LISTED medication adherence specialist MedAdvisor says it has a "significant opportunity for expansion within the hospital channel," and is currently developing a new product and process to handle hospital admissions & discharges.
The company, which released its financial results for the six months to 31 Dec yesterday, cited its strategic partnership with EBOS offshoot HPS, which currently handles in excess of 250,000 patient discharges annually across several private hospitals.
MedAdvisor said its planned new hospital product would significantly reduce the number of readmissions at these hospitals, while at the same time growing patient numbers connected to its system - potentially by more than 5,000 additional clients per week.
The company reported a half-yearly net loss of $2.26 million, larger than the $2.04m loss for the previous corresponding period.
However revenue more than doubled to $3.25 million, driven by a 65% lift in "Software as a Service" (SaaS) revenue from pharmacy subscriptions, and a growing user based income stream.
Patients using the MedAdvisor system reached 960,000 during the period, up from 630,000, and the $9.5 million investment from EBOS (PD 25 Oct) strengthened the MedAdvisor balance sheet.
'Tap to Refill' continues to show strong patient usage, the report said, with a total of 3.16m scripts processed, representing an annualised rate of over $250m in script value via the platform.
Other key achievements during the period included a Heads of Agreement signed with TerryWhite Chemmart, which "cemented MedAdvisor's position as the preferred provider to its pharmacy network".
MedAdvisor said the launch of its new PlusOne professional services and pharmacy marketing platform would help pharmacies drive their services income, allowing the company to bring new revenue opportunities to the sector.
The company is continuing to consider international expansion, with two regional advisors joining the business to look at market entry strategies for the UK and US.
"Both markets represent substantial opportunities, with no dominant digital medication management technology, significant patient populations and rising healthcare costs," MedAdvisor said.
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