With more pressure than ever on the healthcare system, scalability is everything. How can we expand the system to meet increased demands by users?
Pacific Knowledge Systems (ASX: PKS) is addressing this complex issue through their technology stack by providing software applications to better capture, apply and manage human expertise to enhance business performance and improve patient outcomes.
The Company has today announced the successful renewal of key contracts, boasting a near complete contract renewal rate of 99% which exceeds expectations for recurrent revenue.
Major clients who have renewed their contracts with PKS include Healthscope, St Vincent’s Private, Uniting Care, St John of God, and Cabrini. State government health departments in NSW, Victoria, South Australia, Northern Territory and Tasmania have also renewed their contracts.
St Vincent’s Health Australia renewed license agreements for PKS products based on a reported reduction in the number of hospital acquired complications across the private health network by an average of 16% between FY 2019-2020.
Victorian public health authorities recently integrated PKS’ RISQ software as part of a state-wide agreement to improve safety and quality of large-scale healthcare operations. The RISQ platform reviews patient records in datasets to evaluate quality of data and incidences of hospital acquired complications. This effectively benchmarks hospitals against statistical peers to provide industry benchmarks and foster clinical excellence and continuous quality improvement.
PKS’ flagship decision support platform RippleDown has been retained by Australian Clinical Labs, the Asian Pacific Healthcare Group and Lancet (South Africa) with all organisations resigning licensing agreements. RippleDown has also been renewed for use by Phillips in The Netherlands which will see the expansion of the platform for use in microbiology, opening up further revenue opportunities. The tech is able to aggregate data from experts and various data sources to generate insightful information to support clinical decision making. This improves the decision making process by removing subjectivity and improves operational workflow. The program allows expert decision making at scale to allow more decisions to be made at a rapid pace, with increased accuracy.
PKS has also won several new contracts including Ramsay hospitals and across the Mater Group in Queensland. The Ministry of Health in Singapore is set to commence a trial of the RISQ and PICQ software with a view to rolling the programs out in all public and private hospitals in Singapore. The PICQ software is designed to assess data quality within patient records and identify records for correction.
PKS’s programs have the ability to address many challenges of healthcare delivery at scale. Following the recent acquisition of Pavillion Health, PKS now has four proprietary software offerings all designed to improve patient outcomes and streamline decision making processes.
The Company remains focused on the future with product development high on the list of priorities, creating products that have impressive data integration capabilities and agility to adapt to the rapidly changing healthcare landscape.
Samantha Freidin is a business journalist at Emerald Financial whilst also completing a Masters of Marketing and Digital Communications at Monash University.
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