AI solutions provider for healthcare companies Beamtree Holdings (ASX: BMT) has won a significant contract bid with the Provincial Health Services Authority (PHSA) in British Columbia, Canada. This milestone marks Beamtree’s first major foray into the North American market.
The contract, valued at approximately $0.5 million, signifies a pivotal achievement for the Company and is expected to be fully realised in the upcoming fiscal year. Spanning from June 2023 to May 31, 2024, the agreement entails Beamtree’s review and support of hospital data quality, with a particular focus on leveraging their pioneering PICQ technology.
Beamtree will conduct assessments of data quality across twelve hospitals in British Columbia, establishing a baseline for future automation of clinical record coding audits. The PICQ technology, developed by Beamtree, has gained wide recognition in public and private healthcare sectors in Australia, New Zealand, and the Republic of Ireland. It automates the audit of clinical record classification, ensuring the accuracy of hospital data, which plays a pivotal role in financial efficiency, resource allocation, and comprehensive insights into safety, clinical outcomes, and population health management.
Plus, the technology contributes to the training and education of expert clinical record coders and aids hospitals in securing appropriate funding for their services. Beamtree’s patient safety technology, RISQ®, will also be utilized as part of this project.
Through this collaboration, Beamtree aims to adapt and tailor both PICQ and RISQ technologies to cater specifically to the North American market, thereby expanding its reach and making all key products available in this significant new geography.
CEO of Beamtree, Tim Kelsey, said, “This is an important milestone for Beamtree: our first North American engagement. The opportunity for PICQ® and RISQ® in Canada – and in the future in the United States – is significant. It is a great privilege to support PHSA and hospital providers in British Columbia with this critical data initiative.
“Our proven expertise in clinical record classification and audit, together with our PICQ® software, support the solution of real-world global health system issues – reducing unwarranted variation in health outcomes and supporting continuous improvement in the value and equity of services provided.”
The contract’s services are set to be delivered between June 2023 and May 31, 2024, with the possibility of a one-year extension if required. The customer retains the option to terminate the contract with a written notice of 30 days. No additional material conditions must be met before commencing work on the contract.
Beamtree’s recent triumph in securing international contracts further strengthens its position in the market. The Company recently renewed its national PICQ contract with the government of the Republic of Ireland in March. Following the successful completion of national PICQ audits in Saudi Arabia and Singapore, Beamtree is currently engaged in discussions to implement the technology in these countries, aiming to improve financial efficiency and the quality of clinical record coding.
Additionally, Beamtree is actively exploring opportunities to deploy the PICQ technology in local regions within the National Health Service (NHS) in England.
Alinda is a Business Reporter for The Sentiment
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