Induction Healthcare Group PLC Multi-year hospital contract for Induction Switch (4029T)
March 25 2021 - 2:00AM
UK Regulatory
TIDMINHC
RNS Number : 4029T
Induction Healthcare Group PLC
25 March 2021
Induction Healthcare Group PLC
("Induction", the "Company", or the "Group")
Multi-year hospital contract for Induction Switch
Continues strong momentum in recurring revenue run-rate across
all subscription-based software products
Induction (AIM: INHC), a leading virtual care platform driving
digital transformation of healthcare systems worldwide, announces
that a London-based NHS Foundation Trust has chosen Induction
Switch to support its 8,000 clinicians and staff over a three-year
contract. Induction Switch is a time-saving iOS and Android app
used by most junior doctors in the NHS.
Induction Switch is part of a suite of Software as a Service
("SaaS") tools that combine to deliver a virtual care platform.
Induction is contracted with 171 of the 214 NHS hospital trusts and
is interoperable with 62% of UK hospital Electronic Health Record
systems. The contract award was made via the NHSX Clinical
Communications Tools Framework, of which a key focus is to upgrade
outdated systems, such as overreliance on bleepers. Induction was
admitted to the framework in August 2020.
This contract award reinforces the strong momentum in sales and
annual recurring revenue run-rate seen across all of Induction's
subscription-based software products in the second half of the
financial year. The Board expects to deliver strong revenue growth
for the year ending 31 March 2021, the Company's first full year of
revenue generation, and further details will be provided in a
trading update in early May.
About Induction Switch
Induction Switch saves healthcare professionals time by allowing
them to bypass the hospital's switchboard, helping them locate
extensions, return bleeps quickly or send instant and roles based
messages in a secure environment (which includes TeamSpaces and a
broadcast newsfeed, among other features). This is all provided as
a fully authenticated and clinically safe service. An Induction
study of its own users showed that using Induction Switch rather
than traditional methods could save clinicians an estimated 2.5
hours a week with attendant cost savings.
Induction Joint CEO, James Balmain, said:
"Engagement with our tools and technology from one of London's
largest hospitals reflects the demand for secure information
sharing solutions in a period of unprecedented pressure on global
healthcare professionals and services. We have generated excellent
commercial momentum in our first full year of revenues and, through
our SaaS-based business model, contracts like this have been
contributing to a growing annual recurring revenue run-rate across
the Group."
-ENDS-
ENQUIRIES
Induction Healthcare Group PLC Via Walbrook PR Ltd: induction@walbrookpr.com
Dr Hugo Stephenson, Joint Chief Executive
Officer
James Balmain, Joint Chief Executive
Officer
N+1 Singer (Nominated Adviser and Broker) +44 (0) 20 7496 3000
Philip Davies / Kailey Aliyar
Walbrook PR Ltd +44 (0)20 7933 8780
Paul McManus / Alice Woodings
About Induction Healthcare Group PLC - https://inductionhealthcare.com
Induction Healthcare (AIM: INHC) is a leading virtual care
platform driving digital transformation of healthcare systems
worldwide. Induction solutions enhance the investments hospital
systems have made and lay the foundation for their future. Our
products can enable information share between busy doctors,
alleviate operational burdens on hospitals or put patients in
better control of their care, all while ensuring the highest
standards of clinical safety and information security. We unchain
staff and patients from the limitations of paper-based and desktop
systems - and that creates massive time and cost efficiencies.
More than 200,000 hospital doctors across multiple territories,
including the UK, Ireland, Australia and South Africa, as well as a
rapidly growing number of more than 200,000 UK patients, choose
Induction solutions.
Induction Switch is the number one healthcare collaboration app
in the UK, used by the majority of hospital doctors within the NHS.
The app helps to increase productivity and enhance communication by
securely sharing phone numbers and bleeps, bookmarks, documents and
messages in a clinical setting.
Induction Guidance provides medical organisations, including
most hospital trusts within the NHS, with the ability to
collaboratively create, edit, and publish their own local medical
guidelines in a secure and locally administrated environment. This
increases knowledge of, and adherence to, guidance.
Induction Zesty is a market-leading digital platform for
patients visiting hospitals. The platform allows patients to book
and access their appointments, read their clinical letters, store a
copy of their clinical record and provide data to their care teams
remotely. It is not just a compelling patient experience, but also
delivers significant cost benefits to hospitals.
Induction HealthStream is a proprietary data integration
platform that reads and writes patient demographic, appointment and
clinical record data between a growing number of hospital EHR
systems and the Induction platforms. This connectivity between
stakeholders and legacy IT systems adds substantial value to
pre-existing health IT investment and allows large-scale adoption
of Induction app-based services.
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END
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