Say you go to the doc once and the rest of your tête-a-têtes happen online. While you’re told your next course of action, it is likely that the doctor didn’t come up with the solution. An artificial intelligence (AI) software, like Beamtree’s RippleDown, did.
AI tools save time, make things efficient and end up saving money in the long term. That’s probably why many industries, including healthcare, are looking for tech solutions to incorporate within their business. And that’s where service and solution providers like Abbott step in.
Beamtree Holdings (ASX: BMT) is a leading provider of AI decision support and data analytics to the healthcare industry. The Company has signed a three-year agreement with global healthcare company Abbott to distribute its RippleDown products. As per its announcement, this agreement represents a “renewed joint approach” to advancing automation and value through Beamtree’s core Diagnostics product.
Beamtree’s CEO, Tim Kelsey, commented, “I am delighted to announce this expansive opportunity for Beamtree, which further solidifies our international growth and ambition. Beamtree is a pioneer in the automation of human expertise, and this new partnership approach will enable us to bring RippleDown’s industry-leading technology to an expanded global market.”
As the name suggests, RippleDown is an AI tool that basically ripples down medical conclusions from collected patient data and real-time patient monitoring. The tool considers the patient’s unique circumstances into the picture (for instance, if they’re pregnant and diabetic), and prepares the different medical scenarios that could be useful in their situation.
It offers clinical decision-making support based on available clinical, lab and treatment data designed by healthcare experts. The best part is that, in case anything happens to the software, you don’t need to call IT support. The tool has been designed to be implemented and managed by clinicians and tech experts with ease.
Plus, it reduces the time pathologists spend reading routine test results (a feat discovered during its pilot program at the University Hospitals Coventry and Warwickshire NHS Trust, the UK).
Abbott—a pathology service under healthcare company Healius—retains exclusive distribution rights, except for a single existing distribution agreement. In May 2022, the Company signed a $10.4 million agreement with Ampath, a pathology services provider in South Africa to distribute the decision-making tool.
Abbott will also be making some aesthetic changes to the product, branding it as AlinIQ Clinical Decision Support, Powered by RippleDown in pathology and radiology. Not sure why that is necessary, but the Company doesn’t seem to mind being treated somewhat like a white-label product. Abbott will pay an annual product fee for smaller single laboratory clients and a revenue share for larger customers. For any sales during the contractual period, Beamtree will commit to providing the RippleDown product for the duration of the end customer contract.
Though the contract is for three years, there is an option to extend it to years four and five if all goes well.
Beamtree has had a strong FY23 to date, featuring a sales pipeline with 75% of the overall pipeline relating to international opportunities as the Company builds momentum in the UK, Singapore, Saudi Arabia and Hong Kong.
According to the Company, this Abbott agreement will provide material gains, but just how much has not been revealed.
Alinda is a Business Reporter for The Sentiment
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