Alcidion does a lot more than provide simple electronic medical records (EMR) and this is the reason why Kate states there is no direct competition.
Have a look at the products Alcidion provides and specifically the Miya Precision platform. https://www.alcidion.com/products/miya-precision/
It is an integration of many products using technology and artificial intelligence to not only digitalise the ability to monitor, and track patient care within a tertiary healthcare setting (hospital) but also from the beginning of a patients journey at their local GP.
If you have some time read through this case study https://www.alcidion.com/success-stories/queensland-health/
The systems that Alcidion provides within a tertiary healthcare setting is great and can increase funding received by a hospital due to increase efficiencies in documentation and well and increased operational and admin efficiencies. I will provide a very quick real-life example regarding a small but significant factor that can get missed with patient documentation through EMR.
I will simplify the next paragraph for the audience who may be none-medical/healthcare, or hospital admin/operations. Therefore, this is very basic and does not encompass how funding works in its entirety.
Funding received for a given hospital and a given department depends on several factors. These factors include things such as, volume or patients (the amount of people that receive care from a healthcare facility, broken down by departments), volume of work performed (i.e., hours worked within a department by medical and allied health performing care) and volume of conditions/diseases treated (per person and in total).
If we look at the last point, conditions/diseases. A hospital and department may miss out on funding due to documentation not including keywords relating to conditions and diseases treated during an inpatient admission (while the person is in hospital).
Currently within hospitals a person who is called a “coder” will physically look through EMR documentation to find these keywords. As an example someone comes in with a broken leg, the hospital receives funding to treat the broken leg. If that person develops other conditions such as hypokalaemia (low potassium), a hospital should receive funding. However documentation within EMR is important in this case. If the hypokalaemia is not documented so that the coders can pick it up it will get missed and the hospital will lose funding for a condition they treated. Alcidion’s platform changes this, the use of AI and its technology is able to pick up on these conditions which get treated due to the data from EMR, medication given, and pathology results.
Another way that Alcidion can improve operational efficiency is through resource management and optimise utilisation of resources. As an example, if we look at Orthopaedics in a large hospital. There will be different teams that make up Orthopaedics for example upper limb or lower limb. These teams will have junior doctors on them as they progress through their rotational years in the hospital. Say the upper limb team is not as busy and the lower limb team is, well, Alcidion’s technology is able to identify this and reorganise a doctor from lower limb to help with the upper limb team. This might be a task as simple as preparing discharge summaries, that in turn help to safely discharge a patient home quicker and thus saving the hospital money.
These are only a few of the reasons why I see Alcidion as a great investment with large industry tailwinds. The risks identified in the straws written below are great! They help us think about the risks to Alcidion. Competition from a large organisation could disrupt Alcidion. In my experience many of these EMR companies currently do not provide the complete platform which Alcidion does.
In my opinion Alcidion provides a great product which has been appreciated within multiple organisations. Currently we are in the infancy of digitalising healthcare organisations.
I believe Alcidion has the potential to grab a decent market share and should continue to grow. As with anything I write I do it to express my views and thoughts, not as a buy recommendation or to persuade the reader.
I will finish with a great sentence, one that Andrew uses himself; You can borrow an idea, but you can’t borrow their conviction.