Health data analytics company Beamtree (ASX: BMT), formerly PKS Holdings, has partnered up with Saudi Arabian healthcare tech company Lean, which specialises in providing health management solutions. The two companies will take a stab at improving the Kingdom’s existing private and public healthcare system, especially its grasp on data analytics.
Phase 1 of this project, valued at $2 million, involved an audit of public hospitals in Saudi. The second phase will involve the implementation of the Company’s products across Ministry of Health hospitals and then public and private hospital networks, amounting to over 450 in total. The phase 1 audit provided strategic recommendations that could help Saudi Arabia improve its data analytics and use of important patient healthcare data for better outcomes, reduced wastage and operational efficiency.
On the partnership, CEO of Beamtree, Tim Kelsey, commented, “Lean is a world-class technology pioneer and [is] field-leading in health in Saudi Arabia. We are delighted to be launching this new partnership and believe it will leverage both Lean and Beamtree’s existing products and services to support improved health outcomes in Saudi Arabia.”
Beamtree is recognised world over for its audit and automation of clinical record classification services, particularly in terms of the Australian health classification ICD-10-AM, which is also licenced in Saudi Arabia and other Gulf states. The Company utilises its AI and support tech to service and operate in 25 countries. Beamtree’s vision perfectly aligns with Saudi Arabia’s mission as on Vision 2030, its major national health reform program, to enhance its data and decision support.
Lean is a leading HealthTech company in Saudi, providing innovative health solutions and helping digitise the country’s ecosystem. Through the partnership, Lean will be able to improve the data quality of Saudi Arabia’s healthcare institutions.
CEO of Lean, Mohanned AlRasheed, shared, “Beamtree and Lean share a similar cause in striving to improve health & wellbeing which manifested this collaboration. We are excited to partner with a world leader in data and automation that will definitely help enhance both our products and services to enable the innovation of health solutions in Saudi.”
This is also good knews for Beamtree’s subsidiaries, as it gives the Company a chance to test the waters for its other automation products. For instance, the Company’s SaaS-based product PICQ® automates the audit of classification and supports clinical record coders to improve the quality of data. It is widely used in countries including Australia, New Zealand and the Republic of Ireland. The Lean partnership will allow Beamtree to implement this product in Saudi Arabia, too, if selected by health authorities or hospitals. Moreover, it will also enable the sale of Beamtree’s AI decision support products, like RippleDown.
Through this deal, Lean gets access to Beamtree’s automation and auditing resources. In return, Beamtree gets closer to its goal of achieving annual recurring revenue of $60 million by 2026. It’s a win-win.
Alinda is a Business Reporter for The Sentiment
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