Induction, commented: "Scotland has been a pioneer in driving remote consultations in the UK and was the home for our first major national contract for Induction Attend Anywhere. With the support of NHS Scotland and the Scottish Government we have shown that our products can be relied upon to deliver digital transformation strategies both within and beyond healthcare settings. We look forward to updating shareholders on further successful renewals in due course.

"Induction remains on course to deliver very significant revenue growth this year in line with market expectations. We fully expect to see this exciting growth continue into the new financial year. These contract renewals are the first positive milestones in our renewal strategy and set out the pattern we expect to see across a very high proportion of our existing contracts in England."

ENQUIRIES

About Induction -  www.inductionhealthcare.com

Induction (AIM: INHC) Induction delivers a suite of software solutions through a single integrated platform that transforms care delivery. Our system-wide applications help healthcare providers and administrators to deliver care at any stage remotely as well as face-to-face - enabling a more flexible, efficient and positive experience for the communities they serve. 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. 

*For information on the independently recognised benefits of video consultations in secondary care please refer to Edge Health report September 2021: Home | Edge Health | England